London-based water treatment provider Pentair plc (NYSE: PNR) reported 2022 first-quarter sales of $1 billion, a 15% increase over the same quarter last year.
Excluding currency translation, acquisitions and divestitures, core sales grew 12% in the first quarter, Pentair said. 1Q earnings per diluted share from continuing operations were $0.71 compared to $0.78 in the first quarter of 2021.
“I remain grateful for the agility and contributions of Pentair employees as they work through challenges caused by the global supply chain and higher inflation to solve our customers’ needs,” said John L. Stauch, Pentair president and CEO. “Our price actions are accelerating as we previously communicated and we were able to offset inflation for the first time in almost a year. Our residential businesses continued to see increasing demand and we saw order and revenue growth in both our commercial and industrial businesses.”
1Q operating income was $146 million, down 7% compared to the same quarter in 2021. ROS was 14.6%, a decrease of 350 basis points when compared to the first quarter of 2021, Pentair said.
The company last month reached a definitive agreement to acquire Manitowoc Ice, a provider of commercial ice makers, for $1.6 billion.