Pentair plc (PNR) updated its estimated 2017 GAAP EPS to approximately $2.41 and on an adjusted EPS basis to approximately $3.53. Previously, the company expected GAAP EPS to approximately $2.47 and on an adjusted EPS basis to approximately $3.50. The company anticipates full year 2017 sales of $4.9 billion, or approximately flat on a reported and core basis.
The company introduced fourth-quarter GAAP EPS guidance of approximately $0.82 and, on an adjusted EPS basis, approximately $0.93, up 19% on an adjusted EPS basis versus the same quarter last year. The company expects fourth-quarter revenue to be approximately $1.24 billion, which would be up approximately 4 percent on a reported basis and 1 percent on a core basis compared to fourth quarter 2016 revenue.
Pentair reported third-quarter earnings per share from continuing operations of $0.69 compared to $0.64 in the third quarter of 2016. On an adjusted basis, the company reported EPS of $0.95 compared to $0.78.
Third-quarter sales were $1.2 billion, up 1 percent compared to sales for the same period last year. Excluding currency translation and acquisitions, core sales declined 1 percent in the third quarter.
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