Pentair 2009 Sales Down 20%

For the fourth quarter, sales were $702 million, down 9% from the same period a year ago. Profit attributable to Pentair was $29.4 million, compared to $4.6 million for fourth quarter 2008.

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"We exited 2009 with a keen sense of achievement as both our fourth quarter operating margins and EPS grew year over year despite a sales decline," CEO Randall J. Hogan said. "Overall, our fourth quarter results exceeded the expectations we provided in October. While still down year-over-year, sales in the quarter were stronger than originally expected for both Water and Technical Products. That, coupled with our continued solid execution with respect to cost reductions, provides positive momentum as we enter 2010."

The Water Group delivered $475 million in sales in the fourth quarter, a 7% decline year-over-year. Excluding foreign exchange, sales were down 9%. Group operating income increased 5% to $34 million.

Fourth quarter sales for Technical Products were $227 million, a decrease of 12% versus the year-earlier period. Sales were down 15% excluding the impact of foreign exchange. Operating income totaled $32 million, up 20% compared to the same quarter last year. Adjusting for a restructuring charge, operating income was $35 million.