What caused PEG's Q2 2024 earnings to exceed forecasts?

Pentair's (PNR) Q2 2024 earnings exceeded forecasts due to several key factors:

1. **Price Hikes and Revenue Growth**: Pentair's water purifier price hikes contributed significantly to the better-than-expected quarterly profit. This strategic move, coupled with strong revenue growth in the Flow segment driven by IIJA funding and robust end-market demand, bolstered the company's financial performance.
2. **Segment Performance**: The company's commercial and pool segments exhibited robust performance, which was a key driver for the overall earnings beat. Despite headwinds in the residential market, Pentair's focus on these segments, along with effective management, paid off.
3. **Strategic Initiatives**: Pentair's initiatives, such as channel inventory destocking in the Pool segment, are expected to have a positive impact on revenue growth moving forward. This proactive approach to managing inventory and tapping into new market opportunities likely contributed to the company's strong earnings.

In summary, Pentair's Q2 2024 earnings exceeded forecasts due to a combination of price hikes, strong revenue growth in key segments, and strategic initiatives that have positioned the company for continued success.