Pentair plc (NYSE:PNR) stock plummeted in Wednesday’s premarket session after the company sharply reduced its second-quarter and full-year outlook and announced a CFO transition.
Pool Destocking Pressures Q2 Pentair expects preliminary second-quarter sales of about $930 million, down 17% year over year.
That falls below its previous $1.134 billion guidance and the $1.137 billion analyst estimate.
Adjusted EPS is expected at approximately $1.12, down from the prior outlook of $1.47 to $1.50 and below the $1.48 estimate.
GAAP EPS from continuing operations is expected at about 80 cents, versus the previous guidance of $1.39 to $1.42 and the $1.37 estimate.
