Pentair Beats Q3 Estimates, Raises Profit Outlook As CEO Credits 'Strong Execution'

Pentair plc (NYSE:PNR) shares are trading higher after the company reported that third-quarter 2024 net sales fell 2% year over year to $993 million, beating the consensus of $988.8 million.

Core sales declined by 1% in the third quarter, excluding currency translation, acquisitions, and divestitures.

Gross margin expanded to 39.6% from 36.9% a year ago in the quarter. Adjusted operating income rose 13% Y/Y at $239 million, with margin expanded 310 basis points Y/Y to 24.1%.

Flow sales decreased by 7% year over year to $372.2 million, Segment income was $82.8 million (+7% year over year), and the operating margin was 22.2%, an increase of 280 bps year over year.

Water Solutions sales were $289.5 million (-3% Y/Y), Segment income was $64.4 million (-6% Y/Y), and ROS was 22.2%, down 80 bps Y/Y.

Pool segment sales were $331.4 million ...