Pentair Cuts Q1 Outlook

(RTTNews) - Pentair plc (PNR) on Tuesday lowered its first quarter financial outlook, citing the negative impacted of a stronger dollar, slower than expected oil and gas industry shipments and orders, broad-based slowing of global capital spending, and customer inventory de-stocking.

The company said that it now expects first quarter revenue to be $1.48 billion and earnings from continuing operations for the quarter to be about $0.65 per share. Previously, the company expected revenue of about $1.6 billion and earnings of $0.75 to $0.77 per share.

Analysts polled by Thomson Reuters currently expect the company to report earnings of $0.77 per share on revenue of $1.59 billion for the first quarter.

"The year has started even slower than we anticipated," said Randall Hogan, Pentair's Chairman and Chief Executive Officer. "In response to this slower start and the sluggish economic climate we continue to experience, we will be taking necessary cost actions in the second quarter to best position the company for 2015 and beyond. We are taking these actions as we expect continued economic uncertainty and currency volatility for the foreseeable future."

Pentair shares are currently losing 4.59% in after hours trading after closing the day's regular trading session at $64.46, down $1.23 or 1.87%.