Pentair (NYSE: PNR) reported Q1 EPS of $0.88, $0.05 better than the analyst estimate of $0.83. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.25 billion.

OUTLOOK

The company updates its estimated 2018 GAAP EPS from continuing operations to a range of $1.75 to $1.80 and on an adjusted EPS basis to a range of $2.25 to $2.30. The company updates its full year 2018 sales guidance to $2.96 billion, up 3 to 4 percent on a reported and core basis over 2017. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, the company introduces second quarter 2018 GAAP EPS from continuing operations guidance of $0.44 to $0.46 and, on an adjusted EPS basis, of $0.67 to $0.69. The company expects second quarter sales to be approximately $0.79 billion, up 4 to 5 percent on a reported basis and up 3 to 4 percent on a core basis compared to second quarter 2017. This full year and second quarter 2018 outlook reflects the anticipated separation of the Electrical business on April 30, 2018 and the reporting of Electrical's results as discontinued operations.

The company also announced that nVent Electric plc ("nVent"), the Electrical business that is expected to be spun off on April 30, 2018, provided 2018 guidance. nVent provides 2018 GAAP EPS guidance at a range of $1.38 to $1.48 and, on an adjusted basis, at a range of $1.70 to $1.80. For full year 2018, nVent anticipates sales of approximately $2.2 billion, up 3 to 5 percent on a reported basis and up 2 to 4 percent on a core basis compared to 2017. nVent is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, nVent introduces second quarter 2018 GAAP EPS guidance of $0.33 to $0.36 and, on an adjusted EPS basis, of $0.41 to $0.44. nVent expects second quarter sales to be approximately $0.54 billion, up 3 to 5 percent on a reported basis and up 2 to 4 percent on a core basis compared to second quarter 2017. This full year and second quarter 2018 outlook reflects the anticipated separation of the Electrical business on April 30, 2018.

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