In last week's preview of machinery earnings, we skipped Pentair. Given today's negative pre-announcement and the disposition of its CFO, we took a look. Our learnings:
- Advan's data and analysis suggest that Pentair Pool business was hit by retail softness in May (since recovered) and the loss of Leslie's business to Hayward.
- The guidance reduction seems unnecessarily large. It's either conservative or there's more to the story.
