Pentair Plc Increases 2023 Earnings Guidance

(RTTNews) - Pentair plc (PNR) increased its estimated 2023 GAAP EPS from continuing operations to approximately $3.27 to $3.37 and on an adjusted EPS basis to approximately $3.65 to $3.75. The company maintained full year sales guidance to be down approximately 2 percent to flat on a reported basis. The company expects full year free cash flow to approximate 100 percent of net income.

Also, the company introduced third quarter GAAP EPS from continuing operations guidance of approximately $0.77 to $0.82 and on an adjusted EPS basis of approximately $0.84 to $0.89. The company expects third quarter sales to be down approximately 7 percent on a reported basis.

Second quarter bottom line came in at $152.9 million, or $0.92 per share compared with $152.9 million, or $0.92 per share, prior year. Excluding items, Pentair plc reported adjusted earnings of $171.1 million or $1.03 per share for the period. Analysts on average had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 1.9% to $1.08 billion from $1.06 billion last year.

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