Pentair Q2 Profit Rises

(RTTNews) - Pentair plc (PNR) reported that its net income for the second-quarter rose to $263.7 million or $1.43 per share from $142.8 million or $0.78 per share last year.

Second quarter 2017 earnings per share from continuing operations ("EPS") were $0.37 compared to $0.73 in the second quarter of 2016. On an adjusted basis, the company reported EPS of $1.00 compared to $0.88 in the second quarter of 2016.

Quarterly sales were $1.27 billion, down 3 percent from same quarter last year. Excluding currency translation and acquisitions, core sales declined 3 percent in the second quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share and revenues of $1.28 billion for the second-quarter. Analysts' estimates typically exclude special items.

In addition, the company introduces third quarter 2017 GAAP EPS guidance range of $0.80 to $0.82 and, on an adjusted EPS basis, a range of $0.91 to $0.93, up approximately 18% on an adjusted EPS basis versus the same quarter last year. The company expects third quarter revenue to be approximately $1.22 billion, which would be up approximately 1 percent on a reported and core basis compared to third quarter 2016 revenue. Analysts project third-quarter earnings of $0.95 per share.

The company updates its estimated 2017 GAAP EPS to approximately $2.47 and on an adjusted EPS basis to approximately $3.50. The company anticipates full year 2017 sales of $4.9 billion, or approximately flat on a reported and core basis. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income. Analysts expect the company to report earnings of $3.53 per share and revenues of $4.87 billion.