Pentair, Inc., Minneapolis, MN, reported sales of $634 million for the first quarter of 2009, a year-over-year decline of 24%. Profit for the term fell 61% to $17.3 million.
Most of our major markets were dismal throughout the first quarter as many of our customers retrenched in reaction to the global recession. Fortunately, our execution against our aggressive cost reduction plans is yielding solid benefits, said Randall J. Hogan, Pentair chairman and chief executive officer.
The Water Group reported $424 million in sales, a 22% percent decline year-over-year. Sales were down 21% excluding the formation of the Pentair Residential Filtration business with General Electric's Water and Process Technologies unit.
Technical Products delivered first quarter 2009 sales of $210 million, a decrease of 26% versus the year-earlier period. Sales were down 24% excluding the impact of foreign exchange.