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Pentair plc (NYSE: PNR), Manchester, UK, reported third-quarter sales of $1.8 billion, a year-over-year increase of 2.6 percent. Profit was a net loss of $186 million, as compared to a profit of $174.2 million in the same quarter a year age.
Valves & controls delivered third-quarter sales of $613 million, up 0.3 percent versus the prior year quarter. Backlog decreased 6 percent to $1.3 billion compared to second quarter 2014.
Sales in energy vertical, 60 percent of valves & controls revenue in the quarter, decreased 3 percent. Sales in the industrial vertical, 40 percent of valves & controls revenue, increased 5 percent.
Process technologies third quarter sales were $438 million, up 4 percent versus the prior year quarter.
Flow technologies, excluding the water transport business, delivered third quarter 2014 sales of $39 million, flat versus the prior year quarter.
Technical solutions delivered third quarter 2014 sales of $439 million, up 8 percent versus the prior year quarter.
For the first nine months of 2014, sales were $5.2 billion, up 1.3 percent from the prior-year period. Profit dropped 75 percent to $94.1 million.