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Pentair profit misses consensus by 37.4% in fiscal Q3

Pentair Plc said its normalized net income for the fiscal third quarter ended Sept. 26 amounted to 60 cents per share, compared with the S&P Capital IQ consensus estimate of 96 cents per share.

EPS decreased 26.2% year over year from 81 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $109.3 million, a decline of 30.2% from $156.6 million in the prior-year period.

The normalized profit margin declined to 7.3% from 8.9% in the year-earlier period.

Total revenue declined 11.7% on an annual basis to $1.55 billion from $1.76 billion, and total operating expenses declined 9.7% year over year to $1.35 billion from $1.49 billion.

Reported net income decreased 40.4% from the prior-year period to $115.0 million, or 63 cents per share, from $193.1 million, or $1 per share.