WASHINGTON (dpa-AFX) - Pentair, Inc. (PNR) reported Tuesday first-quarter net income attributable to the company of $60.81 million or $0.61 per share, higher than $50.54 million or $0.51 per share in the previous year.
Adjusted earnings were $0.64, up 23 percent over $0.52 per share in the prior-year quarter. On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.56 per share for the quarter. Analysts estimates typically exclude special items.
Net sales for the quarter grew 9 percent to $858.18 million from $790.27 million in the same quarter last year. Analysts estimated revenues of $899.27 million for the quarter.
Randall Hogan, chairman and chief executive officer of the company said, 'Despite continued softness in Western Europe and lower flood-related residential pump sales, we delivered another quarter of strong operating performance. Excellent execution of pricing and productivity initiatives, coupled with the benefits from our repositioning efforts, drove adjusted operating margins higher as we continue to invest in the innovation, brands and global capabilities that we believe position us well to deliver long-term sustainable growth.'
Looking ahead to the second quarter, the company expects earnings per share to be in the range of $0.79 to $0.82, up 5 to 9 percent versus the same quarter last year. Second quarter 2012 sales are expected to be up 6 to 8 percent over last year's quarter to a range of $965 million to $980 million.
Analysts expect the company to earn $0.79 per share, on revenues of $979.76 million for the quarter.
For the full year, the company now expects adjusted earnings per share to be in the range of $2.65 to $2.80, up from the prior outlook of $2.60 to $2.75 per share.
Sales for the year are anticipated to be about $3.7 billion. Earlier, revenues were expected to be between $3.7 billion and $3.8 billion. Analysts are looking for earnings of $2.66 per share, on revenues of $3.73 billion.
The company noted that both the full year and second quarter outlook do not include any future impact from the pending merger with Tyco International's Flow Control business.
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