Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I’d like to welcome everyone to the Watts Water Technologies, Inc.

First Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you.

turn over to Ms. pleasure my today’s to call Now Investor President, Diane Vice and Relations. McClintock, Senior FP&A Please go ahead.

Diane McClintock

Thank to earnings our and first you good quarter conference morning, call. everyone. Welcome

Patel, President Joining CEO; me Bob Pagano, today and are Shashank our CFO. and

for provide today’s second details the quarter full of quarter of the of markets our and an Shashank quarter operations. and state first and current first Bob our provide our the will During the call, the overview and outlook will for discuss discuss year. performance the

Following we information address related covered questions during our will remarks, to the the call.

presentation, Today’s can webcast is accompanied by section website. found a Relations the of our which Investor in be

presentation. this to throughout is the information We prepared remarks. the in presentation non-GAAP will financial Any reference reconciled reference to our appendix

like everyone subject are cause that call, begin, comments actual remind differ certain making results we uncertainties during maybe numerous constitute that forward-looking These Before that to could risks and we I’d statements. this to statements to materially.

risks, available whether or as obligation of information revise statements, to forward-looking see or For information, future any new Watts’ update intention the these filings SEC. a company any publicly otherwise. concerning or disclaims The events with result

Bob. I the turn that, over call With to will

Bob Pagano

in to quarter with a growth Slide Thank like our first teams XXXX. to single-digit of the customers. morning Please due sales, drive top quarter you, continued X pace, first earnings serve and to recognizing at continued double-digit of comparison we share. their an to record efforts start despite everyone. Both Diane and our operating provide margin Together, and low organic another by regions the growth turn tough and price. expanded will Americas the per line growth The Europe to to primarily I I’d quarter better-than-expected good overview quarter. team delivered for

were saw and flooding COVID New single-digit challenges impact Zealand. in China APMEA growth of the despite in We restrictions in lifted also high unprecedented after

productivity, and favorable lower offset by which expectations, investments. inflation, solid exceeded mix margin price volume supported operating and more Adjusted realization, incremental than

for As our increase, of a June. of XXXX, we result strong starting flows a payment dividend and announced with our in expected the remainder cash earnings XX%

sheet ample strong our afford to strategy. capital in and remains Our allocation balance capacity us provides flexibility

of and we that acquisition all-cash a product institutional an will perspective, closed has of of channel process acquired equipment at our be segment. welcome is well-established criteria broadens plumbing beginning enforced operations Watts. to a in aligned reported progressing a of well. APMEA and our commercial and with the started with million, quarter. the the and Enware Enware assets with Australian that an codes, offering is specialty our integration sales Enware region tightly well the The safety the Australia within primarily market. We From annual transaction leading supplier access in This approximately $XX plumbing colleagues is in new and second Enware strategy.

front, inflation material, the cost we and continue increases On to fixed costs. labor, across other overhead see

above are to rate inflation from has levels, commodities normal still the and historical it beginning is While again XXXX rise. levels moderated

relationship price/cost annual and out the during report I late to sustainability the we’ll quarter. result, in rolled quarter. first that continue our our want issuing we price a mention assess be second additional As to increases also

you, and our made this have so tremendous progress looking strategy teams forward we Our with tuned. advancing stay ESG sharing initiatives, and to are

Germany key our continue in GDP, business our to but end replacement and in remained a markets. business Next, for remains perspective, as our I’d a is anticipated has than Italy. energy like lower than Europe to provide our which global From more had proxy an subsidies positive macro last support update resilient markets. on is and year repair we

with up indication single-family are residential decline However, construction the that from are an closely. is slowing in as new sequential which the March, multifamily XXXX, double in been may showed In Multifamily mixed. early down be annual monitoring new single-family expected, we downwards, the Americas, of and indicators non-residential pace starts but market. Americas, a weak digits. new in have permits building construction been construction In the trending has

March the below reading towards portending above quarters Despite end a for XX XX, several has slightly slowing ABI the XXXX. the of been

as the including beverage. suggesting food XXXX. markets data the projects our been business. demand center be end well new non-residential to institutional, Dodge and continue strong were However, offsetting and territory, center quarter which slowing have and in will resilient throughout data Momentum the and encompasses in Asia residential heating China expansion In region, in stronger, sectors remaining Index construction an continues Certain with growth healthcare Pacific projects in education the first underfloor as

markets seeing improving are higher the East prices. Middle We continued oil due in to

rising interest impact the to begun and have However, in construction Australia New rates new Zealand.

