Watts Water Technologies' First Quarter Sales Up 18%
The company attributed its sales increase to internal growth, contributions from acquired companies and the change in foreign exchange rates. Internal sales growth in the North American wholesale market for the first quarter increased 14% over the first quarter ended March 28, 2004. “This increase was led by increased sales of backflow prevention units, as well as strength in our plumbing and under-floor radiant heating product lines,” Patrick S. O'Keefe, chief executive officer, said in a statement.
Sales in Europe were up 11% for the first quarter, and sales in China rose 2%.
“We continue with the consolidation of our manufacturing plants in North America and Europe while continuing to expand our manufacturing capacity in China and other areas of the world in an effort to lower our cost of manufacturing,” O'Keefe said.