Pentair soars 10% after Q2 profit, FY forecast top expectations

Pentair

23/07/2024 19:28

** U.S.-listed shares of Pentair PLC  PNR.N  soar ~10% and
UK-based water tech firm is top S&P 500  .SPX  performer in Tues
afternoon trading after strong report
    ** PNR rises as much as 9.7% to record high of $87.74 on the
session. Shares last up 8.9% at $87.10
    ** Co early Tues posted Q2 adj EPS of $1.22 vs LSEG estimate
of $1.14, helped by higher sales in its pool business
    ** Total sales in qtr rose ~2% yr/yr to $1.1 bln, in line
with Street
    ** For FY 2024, co expects adj EPS of $4.25, above consensus
view of $4.18
    ** 12 of 20 analysts covering PNR rate stock "strong buy" or
"buy", rest have "hold" and their median PT is $90 - LSEG
    ** With move on Tues, PNR up 20% YTD vs S&P 500 Industrials
sector's  .SPLRCI  ~11% advance and SPX's ~17% gain

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))