News Column

Pentair closes strong year on upbeat note

January 28, 2014

By Evan Ramstad, Star Tribune (Minneapolis)

Jan. 28 -- Pentair Ltd. said Tuesday its fourth-quarter adjusted profit rose solidly as sales continued to rise fastest in the energy unit of its valves and controls business. Executives reaffirmed the company's outlook for 2014, which it issued last month and calls for a 22 percent jump in adjusted earnings and a sales bump in the range of 3 percent to 5 percent. The company's shares rose about 2 percent in morning trading. Pentair said its adjusted earnings per share amounted to 86 cents a share, above analysts' forecasts of 84 cents and its own range of 83 to 85 cents . That represents a 62 percent jump from the year-earlier performance of 53 cents . The figure excludes costs related to Pentair's acquisition in 2012 by Swiss-based Tyco Flow Control for $4.5 billion , a move that resulted in the company's legal headquarters relocating to Schaffhausen, Switzerland , while most operations remain based in Golden Valley . The adjusted figure also excludes a "mark to market" adjustment of pension costs and certain impairments and gains. Pentair said its sales and operating income grew fastest in its valves and controls business, which has benefited from the energy boom in the U.S. The unit saw its sales rise 19 percent and adjusted operating income grow 88 percent in the quarter. In valves and controls, sales to energy-related customers grew faster than other industrial customers. The company's largest business, providing water and fluid solutions for residential and commercial customers, saw a 6 percent jump in sales and a 28 percent jump in adjusted earnings. " Pentair had a very good year with an extremely strong fourth quarter," Randall Hogan , the company's chairman and chief executive, said in a statement. Evan Ramstad -- 612-673-4241 ___ (c)2014 the Star Tribune (Minneapolis) Visit the Star Tribune (Minneapolis) at Distributed by MCT Information Services

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Source: Star Tribune (Minneapolis, MN)

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