Pentair PLC revealed its guidance for the full 2015 year Wednesday, saying that profits are expected to surge by a double-digit percentage.

The company said it expects adjusted earnings of $4.20 to $4.35 a share, which is 13 to 17 percent higher than the midpoint of 2014 results. The average estimate among analysts for Pentair's 2015 profit was $4.39 a share.

The pump, valve and filtration equipment maker expects sales to grow 2 to 4 percent to roughly $7.2 billion in 2015.

"While we expect modest global GDP growth next year, we expect to deliver another year of solid margin expansion, EPS growth and free cash flow well in excess of net income," said CEO Randy Hogan during a conference call with Wall Street analysts Wednesday morning.

Shareholders were pleased and sent the stock up nearly 5 percent. It closed up $2.75 at $63.71 a share Wednesday.

Hogan reiterated that 2014 adjusted earnings are expected to grow 22 percent to reach $3.72 to $3.74 a share. Fourth-quarter adjusted earnings are expected to grow 20 percent to reach $1.02 to $1.04 a share.

While 2014 annual and fourth-quarter results will be officially released next month, Hogan said, "We had another successful year of integration and made significant progress in expanding our operating margins, generating strong free cash flow and returning cash to shareholders."

Pentair is based in Ireland but managed in Golden Valley.

In recent months, Pentair's profit margins gained momentum from cost controls and synergies after its $4.9 billion merger with Tyco Flow Controls in 2012.

Sales in some divisions were not as robust during the third quarter. Company executives cited delays from energy customers, sluggish municipal orders and a slowdown in the agricultural equipment sector.

Dee DePass • 612-673-7725