CORRECTED - UPDATE 1-Pentair profit matches Wall St forecasts

Tue Apr 27, 2010 8:18am EDT

(Corrects billion to million in 4th paragraph)

NEW YORK, April 27 (Reuters) - Diversified U.S. industrial company Pentair Inc (PNR.N) reported a doubling in first-quarter profit that matched expectations, amid improving housing markets and strong international demand, and kept its full-year outlook steady.

The maker of water filters, electrical enclosures and other equipment said net earnings rose to $35.3 million, or 36 cents per share, from $17.3 million, or 18 cents per share, a year earlier.

Earnings from continuing operations, at 35 cents per share, matched Wall Street forecasts, according to Thomson Reuters I/B/E/S.

Revenue rose 12 percent to $707 million.

Pentair said markets were recovering and emerging markets were strong. It repeated its 2010 earnings forecast of $1.75 to $1.90 per share, compared with analysts' estimates of $1.88. (Reporting by Nick Zieminski; Editing by Lisa Von Ahn, Dave Zimmerman)

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