The company said net sales for Q1 2024 fell 1.1% from the year-earlier period. It cited lower sales volume in the residential businesses of Flow and Water Solutions and in the Pool segment as the main drivers, partly offset by higher selling prices and higher commercial sales volume at Flow.

10-QQuarterly reportFiled Apr 23, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said net sales for Q1 2024 fell 1.1% from the year-earlier period. It cited lower sales volume in the residential businesses of Flow and Water Solutions and in the Pool segment as the main drivers, partly offset by higher selling prices and higher commercial sales volume at Flow.
The company said its gross margin rose 1.3 percentage points in Q1 2024, and its SG&A ratio rose 1.4 percentage points. It cited transformation costs of $17.0 million ($8.5 million a year earlier) and restructuring and other costs of $4.6 million ($2.9 million a year earlier) as SG&A drivers.
Pentair used cash in its continuing operating activities in the first 3 months of 2024, with a working capital outflow of $287.9 million, the company said. It attributed this to an increase in accounts receivable tied to certain advance sale programs ahead of distributors' peak sales season. Continuing operations net income, after non-cash adjustments, was $162.7 million.
The company said it had net borrowings of revolving long-term debt of $101.4 million and paid dividends of $38.0 million ($0.23 per share) in the first 3 months of 2024. No ordinary shares were repurchased during Q1 2024, and $600.0 million remained available under the current repurchase authorization as of March 31, 2024.

Key figures

Quarter ended March 31, 2024

Revenue: $1.0B
Operating income: $181M
Net income: $133M
EPS: $0.80
Gross profit: $390M
Operating cash flow: −$108M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Net Sales Down 1.1%, Company Cites Drivers

The company said net sales for Q1 2024 fell 1.1% from the year-earlier period. It cited lower sales volume in the residential businesses of Flow and Water Solutions and in the Pool segment as the main drivers, partly offset by higher selling prices and higher commercial sales volume at Flow.

Source · Based on the MD&A text of the filing

Gross Margin Up 1.3 percentage points, SG&A Ratio Up 1.4 percentage points

The company said its gross margin rose 1.3 percentage points in Q1 2024, and its SG&A ratio rose 1.4 percentage points. It cited transformation costs of $17.0 million ($8.5 million a year earlier) and restructuring and other costs of $4.6 million ($2.9 million a year earlier) as SG&A drivers.

Source · Based on the MD&A text of the filing

Operating Cash Use and Working Capital Outflow in First 3 Months

Pentair used cash in its continuing operating activities in the first 3 months of 2024, with a working capital outflow of $287.9 million, the company said. It attributed this to an increase in accounts receivable tied to certain advance sale programs ahead of distributors' peak sales season. Continuing operations net income, after non-cash adjustments, was $162.7 million.

Source · Based on the MD&A text of the filing

Revolving Borrowings of $101.4 million and Dividends of $38.0 million

The company said it had net borrowings of revolving long-term debt of $101.4 million and paid dividends of $38.0 million ($0.23 per share) in the first 3 months of 2024. No ordinary shares were repurchased during Q1 2024, and $600.0 million remained available under the current repurchase authorization as of March 31, 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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View the original filing on SEC EDGAR ↗

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