Pentair Ltd. said Tuesday its fourth-quarter adjusted profit rose solidly as it continued to benefit from booming production of oil and gas in the U.S.
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 to 5 percent.
The company's shares finished the day 3.9 percent higher on the New York Stock Exchange.
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, driven heavily by demand from energy producers. The unit saw its sales rise 19 percent and adjusted operating income grow 88 percent in the quarter.
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," said Randall Hogan, the company's chairman and chief executive, in a statement.