Watts Water Technologies Inc (WTS) · Nov 4, 2026 · Earnings

Watts Water earnings beat as data centers lift guidance

Beat — adj. EPS $3.40 vs ~$3.14 consensus; sales $728.0M vs ~$692.6M

Watts Water’s Q3 earnings beat consensus, with data-center demand driving organic growth and another increase to its 2026 sales and margin guidance.

Watts Water is a water-flow, plumbing and water-quality equipment maker leaning into data-center infrastructure while navigating weaker construction demand, inflation and tariffs. Its prior Q2 outlook already called for 14%–17% reported sales growth, 8%–11% organic growth, and 19.8%–20.4% adjusted operating margin, so the direction was becoming established rather than totally new.

The quarter materially cleared the market’s bar. Adjusted EPS of $3.40 was above the published consensus of roughly $3.14, while sales of $728.0 million exceeded roughly $692.6 million; the filing also showed 12% organic growth, not merely acquisition-driven expansion. The company said, “Sales of $728 million increased 19% on a reported basis and 12% on an organic basis,” and attributed the increase primarily to higher volume from data-center growth and favorable pricing.

Metric	Q3 2026	Q3 2025	Consensus / prior outlook
Sales (Financial Highlights)	$728.0M (+19%)	$611.7M	~$692.6M consensus
Adjusted diluted EPS (Financial Highlights)	$3.40 (+36%)	$2.50	~$3.14 consensus
Adjusted operating margin (Financial Highlights)	20.9% (+240 bps)	18.5%	—
FY sales growth (Full Year 2026 Outlook)	17%–18%	—	14%–17% prior outlook
FY adjusted operating margin (Full Year 2026 Outlook)	20.3%–20.4%	—	19.8%–20.4% prior outlook

The underlying business was strong, but the headline GAAP margin overstates the recurring improvement. Reported operating margin jumped to 26.2%, helped by $39.3 million of tariff refunds; adjusted margin still expanded 240 basis points to 20.9%, showing real pricing, volume leverage and productivity gains after stripping out that one-time benefit. The filing states, “The tariff refunds were classified as a special item and were not included in adjusted operating margin or segment margin results.” 〔0〕

Data centers are becoming the central growth engine. Americas organic sales rose 11.6%, while APMEA organic sales rose 29.7%, with both regions citing data-center volume; this is meaningful because it is offsetting pressure from higher interest rates and softer new-construction markets. The filing says, “Organic growth was primarily due to higher volume driven by data center growth as well as favorable price realization.” 〔1〕

Management raised the outlook beyond an already elevated base. The new forecast calls for 17%–18% reported sales growth, 11%–12% organic growth, and 20.3%–20.4% adjusted operating margin, versus the prior Q2 ranges of 14%–17%, 8%–11% and 19.8%–20.4%. The filing explicitly says, “The Company is increasing its full year sales and organic sales growth outlook as well as its operating margin and adjusted operating margin outlook.” 〔2〕

Cash generation improved, though working capital is absorbing more cash. Nine-month free cash flow rose to $230.2 million from $216.0 million, but cash conversion fell to 63.4% from 84.0% as receivables and inventories increased to support higher sales and strategic data-center inventory. That is a manageable execution issue rather than a break in the story, especially with net debt moving further negative and cash reaching $444.8 million.

Bottom line: This is more than a routine earnings beat: Watts is converting data-center demand into broad organic growth, better recurring margins and another guidance increase. The story strengthens clearly, although the exceptional GAAP margin benefit from tariff refunds should not be treated as permanent.

What to watch next

Q3 earnings call, November 5

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Watts Water earnings beat as data centers lift guidance

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