NORTH ANDOVER, Mass. (AP) _ Watts Water Technologies Inc. (WTS) on Thursday reported first-quarter net income of $31 million.
The North Andover, Massachusetts-based company said it had profit of 91 cents per share. Earnings, adjusted for non-recurring costs, came to 94 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The maker of valves for plumbing, heating and water needs posted revenue of $388.7 million in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $389.4 million.
Watts Water shares have climbed 31% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $84.29, a rise of 13% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WTS at https://www.zacks.com/ap/WTS