top to the due muted our an in growth quarter for line and year-over-year quarter of Now our be expect we outlook the with strong on second we quarter to had second update the XXXX remainder organic growth. second year, very double-digit the

higher volume, to the the also of XXXX at quarter inventory margins secured proactive the anticipate second lower operating declining onetime incremental million benefit investment in and We in we of investments costs combined reduced price. due approximately from $X with our

and quarter for increasing for favorable margin margin full The solid are our expectations plus should operating market expected to our performance first QX Due year outlook QX, second headwinds. mix half price performance mitigate and we our expansion.

organic on sales in are our the on consistent lending interest maintaining outlook impact XXXX cautious February. guidance of rates, construction half of due year tightening inflation. growth to new persistent the potential with second full and our remain rising We We

very add contribution structure. to as cost adjusting $XX work little sales operating approximately margin we the with million integration on in and XXXX, in to Enware expect We

our year Shashank, With that, turn quarter let me our and over revised first address full to second call the and who outlook. quarter results will

Shashank Patel

up everyone. X% the up were good million on and X, first Slide and Bob quarter’s organically. will of reported to Please and Sales results. basis a Thanks, turn $XXX I consolidated morning X% review

tough in very the first despite growth in a strong we all comparison regions mentioned, XXXX. quarter to Bob As drove

Foreign weaker approximately X% by by versus euro a XXXX. primarily exchange, reduced $X driven or sales million

last and $XX in $X.XX. XX% up slight XXX inflation, higher incremental The lower XX.X%, mix year adjusted first operating tax was offset points the were to mix. more as per quarter to than compared share changes million, relates XX% profit and worldwide adjusted effective basis earnings the up volume than productivity was Adjusted points The primarily operating basis investments. rate Adjusted of was XX.X% XXXX. margin price, to of up earnings XX increase and

of cash primarily flow the compared $XX lower free in investment higher due Our net the increase year. as million to income $X inventory. first flow cash last to flow The was quarter cash was of quarter negative million for and in

year We cash of goal to expect cash communicated. sequential flow and conversion our income is flow, free or improvement full achieve free previously more of XXX% in our as net

million, our repurchased mentioned, in for During XX,XXX June. as starting $X and shares of a approximately common announced XX% increase stock we the quarter, Bob our dividend in

to our turn year primarily provide X had realization on with comments The let prior across and few X% of platforms was by results. up a The Americas the me a price tough majority a Please despite approximately comparison. regional Slide growth channels. quarter organic driven and sales the solid

XX% markets, was mainly basis increased our points. which by residential offset than and As and organic our mix operating up approximately in Europe margin sales X%. specialty end expansion Adjusted price, driven resiliency operating XXX volume and increased demonstrated and OEM see more declines, investments. impacted adjusted channels. The softening expected, which by by we margin did productivity, inflation with profit incremental

and unfavorable from X% by impacted OEM solid exchange activity. price negatively driven wholesale France Italy to Benelux business due primarily were in in sales Germany Growth growth and foreign and Reported our was by movements. through with

as we April the be Russia impact the direct approximately unable of to fully that margin shipments and price were offset declined and productivity million first As by and quarter. stopped a estimate volume reminder, XXXX, we $X basis inflation our XXX deleverage. Operating in to in to points

commercial had into also exchange of in growth. Organic organic Zealand sold China’s than up more offset was quarter, XXX decline China XX% by outside centers. solid digits, by points X% primarily from Adjusted negatively Australia X% grew impacted third-party a by valves digits basis sales and APMEA the unfavorable a sales which from sales data Reported organic were in high foreign by double movements. East, New delivering increased sales offset growth volume, to inflation. margin higher operating to flooding. partially productivity, single due historic in due and with affiliate Middle price growth volume,

assumptions year Slide outlook. quarter and X operating provides our our about second full

outlook. quarter second the cover let’s First,

declines to Europe, we low may mentioned, tough flat a quarter low in offset have in Bob to with APMEA. Americas single-digit comparison organic by We in down sales growth estimate strong a the consolidated XXXX. very X%, As be and partly single-digit second

decline quarter in second with from at onetime XX.X% could to combined investments of approximately points proactive XXX volume, quarter, XXXX million in and sales the from of of adjusted expect addition, the Enware. reduced is XX.X% to cost approximately estimate inventory second The due for margin the of to benefit points acquisition In million year. from our the million, spoke basis XX $X operating We $X we incremental prior we higher about our the investment $X versus of range lower basis down price.

