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FOR IMMEDIATE RELEASE Contact : Timothy M. MacPhee Exhibit 99 Treasurer , Vice President - Investor Relations Telephone : ( 978 ) 689-6201 Fax : ( 978 ) 794-0353 WATTS WATER TECHNOLOGIES REPORTS FIRST QUARTER 2021 RESULTS Reported sales of $ 413 million increased 8 % ; organic sales increased 4 % GAAP operating margin of 14.4 % and adjusted operating margin of 14.5 % ; both up 190 bps ■ GAAP EPS of $ 1.23 and adjusted EPS of $ 1.24 ; both up 31 % Amended and extended existing credit facility in the second quarter ; enhanced financial flexibility Increasing 2021 full year outlook * Performance relative to comparable first quarter in 2020 North Andover , Mass . , May 4 , 2021 -- Watts Water Technologies , Inc. ( NYSE : WTS ) today announced results for the first quarter of 2021 . Chief Executive Officer Robert J. Pagano Jr. commented , " I want to thank all our employees and especially those involved in manufacturing , supply chain and logistics for their efforts in delivering a strong first quarter . The team overcame notable challenges in striving to meet our customer needs . Sales in all three regions exceeded our expectations . Drivers included an unexpected positive impact from this year's freezing weather in the South - Central U.S. as well as higher sales in APMEA in the current quarter due to COVID - 19's impact last year . The higher sales , coupled with continued cost actions , drove solid operating margin expansion . Given our first quarter performance and current expectations for the second quarter , we are revising upward our outlook for the full year 2021. " A summary of first quarter results is as follows : ( In millions , except per share information ) Sales Net income Diluted net income per share Special items ( 1 ) Adjusted earnings per share ( 1 ) First Quarter Earnings Summary 2021 2020 % Change $ 413.3 $ 382.6 8 % 41.7 32.0 30 % $ 1.23 $ 0.94 31 % 0.01 0.01 $ 1.24 $ 0.95 31 % ( 1 ) Special items and adjusted earnings per share represent non - GAAP financial measures . For a reconciliation of GAAP to non - GAAP items please see the tables attached to this press release . First Quarter Financial Highlights Sales of $ 413 million increased 8 % on a reported basis and 4 % organically . The sales increase was primarily related to the positive impact from the severe freezing weather in the South - Central United States , estimated to be 3 % of incremental sales in the first quarter of 2021 , and higher sales in Asia - Pacific , Middle East and Africa ( " APMEA " ) in the first quarter of 2021 compared to the first quarter of 2020 , which was negatively impacted by COVID - 19 . Acquired sales totaled approximately $ 4 million in the quarter and foreign exchange contributed approximately $ 13 million year over year . Both reported and adjusted operating margin increased 190 basis points .