PNR - Pentair Tops Q3 Estimates Driven By Transformation Initiatives Revises FY23 Outlook | Benzinga
Pentair PLC (NYSE: PNR) reported a Q3 FY23 net sales decline of 4% Y/Y to $1.01 billion and a core sales decline of 7% Y/Y, beating the consensus of $992.1 million.
The gross margin expanded to 36.9% from 33.0%. Operating income rose 22% Y/Y to $180 million, and the operating margin expanded to 17.9% from 13.9% a year ago.
Industrial & Flow Technologies sales increased by 3% Y/Y to $400.2 million, Segment income of $78 million (+18% Y/Y), and ROS was 19.4%, an increase of 250 bps Y/Y.
Water Solutions sales were $299.4 million (+9% Y/Y), Segment income was $69 million (+40% Y/Y), and ROS was 23.0%, up 510 bps Y/Y.
Pool segment sales were $308.8 million (-21% Y/Y), Segment ...