Pentair (NYSE: PNR) reported Q1 EPS of $0.52, $0.08 better than the analyst estimate of $0.44. Revenue for the quarter came in at $710 million versus the consensus estimate of $688.64 million.

• First quarter sales of $710 million; reported sales and core sales both grew 3 percent.
• First quarter GAAP EPS were $0.43 compared to $0.30 in the first quarter of 2019; adjusted EPS of $0.52 compared to $0.43 in the first quarter of 2019.
• The company remains confident in its liquidity position having ended the quarter with $169 million in cash, $1.45 billion of total debt, and $326 million available under its revolving credit facility.
• For 2020, Pentair has withdrawn its guidance due to the uncertainty of the duration and extent of the COVID-19 pandemic impact.

CEO’s Remarks

John L. Stauch, President and CEO, stated, “I would like to extend my sincere sympathy to all that have suffered loss during this global pandemic. I would also like to recognize our employees around the globe, especially our COVID-19 crisis team and manufacturing employees for their tremendous commitment to our customers and to Pentair. I remain optimistic about Pentair’s future and believe that we are making decisions that put the health and safety of our employees first, as well as prioritizing actions to keep our great teams intact. We will continue to identify solutions and opportunities that we believe will position us to improve our longer-term growth and productivity trajectories.”

“While our first quarter results began to see the impact from the COVID-19 pandemic, we are pleased to deliver results in line with our prior expectations. We recognize that the demand environment has and will continue to change and we are taking appropriate actions to adjust our cost structure while still keeping a focus on our long term strategies. Our goal is to remain focused and emerge as a stronger business as demand returns. We are confident in our liquidity position and we believe that our foundation remains strong.”

“Pentair has an industry leading and proven portfolio of solutions to solve customers’ water needs. Water quality and sustainability remain at the forefront of many consumers and industries minds and we believe we are well positioned to serve their needs. We serve a large, installed base with over 70 percent of our business tied to support and sales of aftermarket products. While 2020 presents an unprecedented year of challenges, we continue to believe in our long-term strategy to deliver smart, sustainable water solutions, for life.”

2020 Guidance Update

At this point in time, the company believes it cannot forecast the impact on its financial results from the COVID-19 global pandemic. The company has suspended guidance until visibility returns.

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