Pentair Plc PNR is a global water, fluid, thermal management, and equipment protection partner with industry leading products, services, and solutions.Pentair will benefit from improvement in the North American residential market, investment in its high-performing Technical Solutions and Water Quality Systems segments, ERICO acquisition. The company continues to aggressively manage its cost structure. The company had cautioned that the challenges currently faced by its Valve & Control segment that are likely to persist in the near term. Further, low oil prices, unfavorable foreign exchange and softness in industrial and infrastructure verticals will continue to weigh on Pentair’s results.Investors have thus been eagerly waiting to see how the company fares in its first quarter 2016 earnings results. Let’s have a quick look at the earnings release of this Schaffhausen, Switzerland based diversified industrial manufacturing company with a market capitalization of $10.1 billion.Estimate Trend & Surprise History: You should note that the earnings estimate revisions for Pentair depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 30 days and currently stands at 72 cents for the first quarter.As regards earnings surprise, Pentair has outpaced the Zacks Consensus Estimate in the past 4 quarters, with an average beat of 3.22%.Earnings: Pentair beat the Zacks Consensus Estimate by 5.5%. Analysts polled by Zacks were expecting earnings per share (EPS) of 72 cents and the company reported EPS of 76 cents. Earnings even outperformed the management guidance of EPS in the range of 70 cents to 72 cents.Revenue: Pentair also beat on revenues. It reported first quarter 2016 revenues of $1.575 billion, ahead of the Zacks Consensus Estimate of $1.568 billion. Revenues however came below the management guidance of $1.6 billion.Key Developments to Note: Pentair maintained its 2016 EPS guidance range of $4.05 to $4.25. While the company raised its fiscal 2016 sales projection from $6.6 billion to $6.7 billion, which is up approximately 3% year over year on a reported basis but down 1% on a core basis.Pentair also initiated its second quarter 2016 guidance. The company expects EPS in the range of $1.08 - $1.11 on the back of revenues of approximately $1.7 billion.Zacks Rank: Currently, Pentair carries a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change.Market Reaction: Shares remained flat in pre-market trading following the release, at the time of this write-up.Check back later for our full write up on this Pentair earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PENTAIR PLC (PNR): Free Stock Analysis Report To read this article on Zacks.com click here.