Pentair Posts Profit In Q3, Trims FY EPS Outlook

(RTTNews) - Pentair plc (PNR) Tuesday announced third quarter earnings per share of $0.63 compared to a loss of $0.95 per share last year. On an adjusted basis earnings per share were down 13 percent to $0.97 from $1.11 a year ago. Net income for the quarter was $115.2 million compared to a loss of $186 million last year.

On average, 21 analysts polled by Thomson Reuters were looking for $0.95 per share. Sales for the third quarter declined 12 percent to $1.552 billion, compared to $1.758 billion a year ago.. Wall Street was looking for $1.59 billion.

For the fourth quarter, the company expects earnings in the range of $1.03 to $1.05 per share, excluding $0.17 of intangible amortization. In comparison to the previous year the fourth quarter outlook is down 12 percent. Wall Street is looking for $1.07 per share on revenue of $1.75 billion. Sales outlook for the fourth quarter is around $1.7 billion, down 3 percent from the prior year reported sales. Looking ahead to the full year, the company trimmed its earnings guidance to a range of $3.84 to $.386 per share , while the earlier projection was for $3.80 to $3.90 per share. Sales outlook for the full year is $6.4 billion, down nine percent from the previous year on a reported basis. The Street outlook is for earnings of $3.84 per share on revenue of $.6.47 billion.