Pentair expects modest sales growth in 2013
Nov 28, 2012 (Star Tribune (Menafn - Minneapolis) - McClatchy-Tribune Information Services via COMTEX) --Pentair Ltd. offered its first post-merger glimpse into 2013 Tuesday, saying it expects slight sales growth, 7.7 billion in combined revenue and full-year earnings of 2.58 to 2.78 per share.
Excluding costs associated with its September merger with Tyco's flow controls business, the manufacturer of water filtration, pumps and thermal equipment said 2013 earnings should reach 3.10 to 3.30 a share.
The forecast was shared during an investors' meeting in New York Tuesday. Pentair is now officially headquartered in Switzerland but is managed out of Golden Valley.
Before the Tyco deal, Pentair said it expected 2012 sales would rise to 3.7 billion and that earnings would reach 2.60 to 2.75 a share. Pentair was hurt during the housing collapse as sales of residential sump pumps, water softeners, filtration and pool and spa equipment sales suffered.
With Swiss-based Tyco Flow Control in the fold, the new Pentair doubled in size and gained a business that broadened its offering in flow controls and industrial water processing.
Pentair said it expects to reach a profit goal of 5 per share by 2015.
CEO Randy Hogan and other company officials reaffirmed Pentair's adjusted annual profit forecast of 2.30 to 2.35 per share and their fourth quarter adjusted earnings estimate of 40 to 45 cents per share. Pentair's stock closed Tuesday at 47.60, down 20 cents a share.
Dee DePass --612-673-7725 --email@example.com Thomas Lee --612-673-4113 --firstname.lastname@example.org
___ (c)2012 the Star Tribune (Minneapolis) Visit the Star Tribune (Minneapolis)
at www.startribune.com Distributed by MCT Information Services
Copyright (C) 2012, Star Tribune (Minneapolis)