On Tuesday, Pentair (NYSE: PNR), the UK-based water technology company, raised its forecast for full-year profit, betting on demand for its water filters, and expects demand for new pools and related services to revive as inflation starts to cool off.
It now expects 2024 adjusted profit per share to be $4.27, compared with its previous forecast range of $4.15 to $4.25.
Shares of the company were up 1.5% in the pre-market trading.
“While we continue to monitor the macroeconomic landscape, we remain confident in our transformation initiatives and expect them to continue to drive strategic decisions and operational efficiencies across our balanced water portfolio,” CEO John Stauch said.
Pentair (NYSE: PNR), which provides residential and industrial water technology products and services across 150 countries, previously implemented price hikes to counter higher costs of materials such as electronics and copper and slow demand for new pools and related services in the face of sticky inflation.
The company posted an adjusted per-share profit of $1.09 in the third quarter, compared with analysts’ average estimate of $1.07, according to data compiled by LSEG.
The company expects its fourth-quarter adjusted profit to be $1.02 per share, in line with estimates.
Sales for the quarter ended Sept. 30 were at $993.4 million, compared with analysts’ estimate of $988.8 million.
(Source: Reuters)
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
