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Pentair Q2 Revenue $933M Below Expectations
Reports Q2 revenue $933M, consensus $956.3M. John Stauch, Pentair's President and Chief Executive Officer commented, "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. We are confident this is a temporary channel reset rather than a change in the underlying long-term opportunity for the business and are taking swift actions to improve execution, enhance inventory visibility and support healthier order patterns, positioning our Pool business to deliver robust growth in 2027. Importantly, Flow and Water Solutions continued to deliver solid performance and are progressing against their respective growth priorities. We remain focused on executing our clear plan to expand in key growth markets, advance innovation and deliver exceptional customer service to drive long-term profitable growth and shareholder value."
Company Reaffirms 2026 Sales Guidance Down 4%-7%
The company also reaffirms guidance provided on July 14 of its estimated full year 2026 sales to be down approximately 4 percent to 7 percent on a reported basis. The company's full year 2026 guidance includes the right-sizing of channel inventory in preparation for the 2027 pool season. The company's full year guidance for 2026 does not include the anticipated acquisition of Taco Group Holdings.
Pentair to Acquire Taco Group for Approximately $1.4B
Pentair announced that it has entered into a definitive agreement to acquire Taco Group Holdings for approximately $1.4B subject to customary adjustments. The purchase price represents a multiple of approximately 10.5x 2026E EBITDA, including approximately $165M in tax benefits and approximately $30M in anticipated run-rate cost synergies. The transaction is expected to be approximately $0.10 to $0.15 accretive to Adjusted EPS in fiscal year 2027. Pentair expects to generate approximately $30M in run-rate cost synergies related to supply chain and operational efficiencies. The company will apply its Pentair Business System to realize revenue synergies through complementary channels, expanded cross-selling and greater scale. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and necessary regulatory approvals. Pentair expects to finance the acquisition with a combination of cash on hand and committed bridge financing, which Pentair intends to refinance through a permanent debt issuance. Upon completion of the transaction, Taco is planned to be a part of Pentair's Water Solutions reportable segment, and it is expected to continue to go-to-market under the Taco brand. Taco will maintain a significant presence in Cranston, Rhode Island.
Company Expects Q3 Sales to Decrease by 4% to 6%
The company expects third quarter sales to be down approximately 4 percent to 6 percent on a reported basis compared to the third quarter of 2025 as we right-size channel inventory in preparation of the 2027 pool season. Q3 consensus $977.46M.
Major Averages Close Higher Led by Tech Stocks
The major averages closed higher as major technology names led broad gains as another round of softer-than-expected inflation data eased concerns that the Federal Reserve may need to tighten policy again this month. The producer price index for final demand fell 0.3% in June, driven by a 1.4% decline in goods prices, while services prices edged up 0.2%. The softer-than-expected report follows Tuesday's encouraging CPI data and is likely to strengthen expectations that the Federal Reserve will leave interest rates unchanged at its July meeting.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:After Reuters said that Stripe and Advent made a joint offer to acquire PayPalfor $60.50 per share, Bloombergthat PayPal is working with advisers to review optionsLionsgateis exploring a sale and has attracted takeover interest from Bollore Group,Morgan Stanleyreported, reauthorized an up to $20B share repurchase program, and increased its quarterly dividendBlackRockreported, with assets under management up 22% year-over-yearPNC Financialprovided areport for Q22. WALL STREET CALLS:Cava Groupto Overweight at Morgan Stanley after recent weaknessOppenheimerIBMto Perform with bull thesis delayedUnusual Machineswith a Buy at H.C. WainwrightDigital Realtyto Buy at GuggenheimTravelersto Underweight at Morgan Stanley3. AROUND THE WEB:Uberis near a deal to acquire Delivery Herofor about EUR 41 per share, or roughly EUR 12.5B, FT reportsMicrosoftis revamping its cybersecurity software business to capitalize on corporate anxieties over AI-powered cyberattacks, The Information saysGooglewill buy 100% of the initial output of a massive solar project to offset its fossil fuel emissions, FT saysApple'sAI service "Apple Intelligence" has been registered to be used in iPhones in China, Reuters reportsJPMorganand Coinbasehave yet to launch any consumer-facing features nearly a year after announcing their partnership, The Information reports4. MOVERS:Electrovayawas higher in New York after announcing aand warrant transaction with AmazonAehr Test Systemsgained afterand providing guidance for FY27Gevoincreased afterPentairfell in New York after announcing theand cutting its guidance for FY26 and Q2SanDiskwas lower after Arguscoverage of the stock with a Hold rating5. EARNINGS/GUIDANCE:Progressivereportedand JuneCintasand provided guidance for FY27ASML, with EPS higher year-over-yearElevance Healthand raised its guidance for FY26, with CEO Gail Boudreaux commenting that Q2 results "exceeded our outlook"Conagra Brandsand provided guidance for FY27INDEXES:The Dow rose 150.37, or 0.29%, to 52,658.64, the Nasdaq gained 162.22, or 0.62%, to 26,269.23, and the S&P 500 advanced 28.81, or 0.38%, to 7,572.40.
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