Pentair second-quarter profit tops forecasts

NEW YORK (Reuters) - Diversified U.S. manufacturer Pentair Inc (PNR.N) said on Tuesday quarterly profit more than doubled, largely reflecting a gain from a deal to combine residential water filtration businesses with a unit of General Electric Co (GE.N).

Second-quarter net profit came to $138.7 million, or $1.39 per share. A year earlier, Pentair earned $62.1 million, or 62 cents per share.

Excluding items, earnings were 68 cents per share. That was 2 cents higher than the average Wall Street forecast, according to Reuters Estimates.

Sales rose 1 percent to $910 million, below forecasts of $926 million.

Sales and operating profit in Pentair's water group were down as weakness in the U.S. swimming pool business offset international strength. But its technical products group boosted sales and profits, partly reflecting demand in global energy markets.

Minneapolis-based Pentair said it expects strength to continue in its nonresidential and international water businesses as well as in its technical products segment, and is taking steps to control its cost structure.

Pentair said it expects third-quarter earnings before charges of 51 cents to 53 cents per share and full-year profit before items of $2.28 to $2.33 per share.

It was not immediately clear whether those ranges were directly comparable with current estimates of 59 cents and $2.35 per share, respectively.

(Reporting by Nick Zieminski; Editing by Mark Porter and Lisa Von Ahn)