The company said net sales for Q3 2024 and the first 9 months decreased 1.5% and 0.3%, respectively, from 2023. It cited lower sales volume in Flow and Water Solutions and the product line exit in Pool as the main factors.

10-QQuarterly reportFiled Oct 22, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said net sales for Q3 2024 and the first 9 months decreased 1.5% and 0.3%, respectively, from 2023. It cited lower sales volume in Flow and Water Solutions and the product line exit in Pool as the main factors.
Pentair said gross profit as a percentage of net sales for Q3 2024 and the first 9 months rose 2.7 percentage points and 2.3 percentage points, respectively, from 2023. Over the same periods, SG&A as a percentage of net sales rose 2.7 percentage points and 1.2 percentage points, and the company cited restructuring and other costs as factors.
The company said net sales for Q3 decreased 7.0% in Flow and 3.3% in Water Solutions, and increased 7.3% in Pool. Segment income as a percentage of net sales rose 2.8 percentage points in Flow and 4.7 percentage points in Pool, while it fell 0.8 percentage points in Water Solutions.
The company cited the following as the main uses of financing cash in the first 9 months of 2024: repayment of $200.0 million in term loans under the Senior Credit Facility, principal repayments of $162.5 million on the Term Loan Facility, dividend payments of $114.3 million, and share repurchases of $100.0 million. It said cash inflow from changes in net working capital over the same period was $80.9 million.

Key figures

Quarter ended September 30, 2024

Revenue: $993M
Operating income: $180M
Net income: $140M
EPS: $0.84
Gross profit: $393M

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.

Net sales decline drivers for Q3 2024 and the first 9 months

The company said net sales for Q3 2024 and the first 9 months decreased 1.5% and 0.3%, respectively, from 2023. It cited lower sales volume in Flow and Water Solutions and the product line exit in Pool as the main factors.

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

Changes in gross margin and SG&A ratio

Pentair said gross profit as a percentage of net sales for Q3 2024 and the first 9 months rose 2.7 percentage points and 2.3 percentage points, respectively, from 2023. Over the same periods, SG&A as a percentage of net sales rose 2.7 percentage points and 1.2 percentage points, and the company cited restructuring and other costs as factors.

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

Segment net sales and segment income margin changes

The company said net sales for Q3 decreased 7.0% in Flow and 3.3% in Water Solutions, and increased 7.3% in Pool. Segment income as a percentage of net sales rose 2.8 percentage points in Flow and 4.7 percentage points in Pool, while it fell 0.8 percentage points in Water Solutions.

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

Financing cash uses and working capital changes for the first 9 months of 2024

The company cited the following as the main uses of financing cash in the first 9 months of 2024: repayment of $200.0 million in term loans under the Senior Credit Facility, principal repayments of $162.5 million on the Term Loan Facility, dividend payments of $114.3 million, and share repurchases of $100.0 million. It said cash inflow from changes in net working capital over the same period was $80.9 million.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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