Pentair 1Q profit up on higher prices, cost cuts
MINNEAPOLIS — Water filtration and industrial product maker Pentair Inc. said Tuesday its first-quarter profit rose 20 percent, as higher prices and cost cutting helped offset continued weakness in Western Europe, reports BusinessWeek.
Net income for the three months ended March 31 rose to $60.8 million, or 61 cents per share. That compares with $50.5 million, or 51 cents per share, last year.
Pentair said last month it will combine its operations with Tyco International Ltd''s flow control business in an all-stock deal worth about $4.53 billion, uniting two of the biggest players in water and fluid products systems.
By division, its water and fluid filtration products revenue rose 14 percent to $587 million. The company makes a variety of pumps, filters and systems to treat water for industrial, commercial and residential uses.
In its technical products division, which makes a range of cases and cabinets used to protect sensitive electronics and other products, revenue fell 1 percent to $271 million.
Pentair now expects adjusted 2012 net income to fall in a range between $2.65 and $2.80 per share, up from prior guidance of $2.60 to $2.75 per share. It reiterated revenue guidance of $3.7 billion.
Analysts, on average, expect net income of $2.66 per share, with estimates spanning from $2.60 to $2.70. Wall Street forecasts revenue of $3.79 billion, with estimates from $3.7 billion to $4.68 billion.
For the second quarter, Pentair expects net income of 79 cents to 82 cents per share on revenue of $965 million to $980 million.