Pentair Updates 2018 Guidance To Reflect Separation Of Electrical Business

(RTTNews) - Pentair plc (PNR) updated its estimated 2018 GAAP EPS from continuing operations to approximately $1.81 and on an adjusted EPS basis to approximately $2.31. The company updated full year 2018 sales guidance to $2.95 billion, up 3 to 4 percent on a reported and core basis, respectively, over 2017. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

The company introduced third quarter GAAP EPS from continuing operations guidance of approximately $0.48 and on an adjusted EPS basis of approximately $0.52. The company expects third quarter sales to be approximately $700 million, up 1 to 2 percent on a reported basis and up 4 to 5 percent on a core basis compared to third quarter 2017.

The company noted that its full year and third quarter 2018 outlook reflects the separation of the Electrical business on April 30, 2018 and the reporting of Electrical's results as discontinued operations.

For the second-quarter, on an adjusted basis, the company reported EPS of $0.71 compared to $0.60 in the second quarter of 2017. Second quarter 2018 sales of $781 million, were up 4 percent compared to sales for the same period last year. Excluding currency translation and acquisitions, core sales grew 3 percent in the second quarter.