The 2020 Mid-Year Economic Update_long

Pentair Sales Down 10% in 1Q

Profit decreases to $113.9 million for the quarter.

Pentair plc (NYSE: PNR), Manchester, UK, reported sales for the first quarter of $1.5 billion, down 10 percent compared to sales for the same period last year. Core sales decreased 4 percent. Profit was $113.9 million, down 4 percent from the first quarter of 2014.

The valves & controls segment had first quarter sales of $429 million, down 19 percent from the prior year quarter. Backlog decreased 4 percent to $1.2 billion.

Flow & filtration solutions sales were down 13 percent in the first quarter to $350 million. Water quality systems sales were up 1 percent to $307 million.

Technical solutions sales were $396 million for the first quarter, down 5 percent year-over-year.

"We started the year much slower than we had originally anticipated as a decline in oil prices and the strengthening dollar have led many of our customers to delay business in what feels like a global capital spending pause," said Randall J. Hogan, chairman and CEO.

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