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Pentair Plc (PNR) Randall J. Hogan on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 26, 2016 8:00 am ET

Executives

Jim Lucas - Vice President-Investor Relations

Randall J. Hogan - Chairman & Chief Executive Officer

John L. Stauch - Chief Financial Officer & Executive Vice President

Analysts

Steven Eric Winoker - Sanford C. Bernstein & Co. LLC

Deane Dray - RBC Capital Markets LLC

Joseph Alfred Ritchie - Goldman Sachs & Co.

Charles Stephen Tusa - JPMorgan Securities LLC

Shannon O'Callaghan - UBS Securities LLC

Mike P. Halloran - Robert W. Baird & Co., Inc. (Broker)

R. Scott Graham - BMO Capital Markets (United States)

Nathan Jones - Stifel, Nicolaus & Co., Inc.

Joshua Pokrzywinski - The Buckingham Research Group, Inc.

Brian P. Drab - William Blair & Co. LLC

Robert Barry - Susquehanna Financial Group LLLP

David L. Rose - Wedbush Securities, Inc.

Joseph Giordano - Cowen & Co. LLC

Operator

Good morning. This is Steve, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pentair First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I will now turn the conference over to Jim Lucas, Vice President of Investor Relations and Strategic Planning. Please go ahead.

Jim Lucas - Vice President-Investor Relations

Thanks, Steve, and welcome to Pentair's first quarter 2016 earnings conference call. We're glad you can join us. I'm Jim Lucas, Vice President of Investor Relations and Strategic Planning. And with me today is Randy Hogan, our Chairman and Chief Executive Officer; and John Stauch, our Chief Financial Officer. On today's call, we will provide details on our first quarter 2016 performance, as well as our second quarter and full year 2016 outlook as outlined in this morning's release.

Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in Pentair's most recent 10-K and today's release. Forward-looking statements included herein are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Today's webcast is accompanied by a presentation, which can be found in the Investor section of Pentair's website. We will reference these slides throughout our prepared remarks. Any references to non-GAAP financials are reconciled in the appendix of the presentation.

We will be sure to preserve time for questions and answers after our prepared remarks. I would like to request that you limit your questions to one and a follow-up and get back in the queue for further questions in order to ensure everyone an opportunity to ask their questions.

I will now turn the call over to Randy.

Randall J. Hogan - Chairman & Chief Executive Officer

Thanks, Jim, and good morning, everyone. We were pleased with our first quarter result, beating the expectation set at the beginning of the year. The top line was consistent with expectations, and we saw a strong execution in all businesses led by three segments delivering over 100 basis points of margin expansion each.

We recently announced a new leader for our Valves & Controls segment. We're all glad to have Dennis Cassidy join us most recently from AlixPartners. I appreciate John Stauch leaning in and leading Valves & Controls the past few quarters; and Valves & Controls business delivered first quarter results in line with our guidance.

Integration of ERICO is meeting our expectations, and we believe we're on track to meet or exceed the $10 million in synergies we targeted.