PNR: Negative 2Q/FY26 Guidance Update Driven by Deteriorating Pool Market

研报英文原文证据摘录

PNR: Negative 2Q/FY26 Guidance Update Driven by Deteriorating Pool Market

Electrical Equipment & Multi-Industry

FLASH

FLASH: PENTAIR PLC (PNR) July 15, 2026

PNR: Negative 2Q/FY26 Guidance Update Driven by Rating:

Deteriorating Pool Market Peer Perform

Price:

PNR pre-announced 2Q results with a heavy miss vs. plan (HERE), driven by $75.68

deteriorating Pool market conditions. The company also took a big bite out of FY26 Price Target:

NAguidance and announced that its CFO has departed for another opportunity (with a

private company) and will be replaced by recently retired CFO Bob Fishman, on an Source: FactSet, Wolfe Research

interim basis. Priced as of 07/14/26

This is what was announced and our take:

●2Q26 sales expected to be $930m, down -17% Y/Y, vs prior guidance of about

$1.13bn (+1%). The PR notes that this was mostly driven by the Pool segment,

which implies Pool sales of ~$222m, down -48%. Nigel Coe, CPA; CFA

●2Q26 Adjusted Operating Income now at $235m, or $200m excluding the ncoe@wolferesearch.com(646) 582-9259

impact of IEEPA refunds that have been included in the guide. This is an View Nigel’s Research

adjustment of about $90m on a $205m sales delta - a decremental margin of View PNR Model

View Comp Table 44%.

●FY26 sales now in the range of $3.88-4.01bn (down 4-7%) vs prior Bradbhewitt@wolferesearch.comHewitt

$4.28-4.33bn guidance. Assuming this all falls in the Pool segment (Water (646) 582-9256

Solutions/Flow tracking in line), this implies Pool sales of about $1.25bn, down Aidan Harmon

- 20% Y/Y. aharmon@wolferesearch.com646-582-9274

●2026 Adjusted Operating Income now at $883m, at the midpoint of the down Elijah Muller

5-9% guidance range and excluding $35-50m of IEEPA refunds. This compares emuller@wolferesearch.com