Pentair Q2 EPS Tops View - Quick Facts

(RTTNews) - Pentair plc (PNR) Thursday said second-quarter net income attributable to the company rose to $161.5 million from $154.1 million in the prior year. Earnings per share rose to $0.82 from $0.75.

Adjusted earnings per share grew to $1.04 from $0.92 last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.911 billion compared to $1.964 billion last year. Analysts expected revenues of $1.93 billion.

On July 28, Pentair's Board of Directors approved a decision to exit its Water Transport business.

Excluding Water Transport, second-quarter sales were $1.8 billion, up 2 percent from the same period last year.

The company updated 2014 adjusted earnings per share guidance to a range of $3.65 - $3.70 from a range of $3.85 - $4.00, partly reflecting today's announcement that the Board of Directors has approved a decision to exit the Water Transport business in Australia.

The firm expects full year 2014 sales of $7.15 billion, up approximately 2 percent over 2013 sales.

Analysts expect full year earnings of $3.92 per share on revenues of $7.61 billion.

The company also revised its 2015 earnings per share target to $4.50 from $5.00, reflecting the exclusion of the Water Transport business, ongoing Energy CapEx deferrals, and lingering economic headwinds. Analysts look for earnings of $4.90 per share.