Watts Water Slides After Quarterly Revenue Misses EstimatesRandall Hackley
Watts Water Technologies 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.