Pentair Confirms 2016 Adj. EPS Guidance; Q1 Profit Beats Estimates

(RTTNews) - Pentair plc (PNR) reiterated its full year 2016 adjusted EPS outlook of $4.05 - $4.25. The company anticipates full year 2016 sales of $6.7 billion, or up approximately 3 percent on a reported basis and down approximately 1 percent on a core sales basis. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.05 on revenue of $6.59 billion.

The company introduced second-quarter adjusted EPS guidance of $1.08 - $1.11, up approximately 2 percent on an adjusted basis versus the same quarter last year's adjusted EPS. The company expects second-quarter revenue to be approximately $1.7 billion, which would be up approximately 4 percent on a reported basis and down approximately 3 percent on a core basis compared to second quarter 2015 revenue. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.10 on revenue of $1.70 billion.

Adjusted first-quarter 2016 earnings per share from continuing operations were $0.76, equal to the first quarter of last year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71 for the quarter. Analysts' estimates typically exclude special items. On a GAAP basis, the company reported EPS from continuing operations of $0.59 compared to $0.65 in the first quarter of 2015. Net income from continuing operations was $107.4 million compared to $118.2 million.

The company reported first-quarter sales of $1.58 billion. Sales were up 7 percent compared to sales for the same period last year. Excluding the unfavorable impact of currency translation and the positive contribution from acquisitions, core sales grew 1 percent in the first quarter. Analysts expected revenue of $1.56 billion, for the quarter.