July 23 (Reuters) - UK-based water technology company
Pentair ( PNR ) beat analysts' estimates for second-quarter
profit on Tuesday, helped by higher sales in its pool segment.
Pentair ( PNR ) 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 ( PNR ) expects 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 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.