Watts Water Technologies, Inc. (NYSE:WTS) Q1 2024 Earnings Conference Call May 9, 2024 9:00 AM ET
Company Participants
Diane McClintock - SVP, Investor Relations
Bob Pagano - President & CEO
Shashank Patel - CFO
Conference Call Participants
Adam Farley - Stifel
Mike Halloran - Baird
David Tarantino - KeyBanc Capital Markets
Michael Anastasiou - TD Cowen
Walt Liptak - Seaport Research
Operator
Ladies and gentlemen, welcome to the Watts Water Technologies Incorporated First Quarter 2024 Earnings Call hosted by Bob Pagano, President and CEO; Shashank Patel, CFO; and Diane McClintock, Senior Vice President, FP&A and Investor Relations. At the end, we will open the line for questions. And I will now turn the call over to Diane McClintock.
Diane McClintock
Thank you, and good morning, everyone. Welcome to our first 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 first quarter and discuss the current state of the markets and our operations. Shashank will discuss the details of our first quarter performance and provide our outlook for the second quarter and 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. 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 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Bob Pagano
Thank you, Diane, and good morning, everyone. Please turn to Slide 3, and I'll provide an overview for the first quarter. We began 2024 with better-than-expected first quarter results, including record sales, adjusted operating margin and earnings per share. I'd like to express my appreciation to the entire Watts team for their hard work that made this outperformance possible. Organic sales growth of 6% in the quarter was largely driven by extra shipping days as discussed on our last earnings call. We also benefited from incremental sales due to our acquisitions of Enware, Bradley and Josam. We are very pleased with the performance of these new acquisitions and expect them to continue contributing to our long-term success.