Pentair, Inc., Minneapolis, MN, reported fourth quarter sales decreased 5% to $768 million, compared with $807 million in the fourth quarter of 2007. Profit declined 90.5% to $4.6 million, primarily a result of losses on disposal of discontinued operations.
For 2008, sales were $3.35 billion, up 2.2% from 2007. Profit increased 8.4% to $229 million.
Through the first three quarters of 2008, a period when we met or exceeded our financial outlook, we recognized the global economy was slowing and we began taking aggressive cost reduction actions, CEO Randall J. Hogan said. “However, as we exited the third quarter, the speed and magnitude of the economic deterioration increased dramatically. This caused us to miss our original fourth quarter …
Pentair 4Q Sales Dip 5%
Pentair, Inc., Minneapolis, MN, reported fourth quarter sales decreased 5% to $768 million, compared with $807 million in the fourth quarter of 2007. Profit declined 90.5% to $4.6 million, primarily a result of losses on disposal of discontinued operations.
For 2008, sales were $3.35 billion, up 2.2% from 2007. Profit increased 8.4% to $229 million.
Through the first three quarters of 2008, a period when we met or exceeded our financial outlook, we recognized the global economy was slowing and we began taking aggressive cost reduction actions, CEO Randall J. Hogan said. “However, as we exited the third quarter, the speed and magnitude of the economic deterioration increased dramatically. This caused us to miss our original fourth quarter …
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