Count Pentair PLC as the latest victim of the global downturn in oil production and energy consumption.
As it previously warned, Pentair reported weak first-quarter earnings, citing an economic head wind that "feels like a global spending pause."
The maker of industrial and residential pumps, filters and valves said first-quarter sales of $1.5 billion were down 10 percent from a year earlier and that earnings per share from continuing operations were down 8 percent to 65 cents. Net income for the quarter was $113.9 million, compared with $118.6 million a year earlier.
The company's biggest drop-off came in its valve and control division, which serves the oil and energy sector, where sales sank 19 percent to $429 million.
"We expect a challenging pricing environment," CEO Randy Hogan said of sales prospects in 2015 and 2016, especially in the energy category.
As recently as December, Pentair executives said they were expecting double-digit growth in profits in 2015, an estimate that was greatly scaled back in light of Tuesday's report.
Instead of earnings per share this year of $4.20 to $4.35, the company said 2015 earnings per share would be in the neighborhood of $3.80.
"We started the year much slower than we had originally anticipated, as a decline in oil prices and the strengthening dollar have led many of our customers to delay business," Hogan said during a conference call and in a statement to analysts. "We believe that Pentair is in the right markets for the long term, and we have detailed plans in place to work through anticipated near-term challenges."