Watch Live

Tweet TWEET

Pentair Surges as Energy Demand Buoys Valves, Controls Business

Pentair Ltd. (PNR), a water and filtration system provider, said fourth-quarter sales rose 9.5 percent to $1.92 billion, topping analysts’ estimates, as U.S. energy demand buoyed its valves and controls business.

The shares surged as much as 8 percent to $77.78 in New York and traded at the biggest intraday gain in six months of $74.34 at 2:15 p.m. local time. Pentair acquired Tyco International Ltd.’s flow-control division in 2012.

Pentair reported earnings of $158.2 million compared with a year-earlier loss of $273.1 million that included charges from adding Tyco’s pipe and valve business. “Pentair had a very good year with an extremely strong fourth quarter,” Randall Hogan, chairman and chief executive officer, said in a statement.

To contact the reporter on this story: Randall Hackley in London at rhackley@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.