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Pentair profit misses consensus by 19.3% in fiscal Q1

Pentair Plc said its normalized net income for the fiscal first quarter ended March 28 was 53 cents per share, compared with the S&P Capital IQ consensus estimate of 65 cents per share.

EPS declined 8.7% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $95.9 million, a decrease of 16.4% from $114.8 million in the prior-year period.

The normalized profit margin declined to 6.5% from 7.0% in the year-earlier period.

Total revenue fell 10.3% on an annual basis to $1.48 billion from $1.64 billion, and total operating expenses decreased 9.7% on an annual basis to $1.30 billion from $1.44 billion.

Reported net income declined 5.6% on an annual basis to $118.8 million, or 65 cents per share, from $125.8 million, or 63 cents per share.