UK's Pentair beats first-quarter profit estimates on price hikes

Pentair

23/04/2024 13:01

April 23 (Reuters) - UK-based water technology company
Pentair  PNR.N  reported better-than-expected quarterly profit
on Tuesday, helped by the company's price hikes for its water
purifiers.  
   Pentair, which provides residential and industrial water
technology products and services, had implemented price
increases to offset slow demand for new pools and related
services amid sticky inflation.
    Sales in its flow segment, which makes water pumps, were
down 2% in the quarter compared with a year earlier. Pool
segment sales were also down 1% from a year earlier. 
    Pentair, however, reiterated its forecast of an adjusted
profit of $4.15 to $4.25 per share for the full year, compared
with estimates of a profit of $4.20, according to LSEG data.
    It forecast second-quarter adjusted profit of about $1.15 to
$1.17 per share, compared with estimates of $1.16. 
    "For the first time in nearly four years, we are pleased to
be entering what we believe to be a more normal operating
environment," Pentair's Chief Executive John Stauch said. 
    For the first quarter, the company reported an adjusted
profit of 94 cents per share, beating analysts' average
expectation of 90 cents.

 (Reporting by Kannaki Deka in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Kannaki.Deka@thomsonreuters.com;))