Pentair Issues Revised First Quarter Guidance; Earnings Call Scheduled on April 21
April 07 2015 - 04:15PM
MANCHESTER, United Kingdom - April 7, 2015 -
Pentair plc (NYSE: PNR) today provided an update to its earnings
guidance for its first quarter ending March 28, 2015.
For the first quarter, the company now expects
revenue of $1.48 billion or approximately $120 million lower than
it previously expected. The company's revenue expectations
have been negatively impacted by the stronger dollar, slower than
expected oil and gas industry shipments and orders, broad-based
slowing of global capital spending, and customer inventory
de-stocking. As a result of the lower revenue expectations,
the company now expects first quarter earnings per diluted share
from continuing operations (EPS) will be approximately $0.65.
The company previously expected first quarter EPS would be in the
range of $0.75 - $0.77.
"The year has started even slower than we
anticipated," said Randall J. Hogan, Chairman and Chief Executive
Officer. "In response to this slower start and the sluggish
economic climate we continue to experience, we will be taking
necessary cost actions in the second quarter to best position the
company for 2015 and beyond. We are taking these actions as
we expect continued economic uncertainty and currency volatility
for the foreseeable future."
The company will provide further information on
final first quarter results and its full year 2015 financial
outlook on its earnings call scheduled for April 21, 2015.
CONFERENCE CALL
Pentair will release its first quarter results
before the opening of the New York Stock Exchange on Tuesday, April
21, 2015. The company will also hold a conference call with
investors at 9:00 a.m. Eastern Daylight Time (EDT) that day.
The call can be accessed via webcast through the
"Investors" section of Pentair's website or by dialing 800-706-6748
or 973-638-3449 along with conference number 22709435. A
replay of the conference call will be made accessible once it
becomes available and will remain accessible through midnight on
May 29, 2015 by dialing 855-859-2056 or 404-537-3406, along with
the above conference number.
CAUTION CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact are forward-looking statements.
Without limitation, any statements preceded or followed by or that
include the words "targets," "plans," "believes," "expects,"
"intends," "will," "likely," "may," "anticipates," "estimates,"
"projects," "should," "would," "positioned," "strategy," "future"
or words, phrases or terms of similar substance or the negative
thereof, are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, assumptions and other factors, some of
which are beyond our control, which could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These factors include the ability to
successfully complete the disposition of our Water Transport
business on anticipated terms and timetable; overall global
economic and business conditions; competition and pricing pressures
in the markets we serve; the strength of housing and related
markets; volatility in currency exchange rates and commodity
prices; inability to generate savings from excellence in operations
initiatives consisting of lean enterprise, supply management and
cash flow practices; increased risks associated with operating
foreign businesses; the ability to deliver backlog and win future
project work; failure of markets to accept new product
introductions and enhancements; the ability to successfully
identify, complete and integrate acquisitions; the impact of
changes in laws and regulations, including those that limit U.S.
tax benefits; the outcome of litigation and governmental
proceedings; and the ability to achieve our long-term strategic
operating goals. Additional information concerning these and other
factors is contained in our filings with the U.S. Securities and
Exchange Commission ("SEC"), including in our 2014 Annual Report on
Form 10-K. All forward-looking statements speak only as of the date
of this report. We assume no obligation, and disclaim any
obligation, to update the information contained in this report.
ABOUT PENTAIR PLC
Pentair plc (www.pentair.com) delivers
industry-leading products, services and solutions for its
customers' diverse needs in water and other fluids, thermal
management and equipment protection. With 2014 revenues of $7.0
billion, Pentair employs approximately 30,000 people worldwide.
PENTAIR CONTACTS:
Jim Lucas
Vice President, Investor Relations
Direct: 763-656-5575
Email: jim.lucas@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Pentair plc via Globenewswire
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