Diversified industrial manufacturer Pentair, Inc. (NYSE: PNR), Minneapolis, MN, reported sales for the first quarter 2010 were $707 million, up 12 percent from the same period a year ago. Profit was $35.3million, compared to $17.3 million in the prior year period.
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\”Last year we put the company in position to weather the downturn and prepare for growth,\” CEO Randall J. Hogan said. \”As evidenced in our first quarter sales growth, we believe markets are steadily recovering and emerging markets are once again strong.\”
The Water Group delivered $478 million in sales, a 13 percent increase year-over-year. Sales were up 11 percent excluding foreign exchange. First quarter operating income was $42 million, up 56 percent.
Technical Products delivered first quarter 2010 sales of $229 million, an increase of 9 percent versus the year-earlier period. Sales were up 7 percent excluding the impact of foreign exchange. Strong sales in industrial, infrastructure and general electronics markets offset declines in commercial, security and defense sales. First quarter reported operating income totaled $33 million.
