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Pentair Q4 Cont. EPS Increases,Announces Resignation Plan For CFO Mark Borin

Sustainable water solutions provider Pentair plc (PNR) announced increase in fourth quarter earnings per share from continuing operations to $0.61 from $0.54 in the prior year. Adjusted earnings were $0.68 per share.

On average, 18 analysts polled by Thomson Reuters were looking for $0.65 per share. Analysts estimates usually exclude special items.

Net sales for the quarter climbed 2 percent to $755 million from the previous year. Excluding items core sales were down 1 percent in the fourth quarter. Wall Street expected $754.1 million.

Looking ahead, the company expects earnings of $2.36 to $2.41 and adjusted earnings in a range of $2.50 to $2.55 for the full year. The full year 2020 sales projection is approximately 1 to 3 percent on a reported basis and up approximately 2 to 4 percent on a core basis. Analysts are looking for 2.35 per share on sales of 2.96 billion.

On a continuing operations basis, guidance is $0.44 to $0.47 and on an adjusted basis
of $0.48 to $0.51. First quarter sales is expected to increase approximately 3 to 5 percent on a reported basis and up approximately 4 to 6 percent on a core basis from the prior year.

In a separate announcement, Pentair its EVP, CFO and Chief Accounting Officer Mark Borin's plan to resign, accepting an operational leadership opportunity at a private firm.

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