Pentair Q3 2023 Earnings Report
Key Takeaways
Pentair reported Q3 2023 sales of $1.0 billion, a 4% decrease compared to the same period last year. GAAP EPS increased by 13% to $0.79, while adjusted EPS decreased by 5% to $0.94. The company updated its full-year 2023 GAAP EPS guidance to approximately $3.25 to $3.30 and adjusted EPS guidance to $3.70 to $3.75.
Sales were $1.0 billion, down 4% compared to the same period last year.
Operating income increased 22% to $180 million, reflecting a ROS of 17.9%.
GAAP EPS from continuing operations increased 13% to $0.79 compared to the same period last year.
Net cash provided by operating activities was $162 million, and free cash flow was $143 million.
Pentair
Pentair
Pentair Revenue by Segment
Forward Guidance
The company updates its estimated 2023 GAAP EPS from continuing operations to approximately $3.25 to $3.30 and on an adjusted EPS basis to approximately $3.70 to $3.75. The company updates full year 2023 sales guidance to be down approximately 1 percent on a reported basis. The company expects full year free cash flow to approximate 100 percent of net income.