Pentair Surges as Energy Demand Buoys Valves, Controls BusinessRandall Hackley
Pentair Ltd., 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.