Pentair Provides Upbeat Outlook
Pentair plc (NYSE: PNR) reported better than expected adjusted EPS for the second quarter. Its revenue was in line with the Street expectations. The company also updated its full year forecast.
Pentair delivered earnings per share from continuing operations of $0.78 for the second quarter compared to $0.84 in the second quarter of last year. On an adjusted basis, it would have earned $1.11 a share compared to $1.08 in the year-ago period.
Its sales were $1.7 billion for the three-month period representing 4 percent year-over-year growth. The company added that excluding the unfavorable impact of currency translation and the positive contribution from acquisitions, its core sales would have dropped 3 percent in the second quarter.
Street analysts expected the company to report EPS of $1.09 on revenues of $1.72 billion.
The company's Chairman and CEO, Randall Hogan, said, "We continue to be encouraged by the strength in our Residential & Commercial and Infrastructure verticals. We have narrowed our full year outlook reflecting further signs of stabilization in our Industrial business and what we believe is sequential flattening in our Energy business. Our cash flow remains strong and we remain focused on further strengthening our balance sheet."
Going forward, Pentair updated its full year outlook. Accordingly, it expects GAAP EPS to be $3.23-$3.38 and adjusted EPS between $4.05 and $4.20. The company expects sales of $6.7 billion. Street analysts are looking for EPS of $4.05 on revenues of $6.66 billion.
For the third quarter, the company sees adjusted EPS to be $1.02 - $1.08 on sales of $1.66 billion. Analysts' expect EPS of $1.07 and revenue of $1.64 billion.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