be interest adjusted acquisition we million, million to approximately should be as costs tax effective rate the structure. In dilutive Corporate quarter. the to The $X addition, to Enware and approximately margin we be right-size expect be cost operating work $XX XX%. second in should approximately should expense

year-over-year rate an the QX in in of implies prior are X% of of We average share versus Euro/U.S. now which a dollar increase equates and EPS in an approximately €X.XX $X.XX QX to a year. average versus XXXX. $X sales for QX, million This rate assuming Europe X.XX in increase FX

cover Now year full outlook. let’s the

minus in potential maintaining be in believe construction. X% new year better-than-expected able that to first plus outlook our weakening growth. multifamily our the and We For X% offset prior we the non-residential XXXX, start of full to consolidated quarter organic are will

$XX sales acquisition million of addition, the from we expect of In approximately Enware.

top outlook to to minus our range organic XX basis we minus XX year basis XXX maintaining adjusted outlook, our our of previous compared a XX to minus While contraction full minus to points. margin we are line operating points are of increasing

We expect adjusted margins and to our XX.X%. operating XX.X% between now be

quarter We will impact solid first of expect Enware plus half and the our second dilutive the weakness in and productivity potential offset price acquisition. the further

February of and previous from exceed meet in free cash to income. should or with flow XXX% Our are net our expectations be anticipated outlook line

average full for We XXXX. and year the of dollar would This in versus $XX in are now a a million in euro FX of X% to Europe sales of year. increase share sales an the in EPS and increase average versus equates the X.XX imply full rate for an rate $X.XX euro-U.S. X.XX prior assuming year year-over-year

roughly be costs full $X million full for for the key expect the $XX year. approximately expense we regarding year, million inputs other And corporate should the full for to year. Interest be

Our year. approximately should expected $XX million estimated be effective approximately XX%. and tax for spending also rate Capital million XXXX $XX in for range. be the the should adjusted be amortization is to Depreciation

We share to our million approximately expect the count year. be for XX.X

Bob? call Now, the let to me we back Bob turn before begin over Q&A.

Bob Pagano

we summarize Thanks to like Slide questions. X, our would discussion Shashank. On I before your address

The quarter than supported operating first and quarter better share, with favorable anticipated by price record per sales, first we earnings and was margin mix.

in expansion to top we year growth outlook second While growth organic expectations. year margin full and challenging operating sales comparisons, year prior maintaining we are increasing line muted our are full due expect our quarter the

are working portfolio. the Australia into Enware integration and Watts acquired We on

investments will as continue the we in strategy productivity. stay to development We weakening drive and drive smart new top and to to in connected adjust the our dynamic price/cost automation to and and continue needed. on incremental macros, of make Despite product

XX%. We are also by increasing our dividends

advantage our We in take I to are financially, and market execute operationally And uncertain am team’s of commercially as in positioned arise. this confident they ability opportunities environment. to well

line With for please that, open operator, the questions.

Operator

Your [Operator Halloran is with line of the Instructions] from question Mike Baird. first

open. line Your is

Mike Halloran

Hey. Good morning everyone.

Bob Pagano

morning Mike. Good

Mike Halloran

here. questions of couple a So,

channel-oriented side leading the core of great. at I are is things, in happening this you everything perspective? First, look in would America any still business of some you when you ABI, seeing But at certainly North indicator aside today, leaving for like the of time, particularly understand deterioration piece, multifamily, the residential or commentary the that. And point this have be kind single-family,

Bob Pagano

down. Mike, really are Yes. seeing are residential single-family we I we in it the side. think where That’s

are QX. destocking We OEMs. more We in it OEM QX in a expecting more saw destocking seeing little in the and

are we I it. is up would also. multifamily holding and non-resi really that’s up So, holding is say where seeing

Mike Halloran

awfully an on different mentioning? nuance non-res Any big mean is side worth I the non-res constituents. with market because

