Pentair (NYSE: PNR) reported Q3 EPS of $0.99, $0.06 better than the analyst estimate of $0.93. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.05 billion.

GUIDANCE:

Pentair sees Q4 2022 EPS of $0.79, versus the consensus of $0.87.

• The company updates its estimated 2022 GAAP EPS to approximately $3.01 and on an adjusted EPS basis to approximately $3.65. The company updates full year 2022 sales guidance to be up approximately 9 percent on a reported basis.
• In addition, the company introduces fourth quarter 2022 GAAP EPS guidance of approximately $0.68 and on an adjusted EPS basis of approximately $0.79. The company expects fourth quarter sales to be approximately flat on a reported basis compared to the fourth quarter of 2021.
• Mr. Stauch further added, “Given the acceleration of inventory correction in our residential channels, coupled with headwinds from foreign exchange and higher interest rates, we expect volumes to continue to moderate for the next few quarters. While we have not yet set our 2023 plan, we believe we are well positioned to grow next year given pricing carryover, accretion from Manitowoc Ice, reduced manufacturing inefficiencies that have been an ongoing issue in 2022, and our Transformation initiatives gaining momentum. We believe we have a solid foundation and we have an exciting future. Our mission and purpose remain important as we help the world sustainably move, improve, and enjoy water, life’s most essential resource.”

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