Pentair PLC said its first-quarter adjusted profit was flat at 76 cents a share, beating its internal guidance and analysts' forecast.
The company, which is based in the United Kingdom but run out of offices in Golden Valley, said sales were $1.6 billion, up 7 percent from the same period last year.
Analysts forecast sales of $1.56 billion and adjusted earnings of 71 cents per share. Pentair's stock rose nearly 4 percent Tuesday, closing at $58.30.
Excluding adjustments, Pentair earned $107.4 million, or 59 cents a share, down from $113.9 million, or 65 cents a share, a year ago.
"We delivered first-quarter results that exceeded our previously communicated expectations as a result of strong execution across the board," Chief Executive Randall J. Hogan said in a statement.
Last August, Pentair purchased Erico Global Co., an Ohio-based maker of electrical and fastening products, for $1.8 billion. The addition of Erico helped Pentair's technical solutions group report first-quarter sales of $525 million, up 33 percent from the first quarter last year. Hogan said, "The integration of Erico is on track and we remain committed to delivering full-year synergies of greater than $10 million."
Pentair's water systems business produced first-quarter sales of $332 million, up 8 percent from a year ago. Its core sales rose 9 percent. Gains from those two areas were offset by a 4 percent decline in Pentair's flow and filtration group and a 10 percent drop in its valves business.
Pentair said it expects its second-quarter adjusted profit to be in the $1.08 to $1.11 range, up about 2 percent from a year ago. It reiterated its guidance for full-year adjusted profit in the $4.05 to $4.25 range.
Patrick Kennedy • 612-673-7926
