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UK's Pentair beats second-quarter profit estimates on higher pool sales
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UK's Pentair beats second-quarter profit estimates on higher pool sales
Jul 23, 2024 4:58 AM

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.

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