UK-based water technology company Pentair (NYSE: PNR) beat analysts’ estimates for second-quarter profit on Tuesday, helped by higher sales in its pool segment.
Pentair provides residential and industrial water technology products and services across 150 countries. It has three key segments — flow, which manufactures fluid treatment and pump products; water solutions, which makes commercial and residential water treatment products; and pool.
Sales in the company’s pool business, which accounted for about 33% of its total revenue in 2023, were up 17% in the quarter over the year earlier.
“Our pool segment returned to sales growth and all three of our segments drove significant margin expansion,” Chief Executive John Stauch said.
“We expect stronger margin expansion than we previously guided despite continued global macroeconomic and geopolitical uncertainty, which is pressuring sales in the second half of 2024,” Stauch said.
Pentair (NYSE: PNR) expects a full-year adjusted profit of $4.25 per share, at the higher end of its previous forecast range and above LSEG estimates of $4.18 per share.
The company posted an adjusted per-share profit of $1.22 in the second quarter, compared with analysts’ estimate of $1.14.
Sales for the quarter ended June 30 were at $1.09 billion, in line with estimates.
(Source: Reuters)
Mark Glenn is a financial journalist and breaking news reporter for ABBO News. Mark is known for his ability to deliver real-time news updates on market developments, mergers and acquisitions, corporate earnings reports, and regulatory changes, helping investors stay informed and make sound financial decisions.
