Pentair plc - PNR STOCK NEWS

Pentair plc (NYSE: PNR) announced a quarterly cash dividend of $0.21 per share, increasing from $0.20, payable on February 4, 2022, to shareholders of record as of January 21, 2022. This marks a 5% increase and the 46th consecutive year of dividend growth for Pentair. With $3 billion in revenue in 2020 and operating in over 150 countries, Pentair focuses on sustainable solutions for water management.

Pentair reported third quarter 2021 sales of $969 million, a 21% increase compared to the same period last year. GAAP EPS rose to $0.86 from $0.66 year-over-year. Adjusted EPS was $0.89, up from $0.70. The company updated its full-year GAAP EPS guidance to approximately $3.19 to $3.25 and adjusted EPS to $3.34 to $3.40. Operating income increased by 31% to $167 million, with a return on sales of 17.3%. However, free cash flow dropped to $165 million from $220 million in Q3 2020.

Pentair plc (NYSE:PNR) has completed its acquisition of Pleatco for approximately $255 million in cash. This strategic move enhances Pentair's aftermarket product offerings in water filtration and air filtration, expanding capabilities across its existing distribution channels. The acquisition allows Pentair to leverage Pleatco's innovative products to better serve pool, spa, and industrial air customers globally. Both management teams express optimism about leveraging their combined resources for growth and customer satisfaction.

Pentair plc (NYSE:PNR) is set to report its third-quarter results on October 26, 2021, before the New York Stock Exchange opens. A conference call for investors will take place at 9:00 a.m. EDT. Relevant materials will be available on Pentair's Investor Relations page prior to the call. In 2020, Pentair reported a revenue of $3 billion and has approximately 9,750 employees globally. The company focuses on delivering sustainable solutions for water management.

Pentair plc (NYSE: PNR) announced the appointment of Melissa Barra to its Board of Directors, effective December 1, 2021. Ms. Barra, currently the Executive Vice President and Chief Sales and Services Officer at Sleep Number Corporation, has extensive leadership experience in customer experience and strategy. She previously held various senior roles at Best Buy, Grupo Futuro, Citibank, and GE Capital. Pentair's Chairman, David A. Jones, expressed confidence that her expertise will benefit the company and its shareholders.

Pentair plc (NYSE: PNR) has announced a quarterly cash dividend of $0.20 per share, payable on November 5, 2021, to shareholders of record by October 22, 2021. This marks the company's 45th consecutive year of dividend increases. In 2020, Pentair reported $3 billion in revenue, with approximately 9,750 employees serving over 150 countries.

Pleatco Filtration has agreed to be acquired by Pentair plc (NYSE: PNR) for $255 million, marking the third exit for Align Capital Partners in 2021. Pleatco, based in Louisville, KY, specializes in aftermarket filtration products for pools and spas. Since ACP's acquisition in June 2017, Pleatco doubled its revenue and expanded its workforce from 180 to over 380 employees. The acquisition will provide Pleatco with additional resources and scale to enhance growth in the aftermarket segment.

Pentair plc (NYSE: PNR) has announced its acquisition of Pleatco, a manufacturer focusing on water and air filtration technologies, for approximately $255 million. This strategic move is expected to enhance Pentair's product offerings in aftermarket filtration, serving both pool/spa and industrial sectors. With an anticipated annual revenue of $95 million from Pleatco in 2021, the acquisition is projected to be accretive within its first year. The transaction is subject to regulatory approvals and expected to conclude in Q4.

Pentair plc (NYSE: PNR) reported strong second quarter 2021 results with sales of $941 million, a 32% increase year-over-year. Core sales rose 28%, while adjusted earnings per share reached $0.84, up from $0.59 in Q2 2020. Operating income was $162 million, a 46% improvement, and return on sales increased to 17.2%. The company anticipates full-year sales growth of 21-23% and updated EPS guidance to $3.13-$3.23. Despite material shortages and inflation, Pentair's order backlog is at record levels, reflecting confidence in continued growth.