Pentair (NYSE: PNR) reported Q2 EPS of $0.59, $0.10 better than the analyst estimate of $0.49. Revenue for the quarter came in at $713 million versus the consensus estimate of $684.08 million.

• Second quarter sales of $713 million.
• Second quarter GAAP EPS of $0.44 and adjusted EPS of $0.59.
• The company remains confident in its liquidity position having ended the quarter with $91 million in cash, $1.01 billion of total debt, and $764 million available under its revolving credit facility.

CEO’s Remarks

John L. Stauch, President and CEO, stated, “During these unprecedented times, I would first like to express my sincere gratitude to our employees around the globe for providing the best service possible to our customers and supporting the communities that we do business in and the people who live in them. We remain focused on the health and safety of our employees, our customers and on longer term investment opportunities where appropriate.”

“After a very slow start to the quarter, we began to see improvements in May and June in our Residential facing businesses. In particular, our Pool business has benefited from increased consumer interest as people sheltered in place. Our Industrial businesses have been negatively impacted by a pause in capital spending globally and our Commercial businesses have also been negatively impacted by delays from customers. We delivered strong free cash flow during the quarter and further strengthened our liquidity position. For the second quarter overall, we were pleased with our ability to deliver results in light of the impacts of COVID-19 and we made progress on tightly managing our cost structure.”

“We continue to believe that Pentair has a strong foundation to build upon. We have a strong purpose, mission, and vision and we believe we are in very attractive spaces and we expect to expand longer term. We continue to prioritize providing superior customer experiences and delivering more predictable and consistent results. We have a strong balance sheet to help us better navigate the current uncertain environment and we believe that Pentair will emerge an even stronger company.”

GUIDANCE:

Pentair sees FY2020 EPS of $2.00-$2.20, versus the consensus of $2.07. Pentair sees FY2020 revenue of $2.8 billion, versus the consensus of $2.77 billion.

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