Pentair Q2 Profit Rises, Beats Estimates

(RTTNews) - Pentair Ltd.(PNR), a company which delivers industry-leading products, services and solutions, Tuesday reported an increase in net income for the second quarter, on the back of higher sales. Excluding items, earnings beat the consensus estimates. The company also updated its full-year earnings view. Net income attributable to Pentair was $154.1 million or $0.75 per share, compared with $72.7 million or $0.72 per share during the same quarter last year.

Excluding certain non-recurring items, earnings were $0.92 per share.  On average, thirteen analysts polled by Thomson Reuters expected earnings per share of $0.90 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the three-month period increased to $1.96 billion from prior year's $941.5 million. The Street estimated the company to report revenues of $1.95 billion for the second quarter.

For the upcoming quarter, the company expects earnings per share of $0.83 - $0.87, up 20 to 26 percent from the corresponding quarter last year. Revenues for the third quarter is expected to be about $1.9 billion, slightly higher than last year's pro forma revenue. Analysts expect the company to report earnings of $0.90 per share and revenues of $1.97 billion for the next quarter. The full-year adjusted earnings per share are now expected to be in the range of $3.15 - $3.25 compared with  $3.10 - $3.30 earlier. Full-year sales are expected to be $7.5 billion. The Street expects the company to report revenues of $7.52 billion and earnings of $3.22 per share.