Pentair (PNR) Tops Q4 EPS by 1c, Revenues Beat; Offers 1Q & FY19 EPS Guidance

Pentair (NYSE: PNR) reported Q4 EPS of $0.60, $0.01 better than the analyst estimate of $0.59. Revenue for the quarter came in at $741 million versus the consensus estimate of $735.9 million.

• Fourth quarter sales of $741 million; full year 2018 sales of $2.97 billion.
• Fourth quarter GAAP EPS of $0.54 and adjusted EPS of $0.60; full year 2018 GAAP EPS of $1.81 and adjusted EPS of $2.35.
• The company introduces its 2019 GAAP EPS guidance of approximately $2.29 to $2.39 and on an adjusted basis of approximately $2.50 to $2.60.

"2018 was an eventful year for Pentair as we began our new journey as a pure play water company," said John L. Stauch, Pentair President and Chief Executive Officer. "We delivered on our 2018 commitments while successfully completing the separation of nVent Electric plc to shareholders. During 2018, we returned nearly $700 million to our shareholders through share buybacks and dividends. Our core sales growth accelerated during the year and we were able to expand our margins while making a number of long-term, strategic growth investments. To start 2019, we announced agreements for two strategic acquisitions to further our Residential & Commercial water treatment strategy. Our balance sheet remains in excellent shape and we remain committed to executing our strategy as a focused Residential & Commercial water treatment company."

GUIDANCE:

Pentair sees FY2019 EPS of $2.50-$2.60, versus the consensus of $2.55.

Pentair sees 1Q EPS of $0.52-$0.55, versus the consensus of $0.55.

The company introduces its 2019 GAAP EPS guidance of $2.29 to $2.39 and on an adjusted basis of $2.50 to $2.60. The company anticipates full year 2019 sales up approximately 5 to 6 percent on a reported basis and up approximately 4 to 5 percent on a core basis. The company expects to deliver full year free cash flow to approximate adjusted net income.

In addition, the company introduces first quarter 2019 GAAP EPS from continuing operations guidance of $0.47 to $0.50 and on an adjusted EPS basis of $0.52 to $0.55. The company expects first quarter sales to be up approximately 0 to 1 percent on a reported basis and up approximately 4 to 5 percent on a core basis compared to first quarter 2018.

For earnings history and earnings-related data on Pentair (PNR) click here.

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