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Valve Manufacturing

Pentair Valves & Controls Reports First Quarter 2013 Results

Pentair Valves & Controls delivered first quarter 2013 sales of $586 million, down 3% versus the prior year quarter excluding a 1% unfavorable impact from foreign exchange. Backlog increased 1% to $1.4 billion compared to fourth quarter 2012.

Energy sales, which accounted for roughly 60% of revenue, declined 3%. Sales to the oil & gas and mining industries both grew 2% while sales to the power industry declined 6%. Industrial sales, which accounted for roughly 40% of revenue, declined 9% on continued weakness in Asia.

Pentair Valves & Controls delivered first quarter adjusted operating income of $59 million, down 2% compared to $61 million in the same quarter last year. First quarter 2013 adjusted operating margins increased 10 basis points to 10.1%. Price and productivity more than offset inflation during the quarter. Including inventory step-up and customer backlog, repositioning and other charges, Pentair Valves & Controls reported a GAAP operating loss of $19 million in the first quarter.

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