News Release Details

·         First quarter sales of $1.3 billion.

·         First quarter GAAP EPS of $0.58 and adjusted EPS of $0.88.

·         The company expects to complete the previously announced tax-free spin-off of its Electrical business to its shareholders on April 30, 2018.

·         The company updates its 2018 GAAP EPS from continuing operations guidance to a range of $1.75 to $1.80 and on an adjusted basis to a range of $2.25 to $2.30.  This reflects the anticipated separation of its Electrical business, nVent Electric plc, on April 30, 2018 and the reporting of Electrical's results as discontinued operations.

·         nVent Electric plc provides 2018 GAAP EPS guidance at a range of $1.38 to $1.48 and on an adjusted basis at a range of $1.70 to $1.80.  This reflects the anticipated separation on April 30, 2018.

Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.

LONDON, United Kingdom - April 19, 2018 - Pentair plc (NYSE: PNR) today announced first quarter 2018 sales of $1.3 billion. Sales were up 7 percent compared to sales for the same period last year. Excluding currency translation and acquisitions, core sales grew 4 percent in the first quarter.  First quarter 2018 earnings per diluted share from continuing operations ("EPS") were $0.58 compared to $0.44 in the first quarter of 2017. On an adjusted basis, the company reported EPS of $0.88 compared to $0.65 in the first quarter of 2017.  Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.

First quarter 2018 operating income was $152 million, up 8 percent compared to operating income for the first quarter of 2017, and return on sales ("ROS") was 12.0 percent, an increase of 10 basis points when compared to the first quarter of 2017. On an adjusted basis, the company reported segment income of $211 million for the first quarter, up 13 percent compared to segment income for the first quarter of 2017, and ROS was 16.6 percent, an increase of 90 basis points when compared to the first quarter of 2017.

Net cash used for operating activities of continuing operations was $167 million and free cash flow usage from continuing operations was $181 million for the quarter.  The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

Pentair paid dividends of $0.35 per share in the first quarter of 2018. Pentair previously announced on December 5, 2017 that its Board of Directors approved a 1 percent increase in the company's regular cash dividend rate for the first quarter of 2018 to $0.35 from $0.345.  2018 marks the 42nd consecutive year that Pentair has increased its dividend.

"Pentair started 2018 building additional momentum on core sales growth in both the Water and Electrical segments," said Randall J. Hogan, Pentair Chairman and Chief Executive Officer.  "In addition to improved core sales growth, both businesses delivered strong income growth and margin expansion.  We believe the imminent separation into two industry-leading pure-play Water and Electrical companies will enhance shareholder value and allow both companies to focus on their independent strategies and better control their own destinies."

OUTLOOK

The company updates its estimated 2018 GAAP EPS from continuing operations to a range of $1.75 to $1.80 and on an adjusted EPS basis to a range of $2.25 to $2.30.  The company updates its full year 2018 sales guidance to $2.96 billion, up 3 to 4 percent on a reported and core basis over 2017.  The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, the company introduces second quarter 2018 GAAP EPS from continuing operations guidance of $0.44 to $0.46 and, on an adjusted EPS basis, of $0.67 to $0.69.  The company expects second quarter sales to be approximately $0.79 billion, up 4 to 5 percent on a reported basis and up 3 to 4 percent on a core basis compared to second quarter 2017.  This full year and second quarter 2018 outlook reflects the anticipated separation of the Electrical business on April 30, 2018 and the reporting of Electrical's results as discontinued operations.

The company also announced that nVent Electric plc ("nVent"), the Electrical business that is expected to be spun off on April 30, 2018, provided 2018 guidance.  nVent provides 2018 GAAP EPS guidance at a range of $1.38 to $1.48 and, on an adjusted basis, at a range of $1.70 to $1.80.  For full year 2018, nVent anticipates sales of approximately $2.2 billion, up 3 to 5 percent on a reported basis and up 2 to 4 percent on a core basis compared to 2017.  nVent is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, nVent introduces second quarter 2018 GAAP EPS guidance of $0.33 to $0.36 and, on an adjusted EPS basis, of $0.41 to $0.44.  nVent expects second quarter sales to be approximately $0.54 billion, up 3 to 5 percent on a reported basis and up 2 to 4 percent on a core basis compared to second quarter 2017.  This full year and second quarter 2018 outlook reflects the anticipated separation of the Electrical business on April 30, 2018.

EARNINGS CONFERENCE CALL

Pentair Chairman and CEO Randall J. Hogan, Chief Financial Officer and Future President and CEO John L. Stauch, and Chief Accounting Officer and Future Chief Financial Officer Mark C. Borin will discuss the company's first quarter 2018 results on a two-way conference call with investors at 8:00 a.m. Eastern today.  A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company's website, www.pentair.com, shortly before the call begins. Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentation, both of which can be found on Pentair's website. The webcast and presentation will be archived at the company's website following the conclusion of the event.

Pentair will host a second conference call at 8:45 a.m. Eastern today to discuss the results of its Electrical segment.  Discussing the results will be Electrical President and future nVent President and Chief Executive Officer Beth Wozniak and future nVent Chief Financial Officer Stacy McMahan.  A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company's website, www.pentair.com, shortly before the call begins.

Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentations, each of which can be found on Pentair's website. The webcast and presentations will be archived at the company's website following the conclusion of the event.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "should," "would," "positioned," "strategy," "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to satisfy the necessary conditions to consummate the planned separation of our Water business and Electrical business into two independent, publicly-traded companies (the "Separation") on a timely basis or at all; the ability to successfully separate the Water and Electrical businesses and realize the anticipated benefits from the Separation; adverse effects on the Water and Electrical  business operations or financial results and the market price of our shares as a result of the announcement or consummation of the Separation; unanticipated transaction expenses, such as litigation or legal settlement expenses; changes in tax laws; the impact of the Separation on our employees, customers and suppliers; overall global economic and business conditions impacting the Water and Electrical businesses; future opportunities that our board may determine present greater potential to increase shareholder value; the ability of the Water and Electrical businesses to operate independently following the Separation; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2017. All forward-looking statements speak only as of the date of this press release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this press release.

ABOUT PENTAIR PLC

Pentair plc (NYSE: PNR) is a global company dedicated to building a safer, more sustainable world. Pentair delivers industry leading products, services and solutions that help people make the best use of the resources they rely on most. Its technology moves the world forward by ensuring that water is plentiful, useful and pure, and that critical equipment and those near it are protected. With 2017 revenues of $4.9 billion, Pentair employs approximately 18,400 people worldwide. To learn more, visit www.pentair.com.

PENTAIR CONTACTS:                                                                                                  NVENT CONTACT:

Jim Lucas                                                                                                                            JC Weigelt
Vice President, Investor Relations and Treasury                                                                Vice President, Investor Relations
Direct: 763-656-5575                                                                                                          Direct: 763-656-1880
Email: jim.lucas@pentair.com                                                                                            Email: jc.weigelt@pentair.com

Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com