Watts Water Slides After Quarterly Revenue Misses Estimates

Watts Water Technologies (WTS) Inc., a Massachusetts-based water products manufacturer, fell the most in more than 2 1/2 years after reporting first-quarter sales that missed analysts’ estimates.

The shares slid 6.5 percent at the close in New York, the biggest drop since October 2011.

The company yesterday said revenue rose 1.8 percent to $365.2 million in the quarter from a year earlier, a figure that trailed average analyst estimates of $375 million. It also announced the quarterly dividend would increase 15 percent to 15 cents a share from 13 cents.

To contact the reporter on this story: Randall Hackley in London at rhackley@bloomberg.net

To contact the editors responsible for this story: Randall Hackley at rhackley@bloomberg.net

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