Pentair PLC boosted its earnings forecast for the year Tuesday after reporting third-quarter results that exceeded expectations.
The industrial and residential pump, filtration and valve maker reported earnings from continuing operations of $1.00 a share, which was 6 cents better than analysts' consensus estimates.
Revenue grew to $1.8 billion with strong input from the United States, Latin America and China. Analysts on average had expected $1.77 billion.
In a conference call with analysts Tuesday morning, CEO Randy Hogan attributed the results to lower costs and improvements in the global industrial sector.
"With our third-quarter results exceeding our prior forecast, we are raising our full-year expectations," he said. "The progress we have made in expanding margins based on our ability to deliver on productivity and synergies strengthens our momentum for the future."
Pentair, which is officially based in Ireland but run out of Golden Valley, now expects full-year adjusted earnings of $3.72 to $3.74 a share, above its previous guidance of $3.65 to $3.70 a share.
Pentair officials said fourth-quarter earnings should rise 20 percent to $1.02 to $1.04 per share.
Analysts and company officials noted that Pentair is gaining momentum from a series of cost controls and synergies put into place after its $4.9 billion merger with Tyco Flow Controls in 2012.
