Pentair PLC cut its first-quarter guidance, citing the impact of
the stronger dollar, lower-than-expected oil and gas industry
demand, and broad-based slowing of global capital spending.
Shares in the U.K.-based industrial manufacturing company, down
16% over the past 12 months, fell 4% in after-hours trading.
"The year has started even slower than we anticipated," said
Chief Executive Randall Hogan. "In response to this slower start
and the sluggish economic climate we continue to experience, we
will be taking necessary cost actions."
He added he expects continued economic uncertainty and currency
volatility for the foreseeable future.
Pentair now expects to earn 65 cents a share on $1.48 billion in
revenue. Previously, Pentair had predicted 75 cents to 79 cents in
per-share profit and revenue of $1.6 billion.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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