Pentair Sales Down 3% in 1Q - Modern Distribution Management

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Pentair Sales Down 3% in 1Q

Profit increases to $188.6 million for quarter.

Pentair (NYSE: PNR), Schaffhausen, Switzerland, reported sales for the first quarter of $1.7 billion, down 3 percent from the previous year. Profit was $188.6 million, compared to $51.7 million in the first quarter of 2013.

"This quarter, our food & beverage and residential & commercial verticals delivered strong sales performance, helping to offset declines in our energy and infrastructure verticals," said Randall Hogan, chairman and CEO. "We were pleased with our strong double-digit EPS growth in the quarter which was driven by the continued momentum in productivity and synergies."

The valves & controls segment had first quarter sales of $535 million, down 9 percent versus the prior year quarter. The process technologies segment had sales of $418 million, up 5 percent year-over-year. Flow technologies sales were $364 million, down 7 percent versus the prior year quarter. Technical solutions had first quarter sales of $415 million, up 1 percent year-over-year.

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