Bob Pagano

Yes. care market Again, it into. goes our what product doesn’t really

just office and up, if are So, buildings down institutional ships, it right.

as these So, labor market indicators the happen. are busy in with you the contractors continuing leading because the But short-cycle and business. to still shortages a construction we we said, are jobs watching right the are now, are

Mike Halloran

America here. first or Obviously, the but hovering, low you frankly second quarter, quarters, one the here. over strong the look last four, been performance the in longer, have particular, on quarters, then all-in back five well, North in the really last you XXs And margins four five on in

how seems at a things. through other profile guidance tied saw year-over-year than else that in mentioned mentioning? the else volume is anything XQ like you you or the $X on the caution mostly look But It saw seems would cadence there Obviously, is You talk about point to to side Could that you the the the out, with comp you something just margin to million. we environment, puts-and-takes? year. the worth just of about just that’s margins there

Shashank Patel

Yes.

things, couple a is there right. So, of

favorable first mix the some So in slightly firstly, did we quarter. have

residential, As tend in we single-family margins lower. to less be there the sell

So, then price-cost every start secondly, pretty second if increases we quarter. Americas. side, that the We starting there on is those you some had And much helped in recall, mix the quarter. price lapping favorability consistently

benefit The the we four first of still quarter, of last increases most had we year. got

profile. margin as etcetera, like that less. inflation, equation, on beyond commodities then side was noted, Bob inflation on costs, the the helped has moderated. things of in finally, And the saw – lot inflation that the cost We certainly QX a logistics in So,

Mike Halloran

Thanks Shashank. Appreciate Thanks Bob. it.

Bob Pagano

Thank you.

Operator

Hammond question of line next comes KeyBanc. the Your from Jeff with

Your line open. is

Jeff Hammond

guys. Hi. Good morning

Bob Pagano

Good morning.

Jeff Hammond

better maybe if around you just seeing you beyond in the any Can get supply in what channel? any seeing are as speak chains to that the just you – residential are destocking of channel

Bob Pagano

Yes.

from side. the Wholesale, view. I have in it. a I think chain are electronics spotty say, would earlier, OEM the we is point supply still is I issue of as watching said more residential destocking

seems visibility wholesale are don’t to of the for channel, it’s harder all lot of We have it stabilized. we see seeing – like because a us it’s into but

residential watching softness is the We that on But side. general, in are still closely. the very – more it’s

Jeff Hammond

seasonal Okay, price-cost the in chain getting margins, and always the are companies of as kind flat a euro-spot of like the and seeing of normalized. from seems step-up but down. guide inflation, you moderation had some on and buys – is the of volume, margins XQ kind XQ is then as like friction, supply lot gap talk wider, seems it just freight, just back to have about we kind expedited suggesting get a is are It you

the You line. bottom of see some drop to that

just is don’t know there am So, something I I there. if missing

Shashank Patel

things. A Yes. couple of

at QX So obviously, we had QX, the a little bit of more a volume the leverage guide we in because business QX decline. the midpoint X%. about X% And versus about of grew is

some benefit second pricing said in So, of that fading as price digits. have high-single prices the Back deleverage to in That QX. realization, our starts full that the in the there earlier second I volume is in quarter, QX, to dynamic, so mid we had quarter.

be less. about it will our second but talk is will second We out we when the quarter, the expectation quarter close

impacts So, the that margins.

Jeff Hammond

kind Okay. remind what lead seeing would can a are Maybe just are and us commercial you your And construction? not indicator that then slowdown what signal or signal non-res. of you products, just speak back to in maybe those there on

Bob Pagano

Yes. In in year. holding see decrease of business, our general, some based did that project but We lumpy are in prior business was a up. things slight drains, the on some

What channels, continue Jeff. a at is work. I – our we steady to think They I to of this it’s be Mike, holding backlog So, think continuing point, basically to busy. talk our They doing are have contractors.

feet talking there time. we watching out are longer what that’s this. indicators what’s to on watching this really term, how are street, we point is leading the in at So, but are The happening

are shortages I have said this. prolonging labor As earlier,

is of there a jobs. So, backlog

I second we we we book are time have into Again, as being said, to a in where that’s point get think we as cautious half, this are the little ship business. and at a that. watch

Jeff Hammond

Thanks much. Okay. so

Bob Pagano

Jeff. Thanks

Operator

question line Your the next with Nathan Jones comes from Stifel. of

Your line open. is

Nathan Jones

Good morning everyone.

