Pentair Q3 earnings up year on year
By Erich Luening
By Erich Luening
October 2016 was a good month for land-based aquaculture systems provider Pentair plc (NYSE: PNR). Pentair plc’s earnings in the third quarter (Q3) of 2016 were up on the same quarter of 2015.
The company said its bottom line totalled $142.7 million, or $0.78 per share. This was higher than the $127.1 million, or $0.70 per share, in Q3 of 2015. Analysts had expected the company to earn $0.72 per share, according figures compiled by Reuters.
The company said 3Q revenue rose 9 percent to $1.21 billion. This was up from $1.11 billion in Q3 2015.
Net cash provided by operating activities of continuing operations of $139 million and free cash flow from continuing operations of $125 million in the quarter were recorded. The company expects to deliver full-year free cash flow of approximately 100 percent of adjusted net income.
Pentair subsidiary Pentair Aquatic Eco-Systems, headquartered in Florida, also announced in October a deal to acquire Vaki Aquaculture Systems Ltd of Iceland.
The acquisition of Vaki Aquaculture Systems, still subject to closing conditions, is expected to strengthen Pentair Aquatic Systems’ business by broadening its products and systems line.
Vaki, an aquaculture technology company, designs and builds fish handling, counting and grading systems for a variety of aquaculture operations. It also develops technology biomass estimation in aquaculture systems, providing users with detailed information to build up operational efficiencies, facilitate resource planning and improve fish farming decision-making, the company states on its website.
— Erich Luening