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Pentair plc (NYSE: PNR), Manchester, UK, reported sales for the first quarter of $1.18 billion, down 0.6 percent compared to the same period last year. Profit was $87.8 million, down 18.2 percent from the first quarter of 2016.
Filtration & process sales were down 2.6 percent in the first quarter. Flow technologies sales were down 3 percent and aquatic & environmental systems sales were up 12.8 percent.
"We had a solid start to 2017 as both of our segments delivered ahead of their commitments and our adjusted EPS exceeded our prior guidance," said Randall J. Hogan, Pentair chairman and CEO. "While we continue to feel good about the progress we are making on our productivity actions, we will monitor the important second quarter to see if the sales momentum experienced in the first quarter is sustainable. We expect the previously announced sale of our valves & controls business to close in the coming days at which point we will gain balance sheet optionality, and of course, we will be disciplined in our capital allocation strategy.
Pentair previously announced that it had entered into a share purchase agreement to sell its valves & controls business to Emerson Electric Co. for a purchase price of $3.15 billion in cash.