Pentair (PNR) Warns on Q1 EPS, Revenue

Pentair plc (NYSE: PNR) today provided an update to its earnings guidance for its first quarter ending March 28, 2015.

For the first quarter, the company now expects revenue of $1.48 billion or approximately $120 million lower than it previously expected. The company’s revenue expectations have been negatively impacted by the stronger dollar, slower than expected oil and gas industry shipments and orders, broad-based slowing of global capital spending, and customer inventory de-stocking. As a result of the lower revenue expectations, the company now expects first quarter earnings per diluted share from continuing operations (EPS) will be approximately $0.65. The company previously expected first quarter EPS would be in the range of $0.75 - $0.77.

(Street sees Q1 EPS of $0.77 on revenue of $1.59 billion)

"The year has started even slower than we anticipated,” said Randall J. Hogan, Chairman and Chief Executive Officer. “In response to this slower start and the sluggish economic climate we continue to experience, we will be taking necessary cost actions in the second quarter to best position the company for 2015 and beyond. We are taking these actions as we expect continued economic uncertainty and currency volatility for the foreseeable future.”

The company will provide further information on final first quarter results and its full year 2015 financial outlook on its earnings call scheduled for April 21, 2015.

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Ross Stores, Inc. (ROST) PT Raised to $240 at Bernstein SocGen Group
• Arena Group to rename as Paradium.AI, ticker changing to PAAI