Pentair Tops Q3 Estimates Driven By Transformation Initiatives, Revises FY23 Outlook
Portfolio Pulse from Lekha Gupta
Pentair PLC reported a Q3 FY23 net sales decline of 4% Y/Y to $1.01 billion, beating the consensus of $992.1 million. The company's gross margin expanded to 36.9% from 33.0%. Pentair's Q4 FY23 outlook expects adjusted EPS of $0.82-$0.87, lower than the consensus of $0.92. The company revised its FY23 outlook, expecting adjusted EPS of $3.70-$3.75, up from the prior $3.65-$3.75. Despite the positive report, PNR shares are trading lower by 2.56% at $60.72.
October 24, 2023 | 2:51 pm
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NEGATIVE IMPACT
Pentair reported better than expected Q3 results but provided a lower than expected Q4 outlook. The company revised its FY23 outlook upwards. Despite the positive earnings report, PNR shares are trading lower.
Pentair's Q3 results beat estimates, which would typically lead to a positive reaction in the stock price. However, the company's Q4 outlook was lower than expected, which likely led to the decline in the stock price. The upward revision of the FY23 outlook could potentially offset some of the negative sentiment in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100