Pentair, Ingersoll warn conditions worsening

* Pentair 2009 profit to tumble, to cut 10 pct of jobs

* Ingersoll-Rand cuts Q4 view to $0.20-$0.30 a share

* Pentair shares down 4 pct, Ingersoll slides 3 pct

(Recasts lead, adds quotes, stock action, changes dateline from NEW YORK)

BOSTON (Reuters) - Diversified U.S. manufacturers Ingersoll-Rand Co (IR.N) and Pentair Inc (PNR.N) warned investors that fourth-quarter business conditions had been even more brutal than they had expected, sharply cutting their profit forecasts.

Pentair, which makes filters and electrical enclosures, went a step further and said it would cut about 1,600 jobs -- or over 10 percent of its workforce -- as it braces for a 15 percent drop in profit next year.

"The speed and impact of sluggish demand in global markets and consumer spending has had a deeper impact on our orders and sales volumes than we previously expected," said Randy Hogan, Pentair's chief executive. "Given the uncertain depth and length of the global recession, our 2009 outlook reflects our expectation that volumes across our four global business segments will decline."

Pentair joins a growing list of U.S. industrials, including United Technologies Corp (UTX.N), Honeywell International Inc (HON.N) and General Electric Co (GE.N) that have warned Wall Street profit could tumble next year as recession spreads across North America and Europe.

UBS analyst Jason Feldman, who had cut his 2008 estimate on Pentair ahead of the news said the revision was "not very surprising" in light of other companies' recent forecast cuts.

Shares of Pentair fell $1.08, or 4 percent, to $23.81 and Ingersoll slid 51 cents, or 3 percent to $15.84 in early trading on the New York Stock Exchange.

BY THE NUMBERS

Pentair cut its view for fourth-quarter earnings per share to a range of 40 cents to 42 cents, down from the 52 cents to 55 cents it had previously expected and below the 53 cents per share analysts were expecting.

Sales are now seen at about $770 million, down from the $840 million it had forecast.

It plans to accelerate its restructuring moves by freezing hiring and annual salary increases, aggressively reducing indirect costs and adjusting capital expenditure levels.

Pentair also set its initial 2009 profit target, looking for earnings of $1.70 per share to $2 per share, which at its midpoint would represent a decline of about 15.9 percent from its lowered forecast for this year. It forecast a 2009 sales slide of 8 to 10 percent.

Ingersoll, which makes climate-control systems, slashed its fourth-quarter earnings forecast by more than half, down to a range of 20 to 30 cents per share from 55 to 75 cents per share, excluding restructuring costs and costs associated with its acquisition of air conditioner company Trane.