Pentair Valves & Controls delivered second quarter 2014 sales of $634 million, up 2% versus the prior year quarter. Backlog increased 2% to $1.4 billion compared to first quarter 2014.
Sales in the Energy vertical, which accounted for roughly 60% of Pentair Valves & Controls revenue in the quarter, were flat. Sales to the oil & gas industry were up 2% while sales to the power industry increased 1%. While sales to the mining industry decreased 8%.
Sales in the Industrial vertical, which accounted for approximately 40% of Pentair Valves & Controls revenue in the quarter, increased 6%.
Pentair Valves & Controls delivered second quarter adjusted operating income of $89 million, up 7% compared to $84 million in the same quarter last year. Second quarter adjusted operating margins increased 60 basis points to 14.1%. Price and productivity more than offset inflation during the quarter. Including repositioning and other charges, Pentair Valves & Controls reported a GAAP operating income of $72 million in the second quarter.