Pentair Plc Updates FY18 Guidance To Reflect Separation Of Electrical Business

(RTTNews) - Pentair plc (PNR) updated its estimated 2018 GAAP EPS from continuing operations to approximately $1.83 and on an adjusted EPS basis to approximately $2.33. The company updated sales guidance to $2.96 billion, up 4 to 5 percent on a reported and core basis, respectively, over 2017. In July, the company projected: GAAP EPS from continuing operations to approximately $1.81 and on an adjusted EPS basis to approximately $2.31; and sales of $2.95 billion. The company noted that guidance update reflects the separation of its Electrical business, on April 30, 2018 and the reporting of Electrical's results as discontinued operations.

For the fourth quarter, the company expects GAAP EPS from continuing operations of approximately $0.55 and on an adjusted EPS basis of approximately $0.59. The company expects fourth quarter sales to be approximately $736 million, up 1 to 2 percent on a reported basis and up 4 to 5 percent on a core basis compared to fourth quarter 2017.

For the third-quarter, on an adjusted basis, the company reported EPS of $0.54 compared to $0.49 in the third quarter of 2017. Sales were $711 million, up 3 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 6 percent in the third quarter.