UPDATE 2-Pentair profit matches Wall St forecasts
* Q1 share ex-items 35 cents, matches expectations
* Revenues rise to $707 million
* Leaves 2010 forecast unchanged
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.
Its pool sales, focused on the U.S. market, rose 25 percent, reflecting the addition of new distributors and restocking by customers.
"It was a nice report," said Canaccord Adams analyst John Quealy. "It's good to see residential demand picking back up, because that's what's needed for the stock.
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.
Quealy said Pentair is a conservative company in terms of managing expectations and was likely to update its outlook with its next earnings report in June.
Pentair's competitors include GE (GE.N) , Danaher (DHR.N), Nalco NLC.N, Badger Meter (BMI.N) and Watts Water Technologies (WTS.N). (Reporting by Nick Zieminski, editing by Dave Zimmerman)
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