Pentair (NYSE: PNR) reported Q1 EPS of $0.43, $0.02 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $689 million versus the consensus estimate of $700.92 million.

• First quarter sales of $689 million.
• First quarter GAAP EPS of $0.30 and adjusted EPS of $0.43.
• The company reiterates its 2019 GAAP EPS from continuing operations guidance of approximately $2.04 - $2.09 and on an adjusted basis of approximately $2.30 - $2.35.

“Wet and cold weather delayed pool construction activity in several key markets,” said John L. Stauch, Pentair President and Chief Executive Officer. “We have not seen any significant changes in demand trends within the important Aquatics markets. The inclement weather also impacted our higher margin Specialty Ag Spray business within Flow Technologies. As a result of slower sell-through during the first quarter, inventory levels were not reduced to the levels we originally anticipated. We expect inventory levels in the channel to come down as stronger sell-through resumes in the second and third quarters.”

“We believe this is a 2019 event and we expect to be even better positioned for the season next year. We continue to invest in our prioritized growth initiatives around advancing pool growth and accelerating residential and commercial water treatment. We are accelerating our productivity initiatives across operations and material sourcing and optimizing our cost structure. We have a strong capital structure, solid free cash flow generation, and we are continuing to invest in our strategy to be the leading residential and commercial water treatment company.”

GUIDANCE:

Pentair sees FY2019 EPS of $2.30-$2.35, versus the consensus of $2.38.

Pentair sees Q2 2019 EPS of $0.63-$0.66, versus the consensus of $0.73.

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