Pentair Plc Updates Guidance

Pentair plc (PNR) updated estimated 2021 GAAP EPS from continuing operations
to approximately $2.65 to $2.80 and on an adjusted EPS basis of approximately
$2.80 to $2.95. The company updated full year 2021 sales guidance to up
approximately 6 to 11 percent on a reported basis. The company expects full
year free cash flow of greater than or equal to 100 percent of net income.

The company introduced second quarter GAAP EPS from continuing operations guidance of $0.65 to $0.70 and on an adjusted EPS basis of $0.69 to $0.74. The company expects second quarter sales to be up approximately 13 to 16 percent on a reported basis.

For the first quarter, on an adjusted basis, the company reported EPS of $0.81 compared to $0.52. Earnings per share from continuing operations were $0.78 compared to $0.43.

First quarter sales were $866 million, up 22 percent from last year. Core sales grew 19 percent.

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