Pentair Q1 Profit Declines, Trims 2015 Outlook - Quick Facts

(RTTNews) - Pentair Ltd. (PNR) reported that net income to company for the first quarter decreased to $113.9 million from $118.6 million, while earnings per share grew to $0.62 from last year's $0.59.

Net income from continuing operations for the quarter was $118.2 million or $0.65 per share, compared to $125.5 million or $0.63 per share a year ago.

On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 10 percent to $1.48 billion from $1.64 billion in the same quarter last year. Analysts expected revenue of $1.48 billion for the quarter.

Looking ahead to the second quarter, the company expects adjusted earning in a range of $0.95 to $0.96 per share, on projected revenues of about $1.64 billion. Analysts currently expect earnings of $1.05 per share on revenues of $1.70 billion.

For fiscal 2015, the company trimmed its adjusted earnings guidance to about $3.80 per share from a range of $4.10 to $4.25 per share. The company also now projects full-year sales of $6.47 billion, down from the prior forecast of $6.9 billion. Street is currently looking for full-year 2015 earnings of $3.83 per share on annual revenue of $6.58 billion.