Pentair’s Q2 adjusted EPS of $1.14 topped estimates, but a 17% revenue drop to $933 million sent shares 5% lower.
Pentair plc (NYSE:PNR) posted second-quarter adjusted earnings per share of $1.14, surpassing the $1.12 consensus estimate. However, revenue fell 17% year over year to $933 million, missing Wall Street expectations of $956 million.
The revenue decline was driven by a $170 million inventory correction in the Pool distribution channel, which saw sales plummet 42% to $247 million. The company had flagged the issue in a July 14 preannouncement, citing softer market conditions and elevated interest rates. Flow segment sales rose 5%, while Water Solutions revenue dipped 5%.
Shares dropped 5.03% in pre-market trading following the release, reflecting investor concerns over the revenue miss and near-term outlook.