Pentair plc (NYSE: PNR), Manchester, UK, reported sales for 2017 of $4.9 billion, up 0.9 percent year-over-year. Profit was $666.5 million, up 27.6 percent over a year ago.
Fourth quarter sales were $1.3 billion, up 6.1 percent year-over-year. Profit was $189.6 million, up 44.7 percent over a year ago.
Fourth quarter sales in the company's water segment were $720.5 million, up 5.6 percent versus the prior year quarter. Fourth quarter sales in the electrical segment were $541.9 million, up 6.7 percent compared to the prior year quarter.
Pentair previously announced that its board of directors had unanimously approved a plan to separate into two publicly-traded companies. The separation is expected to occur through a tax-free spin-off of electrical by Pentair to its shareholders targeted for April 30, 2018.
