Pentair Shares Surge 12% Following Q3 Earnings and Sales Beat
Pentair (PNR) shares rose significantly after the company reported third-quarter results that exceeded analyst expectations for both revenue and earnings. The company posted non-GAAP earnings of $1.18 per share on sales of $976 million, surpassing estimates of $1.08 per share and $965.3 million in revenue respectively. Despite the beat, Pentair faced year-over-year declines in sales (4%), operating profit (15%), and net earnings (19%). Management attributed a sharp 18% drop in pool sales to inventory realignment with channel partners, though growth was noted in flow and water solutions. The company reaffirmed its full-year guidance, projecting an adjusted EPS of $4.70 and anticipating a rebound in Q4 sales.
Tickers: $PNR
Topics: earnings beat financial guidance sales growth stock price movement
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