London-based Pentair plc (NYSE: PNR) reported third-quarter 2021 sales of $969 million, a 21% increase over the same period a year ago.
The company’s 3Q profit was $167 million, an increase of 31% compared to the third quarter of 2020.
Consumer solutions sales were up 30% compared to sales for the same period last year.
Excluding currency translation, acquisitions and divestitures, core sales grew 26% in the third quarter. Segment income of $144 million was up 27% compared to the third quarter of 2020, and ROS was 23.5%, a decrease of 70 basis points when compared to the third quarter of 2020.
Industrial and flow technologies sales were up 8% compared to sales for the same period last year.
Excluding currency translation, core sales grew 8% in the third quarter. Segment income of $52 million was up 23% compared to the third quarter of 2020, and ROS was 14.8%, an increase of 180 basis points when compared to the third quarter of 2020.
“I would like to thank our Pentair teams for once again helping us meet our commitments in the face of unprecedented material shortages and inflation,” Pentair President and CEO John L. Stauch said “Pentair delivered another quarter of strong double digit sales and EPS growth reflecting the demand across our entire portfolio. Our backlog remains at a record level, which gives us confidence in our ability to continue our strong momentum. We have made great strides in increasing our capacity throughout this period of robust demand, however, we expect material shortages and logistical constraints to remain a challenge in the near term.
Stauch continued, “We remain focused on driving our strategic growth initiatives and we have completed two acquisitions this year that accelerate our Pool and Water Treatment businesses. We continue to believe that we are in attractive spaces and that the strength of our portfolio, along with strong cash flow and our healthy balance sheet, enables us to continue investing in our core business, pursue strategic acquisitions, drive transformation, deliver for customers, and create value for our shareholders.”
Pentair on Oct. 18 announced it had completed its transaction to acquire Pleatco for approximately $255 million in cash, subject to customary adjustments.
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