Pentair plc (NYSE: PNR), London, UK, reported first-quarter sales of $689 million, a 6% decrease compared to the year-ago period. First-quarter profit was $51.3 million compared to $102.9 million in 2018.
“Wet and cold weather delayed pool construction activity in several key markets,” said John L. Stauch, Pentair president and CEO. “We have not seen any significant changes in demand trends within the important Aquatics markets. The inclement weather also impacted our higher margin Specialty Ag Spray business within Flow Technologies. As a result of slower sell-through during the first quarter, inventory levels were not reduced to the levels we originally anticipated. We expect inventory levels in the channel to come down as stronger sell-through resumes in the second and third quarters.”