Pentair Plummets Most Since 2011 as Revenue Misses EstimatesJustin Doom
Pentair Ltd., a water and filtration-system provider, fell the most in 2 1/2 years in New York after first-quarter sales missed analysts’ estimates.
The stock slid 6.9 percent to $74.95 at the close, the most since August 2011, after Pentair said in a statement that revenue for the period declined 2.8 percent to $1.73 billion from a year earlier. The average estimate of 17 analysts was $1.79 billion, according to data compiled by Bloomberg.
Sales from its valves and controls division dropped 8.7 percent to $535 million. Pentair, which acquired Tyco International Ltd.’s flow-control division in 2012 to tap into the demand for valves with rising energy needs, also forecast second-quarter results below analysts’ estimates.