(Reuters) -UK-based water technology company Pentair reported better-than-expected quarterly profit and revenue on Tuesday, as sales growth in industrial technologies and pool segments offset declines
Pentair Surpasses Q3 Expectations Driven by Strong Pool and Industrial Sales
Pentair's Financial Performance Overview
(Reuters) -UK-based water technology company Pentair reported better-than-expected quarterly profit and revenue on Tuesday, as sales growth in industrial technologies and pool segments offset declines in the water solutions segment.
Revenue and Profit Analysis
The London, UK-based company posted third-quarter revenue of $1.02 billion, slightly above analysts' estimates of $1.01 billion, according to data complied by LSEG.
Future Earnings Forecast
Net income rose to $184.3 million, or $1.12 per share, for the quarter ended September 30, from $139.6 million, or 84 cents per share, a year earlier.
Leadership Changes
On an adjusted basis, the company reported a profit of $1.24 per share, above estimates of $1.18 per share.
Pentair manufactures filtration systems for residential and industrial use across 150 countries, along with water pumps for flood control, fire suppression and homes. It also produces heating systems, pumps, and LED lighting for swimming pools.
The company raised its full-year adjusted earnings forecast to a range of $4.85–$4.90 per share, representing about 13% growth from last year.
Pentair also announced that finance chief Bob Fishman will step down effective March 1, after six years in the role. He will be succeeded by Nick Brazi, currently vice president of corporate development.
U.S. listed shares of the company were up 2.5% to $111.99 before markets open.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Leroy Leo)
