Pentair Plc Updates Full Year Adj. EPS Guidance

(RTTNews) - Pentair plc (PNR) updated its estimated 2023 GAAP EPS from continuing operations to approximately $3.25 to $3.30 and on an adjusted EPS basis to approximately $3.70 to $3.75. Previously, the company estimated adjusted EPS in a range of $3.65-$3.75. The company updated full year 2023 sales guidance to be down approximately 1 percent on a reported basis.

Pentair introduced fourth quarter GAAP EPS from continuing operations guidance of approximately $0.75 to $0.80 and on an adjusted EPS basis of approximately $0.82 to $0.87. The company expects fourth quarter sales to be down approximately 3 to 4 percent on a reported basis compared to the fourth quarter of 2022.

Third quarter earnings totaled $132.1 million, or $0.79 per share compared with $115.4 million, or $0.70 per share, a year ago. On an adjusted basis, third quarter EPS was $0.94 compared to $0.99. Analysts on average had expected the company to earn $0.87 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter fell 4.7% to $1.01 billion from $1.06 billion last year. Excluding currency translation, acquisitions and divestitures, core sales declined 7 percent in the third quarter.

John Stauch, Pentair's CEO said: "Our results surpassed our expectations and were driven largely by our diversified water portfolio and Transformation initiatives which contributed to significant margin expansion."

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