NEW YORK (Thomson Financial) - Pentair Inc. Monday said third-quarter
adjusted earnings rose to $100 million, or 53 cents, up 29% from the same period
last year and surpassing the mean estimate of analysts polled by Thomson
Financial for earnings of 50 cents a share.
Third-quarter sales increased 8% to $838 million from $778 million in the
previous year, which the company attributed to increased business diversity and
a stronger international presence. Analysts had expected $841 million.
The company also cited strong growth in its technical products business
which allowed it to exceed the third-quarter guidance provided last July.
Pentair raised its fiscal 2007 guidance to adjusted earnings of $2.03 to
$2.07 a share.
The mean estimate of analysts polled by Thomson Financial is for fiscal 2007
earnings of $2.02.
The company also provided guidance for fiscal 2008, which anticipates sales
growth of 4% to 5% and net earnings of $2.25 to $2.40.
Analysts' consensus view is for fiscal 2008 earnings of $2.33 a share.
Shares of the pump and filtration products manufacturer company closed
Monday at $32.60.
Melinda Peer
mp/pc
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