By Connor Hart
Watts Water Technologies has launched a search for a new chief financial officer, as Shashank Patel intends to retire from the role on March 15, citing personal reasons.
The plumbing, heating and water-quality products company on Wednesday said its search for a new top finance chief will include both internal and external candidates.
Patel has held the CFO role since July 2018. He will stay in the position until a successor is named, helping ensure a smooth transition, the company said.
Also on Wednesday, Watts reported a third-quarter profit of $69.1 million, or $2.06 a share, compared with a profit of $65.8 million, or $1.96 a share, in the same quarter last year.
Adjusted per-share earnings were $2.03, ahead of the $1.99 that analysts polled by FactSet expected.
Revenue increased 8% to $543.6 million. Analysts had been expecting $541.8 million, according to FactSet.
Chief Executive Robert Pagano Jr. said the company had to navigate near-term challenges caused by softening economic conditions during the quarter.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 30, 2024 17:46 ET (21:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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