Pentair (PNR) Tops Q1 EPS by 15c, Revenues Beat; Offers FY21 EPS Guidance Above Consensus

Pentair (NYSE: PNR) reported Q1 EPS of $0.77, $0.15 better than the analyst estimate of $0.62. Revenue for the quarter came in at $865.9 million versus the consensus estimate of $778.2 million.

• First quarter sales of $866 million.
• First quarter GAAP EPS of $0.78 and adjusted EPS of $0.81.
• The company updates its full year 2021 GAAP EPS guidance to approximately $2.65 to $2.80 and on an adjusted basis to approximately $2.80 to $2.95.

John L. Stauch, Pentair’s President and Chief Executive Officer commented: “I want to thank the entire Pentair team for their efforts to deliver exceptional first quarter results and allow us to raise our full year expectations. We continued to experience strong residential demand and it took the agility of our operations and sourcing teams to secure key materials, expand capacity, and do our best to meet the expectations of our consumers and channel partners. We experienced greater than 20 percent revenue growth and delivered greater than 50 percent adjusted EPS growth in the quarter while also continuing to invest in our future by making focused growth investments. Also encouraging were the continued signs of recovery in our industrial and commercial businesses, which gives us confidence in their full year recovery.”

“We recently completed the acquisition of Rocean and signed an agreement to purchase Ken’s Beverage, which helps us to fill out key strategic growth opportunities within the Water Treatment business of our Consumer Solutions segment. With a very healthy balance sheet and the growth momentum we are building, I believe we are well-positioned to continue to work with our customers to create sustainable solutions that help them make the most out of life’s essential resources while creating value for our shareholders.”

GUIDANCE:

Pentair sees Q2 2021 EPS of $0.69-$0.74, versus the consensus of $0.74.

Pentair sees FY2021 EPS of $2.80-$2.95, versus the consensus of $2.74.

The company updates its estimated 2021 GAAP EPS from continuing operations to approximately $2.65 to $2.80 and on an adjusted EPS basis of approximately $2.80 to $2.95. The company updates full year 2021 sales guidance to up approximately 6 to 11 percent on a reported basis. The company expects full year free cash flow of greater than or equal to 100 percent of net income.

In addition, the company introduces second quarter 2021 GAAP EPS from continuing operations guidance of $0.65 to $0.70 and on an adjusted EPS basis of $0.69 to $0.74. The company expects second quarter sales to be up approximately 13 to 16 percent on a reported basis compared to the second quarter of 2020.

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

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