Pentair Reports 2Q 2021 Results

Pentair plc announced second-quarter 2021 sales of $941 million. 

Sales were up 32% compared to sales for the same period last year. 

Excluding currency translation, acquisitions and divestitures, core sales grew 28% in the second quarter. 

Second-quarter 2021 earnings per diluted share from continuing operations were $0.79 compared to $0.44 in the second quarter of 2020. 

On an adjusted basis, the company reported EPS of $0.84 compared to $0.59 in the second quarter of 2020. 

Second-quarter 2021 operating income was $162 million, up 46% compared to operating income for the second quarter of 2020, and return on sales was 17.2%, an increase of 160 basis points when compared to the second quarter of 2020. 

On an adjusted basis, the company reported segment income of $175 million for the second quarter of 2021, up 40% compared to segment income for the second quarter of 2020, and ROS was 18.6%, an increase of 110 basis points when compared to the second quarter of 2020.

Consumer Solutions sales were up 44% compared to sales for the same period last year. 

Excluding currency translation, acquisitions and divestitures, core sales grew 39% in the second quarter. 

Segment income of $143 million was up 48% compared to the second quarter of 2020, and ROS was 24.9%, an increase of 80 basis points when compared to the second quarter of 2020.

Industrial & Flow Technologies sales were up 17% compared to sales for the same period last year. 

Excluding currency translation, core sales grew 12% in the second quarter.

Segment income of $57 million was up 29% compared to the second quarter of 2020, and ROS was 15.7%, an increase of 160 basis points when compared to the second quarter of 2020.

Net cash provided by operating activities of continuing operations was $380 million compared to $429 million in the second quarter of 2020 and free cash flow provided by continuing operations for the quarter was $369 million compared to $417 million in the second quarter of 2020.

Net cash provided by operating activities of continuing operations in the six months ended June 30, 2021, was $361 million compared to $267 million in the first six months of the previous year and free cash flow provided by continuing operations in the six months ended June 30, 2021, was $340 million compared to $236 million in the first six months of the previous year.

“We were pleased to deliver a strong second quarter with sales up over 30%, adjusted EPS growth greater than 40%, and free cash flow up over $100 million in the first half of the year," said John L. Stauch, Pentair’s president and CEO.

“Our orders continued to grow and our backlog ended the quarter at record levels. We believe our order trajectory gives us increased confidence not only in our ability to keep growing in the second half but also gives us comfort that the top-line momentum we have built the past several quarters will carry over into next year," he added.