Watts Water Technologies, Inc. (NYSE:WTS) Q2 2023 Earnings Call August 3, 2023 9:00 AM ET

Company Participants

Diane McClintock - SVP FP&A & Investor Relations

Bob Pagano - President and Chief Executive Officer

Shashank Patel - Chief Financial Officer

Conference Call Participants

Ryan Connors - Northcoast Research

Adam Farley - Stifel

Jeff Hammond - KeyBanc Capital Markets

Mike Halloran - Baird

Walt Liptak - Seaport Global

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 would like to welcome everyone to the Watts Water Technologies Second Quarter 2023 Earnings Call.

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.

I will now turn today's call over to Diane McClintock, Senior Vice President, Financial Planning Analysis and Investor Relations. Please go ahead.

Diane McClintock

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

Joining me today are Bob Pagano, President and CEO, and Shashank Patel, our CFO. During today's call, Bob will provide an overview of the second quarter and discuss the current state of the markets and our operations. He will also update you on our smart and connected product initiatives and our sustainability efforts. Shashank will discuss the details of our second quarter performance and provide our outlook for the third quarter and for the full-year.

Following our remarks we will address questions related to the information covered during the call. Today's webcast is accompanied by a presentation, which can be found in the Investor Relations section of our website. We will reference this presentation throughout our prepared remarks. Any reference to non-GAAP financial information is reconciled in the appendix to the presentation.

Before we begin, I'd like to remind everyone that during this call, we may be making certain comments that constitute forward looking statements. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially. For information concerning these risks, see Watts publicly available filings with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

Bob Pagano

Thank you, Diane, and good morning, everyone. Please turn to slide 3, and I'll provide an overview of the quarter. First, I'd like to thank the entire Watts team for their hard work and dedication to diligently serving our customers worldwide. Together, we delivered another better than expected quarter despite tough comparisons to a very strong second quarter in 2022. We finished the quarter with record sales, operating margin and earnings per share, leading to the decision to raise our full year 2023 outlook.