Pentair Issues Disappointing Preliminary 1Q Results; Modestly Trimming FVE
We are lowering our fair value estimate for narrow-moat Pentair to $43 from $44 per share after the firm issued preliminary first-quarter 2019 results, warning that earnings will fall short of consensus estimates. The company now expects first-quarter revenue of $689 million (a 6% year-over-year decline) and adjusted earnings of $0.43 per share (well below the previously issued guidance range of $0.52-$0.55 per share).Management blamed the disappointing results on adverse weather conditions, wh...
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