London-based water treatment company Pentair reported Jan. 31 that its 2022 fourth-quarter sales were up 1% over the same period in 2021, while yearly total sales rose 9%.
Excluding currency translation, acquisitions and divestitures, Pentair’s core sales declined 3% in 4Q 2022, according to a news release. Pentair posted sales of $1 billion in 4Q 2022, up from $0.98 billion in 4Q 2021.
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Full-year sales in 2022 were $4.1 billion, compared with $3.8 billion in 2021. Pentair attributed the strong year-to-year growth to the performance of both its Consumer Solutions segment and Industrial & Flow Technologies segment. Consumer Solutions sales increased 12% in 2022 while Industrial & Flow Technologies sales were up 6%.
“Our diverse portfolio generated growth in both segments in 2022, which was further strengthened by our strategic acquisition of Manitowoc Ice,” Pentair President and CEO John Stauch said in the release. “We have maintained a strong balance sheet, generated solid free cash flow and returned capital to our shareholders through dividends and share repurchases during the year. Our recent dividend increase marks the 47th consecutive year of Pentair raising its dividend, which remains an important component of our long-term capital allocation strategy.”