Apr. 28 at 2:53 PM
$PNR beat Wall Street estimates for first-quarter profit & revenue on the back of improving margins, but lowered its annual revenue forecast amid sustained weakness in the U.S. housing market.
The London-based company expects its full-year revenue to rise between 2% and 4%, compared with its previous projection of a 3% to 4% growth.
"Our sales growth forecast assumes limited to no U.S. residential recovery and continued expansion across our commercial, industrial and municipal verticals," CEO John Stauch said.
