Pentair plc (NYSE: PNR), Manchester, UK, reported second quarter sales of $1.7 billion, a year-over-year decrease of 9 percent. Profit decreased 8.5 percent to $147.8 million.
For the first six months, sales were $3.1 billion, down 9.8 percent from the prior-year period. Profit decreased 6.6 percent to $261.7 million.
Valves & controls sales for the second quarter were $496.4 million, down 21 percent compared to the prior year quarter. Backlog decreased 14 percent to $1.2 billion. Sales in the energy vertical, 60 percent of sales, decreased 10 percent. Sales in the industrial vertical, 40 percent of sales, decreased 14 percent.
Flow & filtration solutions had second quarter sales of $374.6 million, down 12 percent year-over-year, while water quality systems sales increased 3 percent to $387.7 million.
Technical solutions had second quarter sales of $407.1 million, flat compared to the prior year quarter.
"Many of our served markets, especially those in energy and industrial, remain challenged and we do not expect them to recover in the second half of the year," said CEO Randall J. Hogan. "We will continue to aggressively manage our cost structure and drive productivity to work through our near-term challenges. We are also continuing to invest in our high-performing Technical Solutions and Water Quality Systems segments where we see strategic organic and inorganic growth opportunities."
