Pentair, Inc., Minneapolis, MN, reported second quarter sales of $694 million, a decrease of 23% compared with second quarter 2008. Profit declined 77% to $31.9 million.

Year-to-date, sales were $1.33 billion, a decline of 23.2% over the prior year. Profit fell 73.1% to $49.1 million.

"Overall we continue to make tremendous progress against our cost actions as well as to drive strong free cash flow generation. While a few of our markets are showing signs of improvement, most continue to remain soft, as expected," CEO Randall J. Hogan says.

The Water Group delivered $487 million in sales, an 18% decline year-over-year. Sales were down 17% excluding the formation of the Pentair Residential Filtration business with General Electric’s (GE) Water and Process Technologies unit, which …