UPDATE 1-Watts Water posts lower Q3 profit

*Q3 cont ops EPS $0.31 vs est $0.37

* Q3 rev falls 18 pct to $303.8 mln

Oct 27 (Reuters) - Plumbing products supplier Watts Water Technologies Inc (WTS.N) posted a lower profit, due to a steep slump in sales across its key markets North America and Europe.

For the third quarter, the company reported net income of $3.4 million, or 9 cents a share, compared with $16.7 million, or 45 cents a share, a year ago. Excluding items, it earned 31 cents a share.

The company said the results included a net after-tax charge of 16 cents a share related to footprint reduction and restructuring programs.

Sales fell 18 percent to $303.8 million. Sales in Europe and North America fell by 20 percent and 16 percent, respectively.

Analysts, on average, were expecting the company to earn 37 cents a share, before special items, on revenue of $304.2 million, according to Thomson Reuters I/B/E/S.

Shares of the North Andover, Massachusetts-based company were down more than 5 percent in trading after thet bell. They had closed at $30.61 Tuesday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore, Editing by Saumyadeb Chakrabarty)