Pentair shares rose about 12.2% by 11:30 a.m. ET after third-quarter results beat analyst forecasts. Adjusted EPS came in at $1.18 on $976 million in sales, versus expectations of $1.08 on $965.3 million. However, sales fell 4% year over year, operating profit dropped 15%, pool sales fell 18% due to inventory realignment with major channel partners, and GAAP EPS was $0.91. Pentair reaffirmed its full-year adjusted EPS outlook of $4.70 and expects about 8% sales growth in Q4. The author notes a $9.9 billion market cap and about 12 times price-to-free cash flow against long-term growth forecast at 5%, and is not sure the rally is justified.
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