PNR - Pentair beats Q1 top and bottom line estimates; initiates Q2 and updates FY23 outlook

2023-04-27 06:59:44 ET

• Pentair press release ( NYSE: PNR ): Q1 Non-GAAP EPS of $0.91 beats by $0.14 .
• Revenue of $1.03B (+3.0% Y/Y) beats by $33.98M .
• Operating income increased 26 percent to $184 million reflecting ROS of 17.8 percent, an increase of 320 basis points when compared to first quarter of 2022; on an adjusted basis, ROS expanded 330 basis points to 20.5 percent.
• The company updates its full year 2023 GAAP EPS guidance to approximately $3.25 to $3.35 and on an adjusted basis to approximately $3.60 to $3.70 vs. consensus of $3.57.
• In addition, the company introduces second quarter 2023 GAAP EPS from continuing operations guidance of approximately $0.87 to $0.89 and on an adjusted EPS basis of approximately $0.94 to $0.96 vs. consensus of $0.95. The company expects second quarter sales to be down approximately 1 percent to flat on a reported basis compared to the second quarter of 2022  vs. consensus of $1.06B.

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