โ ๏ธ Pentair $PNR tanks -21% โ pool destocking wipes out sales, guidance slashed, CFO out
Pentair (PNR) is one of Wednesday's biggest wipeouts, plunging 20%+ after Q2 sales came in at ~$930M vs. a $1.14B consensus โ a pool channel inventory glut alone hit revenue by ~$170M. Management slashed full-year EPS guidance to $4.60โ$4.80 (from $5.30โ$5.40), and CFO Nicholas Brazis departed July 10; interim CFO Bob Fishman is now in the seat. RBC just downgraded the stock on top of it all. Is the pool destocking cycle nearing a bottom, or is there more pain ahead? Not financial advice.
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