Pentair Adjusted Profit Beats Expectations
MINNEAPOLIS (AP) — Water filtration and industrial company Pentair Inc. posted a fourth-quarter net loss because of an accounting charge, but its adjusted profit was better than analysts had been expecting.
The net loss was $134.1 million, or $1.36 per share, for the quarter that ended Dec. 31. A year earlier it had net income of $46.4 million, or 47 cents per share.
On an adjusted basis it earned 56 cents per share. Analysts surveyed by FactSet had been expecting a profit of 54 cents per share.
Revenue rose 14.8 percent to $865.7 million, from $753.9 million a year ago. Analysts had been expecting $862.3 million.
The net loss was because of an accounting charge of $201 million as it wrote down the value of its residential filtration business because of the ongoing weakness in that business.
The company said it continues to expect 2012 earnings of $2.60 to $2.75 per share, with sales of $3.7 billion to $3.8 billion, which would be up 7 percent to 10 percent from 2011. Analysts had been expecting a full-year profit of $2.66 per share on revenue of $3.72 billion.
For the first quarter, it expects to earn 53 cents to 57 cents per share, and for revenue to grow 13 percent to 15 percent from the same period last year, which would put it at $893 million to $908.8 million.
Analysts had been expecting a first-quarter profit of 57 cents per share on revenue of $893.1 million.
Shares fell 3 cents to $37 in morning trading.
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