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FOR IMMEDIATE RELEASE ■ Contact : Timothy M. MacPhee Exhibit 99 Treasurer , VP – Investor Relations Telephone : Fax : ( 978 ) 689-6201 ( 978 ) 794-0353 WATTS WATER TECHNOLOGIES REPORTS RECORD THIRD QUARTER 2021 RESULTS Reported sales of $ 455 million , up 18 % ; up 17 % on an organic basis GAAP operating margin of 14.2 % , up 170 bps ; adjusted operating margin of 14.4 % , up 60 bps GAAP and adjusted EPS of $ 1.37 and $ 1.39 , representing increases of 41 % and 32 % , respectively " Generated year - to - date operating cash flow of $ 135 million and free cash flow of $ 120 million , approximately 6 % and 26 % increases , respectively , over same period last year Increasing full year 2021 sales outlook ; full year adjusted margin expansion in line with previous outlook Note : Current quarter performance relative to comparable third quarter 2020 North Andover , MA ... November 3 , 2021. Watts Water Technologies , Inc. ( NYSE : WTS ) today announced third quarter 2021 results . Chief Executive Officer Robert J. Pagano Jr. commented , " As expected , challenges from market demand and supply chain disruptions continued into the third quarter , but our supply chain and operations teams continued to support our customers ' needs . I want to again thank them , and our entire team , for keeping a customer focus under continuing challenging circumstances . Their efforts resulted in another record quarter , with both consolidated sales and operating margin higher than we had anticipated . We also generated incremental free cash flow that , along with an already strong balance sheet , provides us flexibility to execute on our strategic priorities . We have increased our full year 2021 organic sales growth outlook to be 14 % to 17 % and are maintaining our previous expectations for adjusted operating margin expansion . ” A summary of third quarter financial 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 ) September 26 , 2021 Third Quarter Ended September 27 , 2020 % Change $ 455.0 $ 383.9 18 % 46.4 32.9 41 % $ 1.37 $ 0.97 41 % 0.02 0.08 $ 1.39 $ 1.05 32 % ( 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 .