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Pentair profit misses consensus by 30.8% in Q1

Pentair Plc said its normalized net income for the first quarter came to 42 cents per share, compared with the S&P Capital IQ consensus estimate of 61 cents per share.

EPS increased 5.1% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $77.8 million, an increase of 6.0% from $73.4 million in the prior-year period.

The normalized profit margin rose to 6.6% from 6.2% in the year-earlier period.

Total revenue came to $1.18 billion, compared with $1.19 billion in the year-earlier period, and total operating expenses declined year over year to $1.02 billion from $1.04 billion.

Reported net income fell 11.2% on an annual basis to $81.0 million, or 44 cents per share, from $91.2 million, or 50 cents per share.