Pentair PLC lowered its guidance for fiscal 2015 Tuesday, citing the soaring value of the U.S. dollar and softer product demand from the oil and gas sector.

The company, which is headquartered in Ireland but mostly run out of Golden Valley, now expects 2015 earnings of $4.10 to $4.25 per share. That's down from $4.20 to $4.35 per share.

CEO Randy Hogan said in a conference call Tuesday with analysts that the stronger U.S. dollar — which makes exports more expensive — "has created additional foreign currency translation head winds."

In addition, Pentair — which makes industrial and residential pumps, valves and filtration equipment — was set to supply products for major projects that energy customers have postponed.

As a result, total sales for 2015 are expected to drop 2 percent to $6.9 billion. In response, Pentair is restructuring and cutting costs in an effort to maximize profits, Hogan said.

Pentair's new guidance was reported along with the company's fourth-quarter and 2014 results.

Fourth-quarter earnings fell 18 percent to $129 million, or 74 cents a share. However, excluding acquisition and restructuring costs, adjusted earnings grew 10 percent to $189 million, or $1.06 a share, beating analysts' expectations by 3 cents a share.

Pleased investors sent Pentair shares up 2 percent, or $1.41 a share, to close Tuesday at $65.69.

The earnings boost came despite fourth-quarter sales that fell 2 percent to $1.8 billion, just shy of the $1.85 billion analysts expected. Analysts said they were impressed that Pentair increased adjusted profits amid tough economic conditions and exchange rates.

For the quarter, Pentair's largest division, valves and controls, saw profits jump 30 percent, even as sales slumped 6 percent to $613 million. "On the upstream side, [customers] are really looking at their budgets closely," Hogan said. He noted the "substantial uncertainty" in the energy industry but said that could change in 2016.

Pentair, which doubled in size following the 2012 merger with Tyco Flow Control, is now benefiting fully from the Tyco addition, Hogan said. After two years of synergistic cost-cutting and restructuring, full-year 2014 sales grew 0.05 percent to $7 billion.