Pentair (NYSE:PNR) shares jumped nearly 10% on Thursday after the company reported its Q1 results, with EPS coming in at $0.91, better than the Street estimate of $0.77. Revenue was $1.03 billion, beating the Street estimate of $998.33 million.
The company raised the low end of its 2023 EPS guidance by $0.10, 2% above the Street estimate. Pool (35% of revenues) still has near-term challenges, with excess channel inventory, tough comps, and tighter credit markets draining some demand for new pools/renovations.
Upside cost savings from transformational initiatives are raising the quality of the earnings as reflected in boosted 2023 segment income/ROS guidance.