Pentair Clocks 21% Sales Growth In Q3, Tops Consensus

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  • Pentair PLC PNR reported third-quarter net sales growth of 21.4% year-over-year to $969.2 million and core sales growth of 18%, beating the consensus of $941.59 million.
  • Consumer Solutions sales were up 30% Y/Y to $521.4 million, and return on sales was 23.5%, a decrease of 70 bps.
  • Industrial & Flow Technologies sales were up 8% Y/Y to $344.1 million and return on sales was 14.8%, an increase of 180 bps.
  • Net cash provided by operating activities of continuing operations in Q3 was $179 million compared to $234 million in 3Q20, and free cash flow was $165 million.
  • Adjusted EPS improved to $0.89 from $0.70 in 3Q20, beating the consensus of $0.84.
  • The gross margin contracted by 20 bps to 34.5%. The operating income increased by 30.6% Y/Y to $167.3 million, and the margin expanded by 130 bps to 17.3%.
  • Pentair generated cash from operating activities year-to-date of $540.1 million, compared to $500.3 million a year ago. Free cash flow of $505.2 million.
  • Q4 Outlook: Pentair expects an adjusted EPS of $0.81 - $0.87 versus the consensus of $0.87. Sales to be up ~15% - 19% on a reported basis compared to 4Q20.
  • FY21 Outlook: Pentair expects GAAP EPS from continuing operations of $3.19 - $3.25 (prior expectation of $3.13 - $3.23) and adjusted EPS of $3.34 - $3.40 (prior $3.30 - $3.40) vs. consensus of $3.36. 
  • It expects sales to be up ~22% - 23% (prior outlook 21% - 23%) on a reported basis.
  • Price Action: PNR shares are trading lower by 1.55% at $75.74 on the last check Tuesday.
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