Earnings Miss Estimates
Pentair reported adjusted earnings of $1.14 per share, missing the analyst consensus estimate of $1.22.
Revenue declined 17% year over year to $932.6 million, below the consensus estimate of $958.1 million. The company said the decline was primarily driven by an approximately $170 million impact from inventory destocking in its Pool distribution channel.
Adjusted operating income fell 20% to $236.6 million, while adjusted operating margin narrowed 100 basis points to 25.4%.
Segment Results
