The company posted adjusted earnings of $1.18 per share, exceeding the $1.07 consensus estimate from analysts polled by FactSet. While net profit dipped to $145.1 million from $184.3 million a year ago, the revenue figure of $976.4 million also surpassed the projected $963.7 million, even as the pool division continued to weigh on total performance.
In section Market Quotes
Pentair Stock Surges After Earnings Beat Estimates
Pentair shares surged 13% on Tuesday, marking the company’s strongest single-day rally since March 2020. The water-technology firm claimed the top spot in the S&P 500 after reporting third-quarter adjusted earnings that comfortably outpaced Wall Street expectations, despite an overall year-to-date decline of 41%.
Looking toward the end of the year, management raised its outlook, now forecasting adjusted earnings of $4.70 per share, which sits slightly above the $4.65 anticipated by analysts. Full-year sales are expected to contract by approximately 3%. Following the release, the stock closed at $62.296, providing a rare positive catalyst for investors in a year that has otherwise been defined by significant share price volatility.
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