Bob Pagano

Nathan. morning Good

Nathan Jones

that you make mean to there business need basis, with a acquisition, Do think how you the What’s Enware grow? to the acquisitions strategic business on a leverage Can more question that that? to talk in the plan build Australia. scale? pretty you to Maybe significantly on I I adds relative about

Bob Pagano

Yes.

in and engineers channel our a other and quite Team business. lot fits at of, well safety we is honestly locally, as it’s to products look it bring we for our plumbing did call, breakeven I channel But Enware, and access Sydney. a specialty integrating leverage us the they like for global additional gives turnaround will nicely. well It’s our equipment, So, it, it designs basically manufactures existing as sourcing sourcing and as and overall, gives work us. It it us business. already at it as scale a what and that, It’s products. with access

Nathan Jones

Do really need that like you into strong this go scale strategic or you it to to you leverage that? probably? Like you things move into have businesses Do looked developed plumbing and order channels is know need at build to choose a to to Australia scale else build to in markets that in further I priority codes. wherever leverage those have point? more

Bob Pagano

In whole would scale Yes. continue general, to I say leverage we region, to and that. want APMEA our

us for channel So, that we looking access. are acquisitions quality give

We in it’s New our Zealand, three position, It’s together. a cumulative given going all Australia good us In building add some nice half to when you in have both probably business been total, now be acquisitions. APMEA more and a now numbers. than this

building scale. been have we So,

building which important. developed want have to said, be – really and countries capabilities, we in We you is code been like that

that’s is, part codes, the enforce important second thing. that The

everything it’s business, focused – and are whole like mix about why that everyone, sourcing world. they In again, in capabilities the the tried And organization. region and portfolio that’s reevaluating So, of and we XX-XX that be product to and that focus. to we being more it’s

Nathan Jones

me You when that see just to business. to want take let know me you

Bob Pagano

in is weeks. Shashank going a of couple

Nathan Jones

invite I the is sure am in my mail.

year-over-year, the were performance maybe color Just volume Can and you there, Europe. of leverage on on cost there, and factors the I out that margin a more thought we to contributing fixed pretty should margins, think bps about they performance some forward? margin going base decent XXX good how given the there the pretty provide but Europe down profile the high the

Shashank Patel

Yes.

in dropped very last then volume recall Nathan, we the base. the you first the pretty had we and half, fixed off had significantly down, in high If a Europe, they cost half volume, second margins year, as leveraging came in and robust the

As took volumes early helping, on certainly than in we you the helping Europe. recall, Europe we QX and January, restructuring as and the actions came better in in anticipated in the that fact that’s had that’s QX as and well in margins in

And volume in So, that France Germany, was the than we obviously, those in little and a strength Benelux, Italy, came less deleverage in bit regions thought. better. –

profile margin less and was there the that’s So, volume better. was deleverage, why

Nathan Jones

much Thanks questions. Great. very my for taking

Shashank Patel

Thank you.

Operator

Your Anastasiou next of question Michael Cowen. with line is TD from the

Your open. line is

Michael Anastasiou

taking Hey. morning question. my Good guys. Thanks for

Shashank Patel

Good morning.

Bob Pagano

Good morning.

Michael Anastasiou

You mentioned year? the quarter. for in just you the dive expected about Can the of earlier of had into digit remainder price impact the sort price high-single was

Shashank Patel

Yes.

expect to with So, for low-single don’t we said first close we on the high-single until because in expectation we months the quarters call the ago, the had We quarter are was But going on to full increases. be price our realization. X when price years to now three did we we plus digit price comment digits about really year. out mid

through year higher we because go So, the come just as price down comp last that year. realizations does we

Michael Anastasiou

comment would general you the in sort you. the like on that interesting and And throughout and multifamily on of quarter? of cadence there? Thank be side just the kind stuff just that. Great. particular Can Anything then commercial

Bob Pagano

been it’s issues as well that’s I single-family point seeing softness are No, OEM this that time seeing. the is side business, the of Where we that holding where are at of up. most the commented destocking in and earlier the we are as

Operator

next of Liptak Seaport Your Instructions] [Operator the Global. from line question with Walt is

Your line is open.

