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Pentair (PNR) Beats on Q3 Earnings, Misses Revenue Estimates
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Pentair plc (PNR - Free Report) delivered third-quarter 2019 adjusted earnings per share (EPS) of 58 cents, beating the Zacks Consensus Estimate of 55 cents. The reported figure also came in higher than the prior-year quarter’s 54 cents. Net sales inched up 0.3% year over year to $714 million. The figure, however, missed the Zacks Consensus Estimate of $718 million. Excluding the impact of acquisitions, divestitures and currency translation, core sales declined 2% in the reported quarter.
Gross profit in the reported quarter came in at $255 million, up 4.6% from the prior-year quarter.
Selling, general and administrative expenses totaled $126.4 million, up from the $116.3 million witnessed in the year-earlier quarter. Research and development expenses flared up 3.7% year over year to $19.8 million. Adjusted segmental operating income increased 1% year on year to $123 million.
Segmental Performance
Net sales in the Aquatic Systems segment declined around 6% year over year to $218.7 million. Operating earnings decreased 8.5% to $54.8 million.
Net sales in the Filtration Solutions segment totaled $273.5 million, up 13.8% from the prior-year quarter. Operating earnings increased 17.4% year over year to $45.1 million.
Net sales in the Flow Technologies segment totaled $221 million, down 7.1% year on year. Segmental operating earnings climbed 3.6% year over year to $37.9 million.
Financial Update
Pentair had cash and cash equivalents of $113.2 million as of Sep 30, 2019, up from $74.3 million as of Dec 31, 2018. The company generated $266.1 million of cash from operations during the nine-month period ended Sep 30, 2019 compared with the $299.2 million reported in the comparable period last year.
Guidance
Pentair has reaffirmed its adjusted EPS guidance at $2.35 for 2019. Sales in the ongoing year are projected be flat on a reported basis and down roughly 1% on a core basis compared with 2018.
Pentair also provided the fourth-quarter 2019 adjusted EPS guidance of 64-66 cents. Sales in the quarter are projected to be up roughly 2% on a reported basis and flat on a core basis compared with the prior-year quarter.
Price Performance
Shares of Pentair have rallied 0.2% in the past year compared with the industry’s growth of 13.2%.
Plug Power has a projected earnings growth rate of 2.8% for the current year. The stock has surged 139.5% so far this year.
Cintas has an estimated earnings growth rate of 12.74% for 2019. Shares of the company have rallied 58.9% year to date.
Sharps Compliance has an expected earnings growth rate of a whopping 500% for the ongoing year. The company has gained 21.5% so far this year.
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Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Pentair (PNR) Beats on Q3 Earnings, Misses Revenue Estimates
Pentair plc (PNR - Free Report) delivered third-quarter 2019 adjusted earnings per share (EPS) of 58 cents, beating the Zacks Consensus Estimate of 55 cents. The reported figure also came in higher than the prior-year quarter’s 54 cents. Net sales inched up 0.3% year over year to $714 million. The figure, however, missed the Zacks Consensus Estimate of $718 million. Excluding the impact of acquisitions, divestitures and currency translation, core sales declined 2% in the reported quarter.
Pentair plc Price and Consensus
Pentair plc price-consensus-chart | Pentair plc Quote
Gross profit in the reported quarter came in at $255 million, up 4.6% from the prior-year quarter.
Selling, general and administrative expenses totaled $126.4 million, up from the $116.3 million witnessed in the year-earlier quarter. Research and development expenses flared up 3.7% year over year to $19.8 million. Adjusted segmental operating income increased 1% year on year to $123 million.
Segmental Performance
Net sales in the Aquatic Systems segment declined around 6% year over year to $218.7 million. Operating earnings decreased 8.5% to $54.8 million.
Net sales in the Filtration Solutions segment totaled $273.5 million, up 13.8% from the prior-year quarter. Operating earnings increased 17.4% year over year to $45.1 million.
Net sales in the Flow Technologies segment totaled $221 million, down 7.1% year on year. Segmental operating earnings climbed 3.6% year over year to $37.9 million.
Financial Update
Pentair had cash and cash equivalents of $113.2 million as of Sep 30, 2019, up from $74.3 million as of Dec 31, 2018. The company generated $266.1 million of cash from operations during the nine-month period ended Sep 30, 2019 compared with the $299.2 million reported in the comparable period last year.
Guidance
Pentair has reaffirmed its adjusted EPS guidance at $2.35 for 2019. Sales in the ongoing year are projected be flat on a reported basis and down roughly 1% on a core basis compared with 2018.
Pentair also provided the fourth-quarter 2019 adjusted EPS guidance of 64-66 cents. Sales in the quarter are projected to be up roughly 2% on a reported basis and flat on a core basis compared with the prior-year quarter.
Price Performance
Shares of Pentair have rallied 0.2% in the past year compared with the industry’s growth of 13.2%.
Zacks Rank and Stocks to Consider
Pentair currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Industrial Products sector are Plug Power Inc. (PLUG - Free Report) , Cintas Corporation (CTAS - Free Report) and Sharps Compliance Corp . While Plug Power sports a Zacks Rank #1 (Strong Buy), Cintas and Sharps carry a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Plug Power has a projected earnings growth rate of 2.8% for the current year. The stock has surged 139.5% so far this year.
Cintas has an estimated earnings growth rate of 12.74% for 2019. Shares of the company have rallied 58.9% year to date.
Sharps Compliance has an expected earnings growth rate of a whopping 500% for the ongoing year. The company has gained 21.5% so far this year.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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