Pentair公布二季度业绩并拟14亿美元收购Taco Group，泳池渠道去库存拖累收入但全年指引维持此前下修口径

Pentair (PNR) reaffirmed its full-year adjusted earnings outlook and announced an agreement to acquire Taco Group Holdings on Tuesday, even as a steep inventory correction in its pool business weighed on second-quarter sales and sent shares lower in premarket trading.
The water technology company also introduced third-quarter guidance and said the Taco acquisition, announced in a separate release, is expected to strengthen its portfolio, although the deal isn't included in its 2026 outlook.
Shares of Pentair (PNR) fell 6.8% in premarket trading Tuesday. Before the earnings release, the stock had declined 39% year to date.
Second-quarter revenue fell 17% to $932.6 million, missing Wall Street's consensus estimate of $956.3 million. Adjusted earnings, however, came in at $1.14 a share, topping analysts' expectation of $1.12 a share.
Net income fell to $128.6 million, or $0.80 a share, from $148.5 million, or $0.90 a share, a year earlier.
For investors, the results largely confirmed the warning Pentair (PNR) issued earlier this month, when it blamed an unexpectedly severe inventory reduction by pool distributors for a sharp cut to its full-year outlook. While the company's Flow and Water Solutions businesses continued to post relatively resilient results, investors remain focused on when the pool channel will complete its inventory reset against a backdrop of weak housing activity, elevated interest rates and cautious consumer spending.
"As shared in the July 14th preannouncement, our results were below expectations due primarily to a larger-than-anticipated inventory correction in the Pool channel," Chief Executive John L. Stauch said. "We are confident this is a temporary channel reset rather than a change in the underlying long-term opportunity for the business."
The swimming pool segment continued to bear the brunt of the slowdown. Sales plunged 42% from a year earlier while reportable segment income dropped 62% as distributors aggressively reduced inventories. Pentair (PNR) said the decline reflected a more pronounced inventory realignment than previously expected as well as weaker business conditions, including higher interest rates and inflation.
By contrast, flow sales increased 5%, while water solutions sales slipped 5%, with both segments generally performing in line with management's expectations. Pentair (PNR), whose brands include Sta-Rite, Everpure, Fleck and Aurora, said it continues to prioritize innovation and expansion across its water treatment and flow businesses.
Pentair (PNR) reaffirmed the guidance it issued on July 14, maintaining its forecast for adjusted earnings of approximately $4.60 to $4.80 per share and full-year sales to decline about 4% to 7%. The company updated its GAAP earnings outlook to $3.86 to $4.06 per share and introduced third-quarter adjusted earnings guidance of $1.05 to $1.08 per share on expected sales down 4% to 6%. The company's guidance does not include the planned acquisition of Taco Group Holdings.
Management said the outlook assumes the ongoing channel inventory reset in the Pool business as distributors prepare for the 2027 selling season, while Flow and Water Solutions remain on track.
Despite weaker sales, Pentair (PNR) generated $572 million in operating cash flow during the quarter and $553 million in free cash flow. The company also repurchased $150 million of stock and said it has $650 million remaining under its share repurchase authorization. Pentair (PNR) also highlighted that 2026 marks the 50th consecutive year it has increased its dividend.