Walt Liptak

everyone. morning Good Hi.

Bob Pagano

Walt. morning Good

Walt Liptak

– you to go so too, there? look with Shashank, how Enware question. It Enware Enware the ask how like Hi. take being the hear And love for about to talk future? follow-on get XX-XX the me like wanted them long talked a margins would to ready am normal great. the what about, I Can Good turnaround visit much know. to – does I that’s in just morning. sounds to then let it

Bob Pagano

over back And Well, are we we margin. now. APMEA line then type get X will to next with it years the the basically expecting breakeven up to in continue overall ramp

already. that’s So, our working and aggressively have are already The teams actions goal. taken aggressive

on is good the team strides. So, making ground,

Walt Liptak

Okay. you equity environment, get of just come is And rising rate pipeline Great. it kind on The are the or here. done deals to you any M&A generally, valuations? interest good seeing – changes And from one are it’s guys more whoever? see you then private more in into seeing

Bob Pagano

would M&A still activity want I sell is would pipeline I to general, the their comment at people small, same. say to because we around is – We it’s in there. out it look to takes they two on I It’s or medium mean minds our are it and about hard get full. But and large say acquisitions, whether not.

continuing but changed this We think don’t the has time. in I are substantially environment monitor that it, point at to

Walt Liptak

XX%. a about dividend I you Is you don’t Okay. we was comment asked And cash? think cash But then that about any said wonder that. and have guys, ever Alright. think increase, that there should levels something for or question through for on par read before. if company Great. I uses just could of the the this I I is you

Shashank Patel

median space. which median increase. about of didn’t of for a days Back have yield any with to the pandemic drive to in the XXXX, tend We in kind we Yes. water is line of X.X%, the

and stock has well well. as our we has fell done obviously of our price behind little as So, a bit because that EPS well done

increase. order back X.X%. get of the had median to it’s That’s to try So, level that we to in XX% why

there So, that. anything to else no is read into beyond that, need

Walt Liptak

Great. Okay.

you. Thank Okay.

Bob Pagano

Thanks.

Operator

with Your line Brian Lee Goldman next the question of is Sachs. from

Your line is open.

Unidentified Analyst

Hey everyone. This is Brian. Miguel for on

Bob Pagano

Miguel. Hi

Unidentified Analyst

Hi everyone.

Enware on question Just a again. follow-up

specifically to overall talk get just are years Could would you you the to said the margin take You it fully you Just up what APMEA Do integrating to sort through that get to maybe there? of business need it plus on X structure? Thanks. levers business levels. that about the would be additional of combination color working scale? a great. to that a any grow cost certain Is there operations,

Bob Pagano

but you playbook. certainly profitable growth, it’s on I our which would tell first know, of you all Well, is the the above, focus

if going anything, are the products, looking volume second the that down to is making we of – rationalize are And And products of go the money. because locally. the to So, in we focus, and then short-term, right. their is XX-XX producing was manufacturing most make concept again, going sure thing, it’s product sourced about team

going are global to some leverage around optimize global that production our of material. of to world, capabilities We the our sourcing the including plants

it’s similar it’s So, have profitability, again, Watts to here. volume business to about the the sales decreasing what at potentially focus, the and rightsizing get we about done

Unidentified Analyst

And Great. been about just talking quick Australia? that Historically, you quickly can And sense then business follow-on. That’s helpful. in maybe near-term. then growing are a the had rightsizing a maybe you how give in of

terms like then? look that near-term growth of does the what So, business in that for

Bob Pagano

general, mid-single as products, always In digits. But the right, growth. away it’s get give can and tell, anybody I

our So, growth. it’s the to mid-single that about goal leveraging overall is digit profitability, but in get

Unidentified Analyst

pass It’s Thanks. clear. I it Great. on. very will Okay.

Bob Pagano

you. Thank

Operator

[Operator time. Bob at to will Instructions] over There further I the Pagano. no now call are Mr. questions back this turn

Bob Pagano

at second stay in our the taking August. and a appreciate earnings good join time call speaking Watts quarter you for Thank safe. again you interest to in and your us look Have day, continued today. We with early forward to

Operator

conference today’s call. concludes this gentlemen, and Ladies

now disconnect. may You

Watts Water (WTS) 4 May 232023 Q1 Earnings call transcript