Sector: Industrials|Industry: Specialty Industrial Machinery|Market Cap: $16.70B|Employees: 10.5K
Pentair is a global water solutions company focused on providing smart, sustainable solutions for residential, commercial, and industrial applications. The company's core business model involves designing, manufacturing, and selling a variety of fluid treatment and pump products and systems, as well as pool equipment and accessories. Pentair operates in key markets worldwide, with a significant presence in North America and Europe.
Net sales decreased by 1.1% YoY, from $1,028.6 million to $1,017.2 million. This decline was primarily due to a 3.9% decrease in volume, partially offset by a 2.8% increase in price. The decrease in volume was attributed to lower demand in the residential flow, commercial water solutions, and pool segments.
Gross profit margin increased by 1.3 percentage points to 38.4% of net sales. This improvement was primarily driven by increased selling prices to mitigate inflationary costs and increased productivity in the Flow and Water Solutions segments.
Net interest expense decreased by 15.7% YoY, from $32.4 million to $27.3 million. This decrease was primarily driven by lower variable debt compared to the same period of the prior year.