Pentair (PNR) Tops Q4 EPS by 7c, Revenues Beat; Offers 1Q & FY21 EPS Outlook

Pentair (NYSE: PNR) reported Q4 EPS of $0.70, $0.07 better than the analyst estimate of $0.63. Revenue for the quarter came in at $796 million versus the consensus estimate of $754.01 million.

• Fourth quarter sales of $796 million; full year 2020 sales of $3.02 billion.
• Fourth quarter GAAP EPS of $0.60 and adjusted EPS of $0.70; full year 2020 GAAP EPS of $2.13 and adjusted EPS of $2.50.

John L. Stauch, Pentair’s President and Chief Executive Officer commented: “I am proud of the entire Pentair organization delivering on its commitments in a uniquely challenging year. Our teams successfully navigated this unprecedented environment and I believe that our company will emerge even stronger as a result. I would also like to take this opportunity to thank all of our global suppliers and channel partners for their patience and efforts in working with us and our consumers to meet our commitments despite the effects of the ongoing pandemic.”

“Our fourth quarter results benefited from continued strength in our Residential focused businesses and we built momentum carrying over into the new year. For 2020, we were very pleased to deliver sales and earnings growth while generating over $500 million in free cash flow and returning over half of that to our shareholders through dividends and buybacks. We ended the year with an exceptionally strong balance sheet and we remain committed to building on our strong foundation both organically and inorganically.”

GUIDANCE:

Pentair sees Q1 2021 EPS of $0.55-$0.63, versus the consensus of $0.57.

Pentair sees FY2021 EPS of $2.60-$2.75, versus the consensus of $2.68.

• The company introduces its 2021 GAAP EPS guidance of $2.43 to $2.58 from continuing operations and on an adjusted basis of $2.60 to $2.75. The company anticipates full year 2021 sales up approximately 3 to 5 percent on a reported basis. The company expects to deliver full year free cash flow greater than or equal to 100 percent of net income.
• In addition, the company introduces first quarter 2021 GAAP EPS from continuing operations guidance of $0.51 to $0.59 and on an adjusted EPS basis of $0.55 to $0.63. The company expects first quarter sales to be up approximately 7 to 12 percent on a reported basis compared to first quarter 2020.

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

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