Pentair plc. (NYSE:PNR) outlined its third quarter earnings results on Tuesday 20th October 2020 before market open.
The manufacturer of industrial equipments, reported $ 0.66 income per share for the third quarter.
On adjusted basis, Pentair plc. reported income for the quarter of $ 0.70 per share, beat the consensus estimate of $ 0.51 income per share by $ 0.19 or 37.25 percent.
The quarterly earnings grew 20.00 percent compared with the same quarter last year.
Pentair plc. had revenue of $ 798.50 million for the quarter, compared to the consensus estimate of $ 678.35 million. The revenues outshined analysts estimates by $ 120.15 million or 17.71 percent.
The financial report showed revenues improved 11.90 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
John L. Stauch, President and CEO, stated, Our ability to deliver double digit sales and earnings growth in the quarter is a reflection of our diverse portfolio that includes a large mix of residential focused businesses that are currently experiencing strong demand. Our Consumer Solutions segment delivered strong growth in the quarter led by strength in residential markets, particularly our Pool business.
Moving Ahead, the company updated its 2020 adjusted earnings estimate to a range of $ 2.35 ~ $ 2.40 per share.Wall street analysts expected 2020 income of $ 2.22 per share on revenue of $ 2829.55 million.
