Pentair Q2 Results Beat View; Updates FY16 Outlook - Quick Facts

(RTTNews) - Pentair plc (PNR) reported second-quarter net income of $142.8 million or $0.78 per share, down from $147.8 million or $0.81 per share in the prior-year quarter.

However, adjusted earnings per share from continuing operations were $1.11, compared to 1.08 per share in the year-ago period.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 4 percent to $1.73 billion from $1.66 billion a year ago. Analysts expected revenues of $1.72 billion for the quarter.

Excluding the unfavorable impact of currency translation and the positive contribution from acquisitions, core sales declined 3 percent in the quarter.

Looking ahead to the third quarter, Pentair forecast earnings per share of $0.86 to $0.92, adjusted earnings per share of $1.02 to $1.08, and revenue of about $1.66 billion.

The Street expects earnings of $1.07 per share on revenues of $1.64 billion.

For fiscal 2016, the company updated reported its reported earnings outlook to a range of $3.23 to $3.38 per share, and on an adjusted basis to a range of $4.05 to $4.20 per share.

Pentair anticipates full year sales of $6.7 billion, or up approximately 4 percent on a reported basis and down approximately 1 percent on a core basis.

Analysts expect the company to earn $4.05 per share for the year on revenues of $6.66 billion.