UPDATE 2-Pentair beats Street in quarter, raises forecast

* Adjusted Q3 EPS 47 cts tops 43 ct analyst average

* Hikes 2010 profit view to $1.75-$1.90/shr
(Adds comparison with estimates, sales)

BOSTON, Feb 2 (BestGrowthStock) – Diversified U.S. manufacturer
Pentair Inc (PNR.N: ) posted fourth-quarter earnings that topped
Wall Street’s expectations and raised its full-year forecast,
as the effects of cost-cutting offset a fall in sales.

The maker of water filters, electrical enclosures and other
industrial equipment said on Tuesday that fourth-quarter net
profit came to $29.4 million, or 29 cents per share.

Factoring out 18 cents per share of restructuring charges,
profit would have been 47 cents per share. On that basis,
analysts on average had expected 43 cents per share, according
to Thomson Reuters I/B/E/S.

A year earlier, the company posted net income of $4.6
million, or 5 cents per diluted share, a year earlier. That
figure included a $14.4 million loss related to discontinued
operations.

Sales came to $702.3 million, down 8.5 percent.

Pentair raised its 2010 profit per share forecast to a
range of $1.75 to $1.90, up from a December forecast of “at
least” $1.70 per share. The new forecast would represent growth
of about 19 to 29 percent, versus adjusted 2009 results, the
company said.

For the first quarter, it expects to earn 32 cents per
share to 35 cents per share.

Stock Market Trading

(Reporting by Scott Malone; Editing by Derek Caney and Gerald
E. McCormick)

UPDATE 2-Pentair beats Street in quarter, raises forecast