Pentair Ltd., the Golden Valley maker of industrial pumps and valves, raised its 2014 earnings guidance Tuesday, saying it expects 2014 earnings per share of $3.85 to $4.
The company said that estimate was 20 to 25 percent higher than the midpoint of the 2014 projection it issued six months ago. Analysts have been expecting 2014 earnings of $3.96.
Pentair, which was acquired in 2012 by Swiss-based Tyco Flow Control for $4.5 billion, said it expects its 2014 sales to be about $7.7 billion. Analysts have been expecting $7.74 billion.
For the fourth quarter, Pentair expects earnings in the range of 83 to 85 cents a share, and for the full year 2013 it projects earnings of $3.19 to $3.21. Analysts have been expecting fourth-quarter earnings of 85 cents a share, and full-year earnings of $3.20.
Pentair stock closed Tuesday at a 52-week high of $72.83 on the New York Stock Exchange, up $1.23, or 1.7 percent.
Steve Alexander
