Pentair Falls After First-Quarter Forecast Disappoints
Pentair Ltd. (PNR), a water filtration and flow-control company, fell the most in three months after forecasting first-quarter earnings lower than analysts’ estimates.
Shares fell 2.8 percent to $51.35 at the close in New York, the most since Oct. 23.
Pentair, which was formed when Pentair Inc. merged with Tyco International Ltd. (TYC)’s flow-control unit last year, sees first-quarter revenue of $1.8 billion, or adjusted earnings-per- share of 54 to 56 cents, according to a statement today. This is below the $1.86 billion, or 68 cents a share, average estimate of eight analysts compiled by Bloomberg.
“The fourth quarter results were in line with expectations and marked the end of a historical transformational year for Pentair,” Chairman and Chief Executive Officers Randall Hogan said in the statement.
Fourth-quarter revenue more than doubled to $1.75 billion from $866 million a year ago taking into consideration the Tyco flow-control deal, according to the statement. Revenue for 2012 increased 28 percent to $4.4 billion compared with a year earlier. The company said 2013 sales would be about $7.6 billion.
Pentair is incorporated in Switzerland for tax reasons and has its main offices in Minneapolis.
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