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Pentair, Inc., Minneapolis, MN, reported second quarter sales of $694 million, a decrease of 23% compared with second quarter 2008. Profit declined 77% to $31.9 million.
Year-to-date, sales were $1.33 billion, a decline of 23.2% over the prior year. Profit fell 73.1% to $49.1 million.
"Overall we continue to make tremendous progress against our cost actions as well as to drive strong free cash flow generation. While a few of our markets are showing signs of improvement, most continue to remain soft, as expected," CEO Randall J. Hogan says.
The Water Group delivered $487 million in sales, an 18% decline year-over-year. Sales were down 17% excluding the formation of the Pentair Residential Filtration business with General Electric's (GE) Water and Process Technologies unit, which added two points of growth, and foreign exchange, which reduced sales by three points.
Technical Products delivered second quarter 2009 sales of $207 million, a decrease of 32% versus the year-earlier period. Sales were down 30% excluding the impact of foreign exchange.