* Q4 EPS cont ops $0.49 vs. $0.46 expected
* Revenue up 7 pct to $754 mln
* Sees Q1 EPS $0.42-$0.45 (Adds first-quarter forecast, quote)
NEW YORK/BOSTON, Feb 1 Diversified U.S. manufacturer Pentair Inc (PNR.N) reported a 59 percent rise in quarterly earnings, beating Wall Street expectations.
The maker of filters used by industry and in swimming pools, reported a fourth-quarter profit of $46.4 million, or 47 cents per share, compared with $29.2 million, or 29 cents per share, a year earlier.
Earnings from continuing operations were 49 cents per share, 3 cents higher than analysts expected, according to Thomson Reuters I/B/E/S.
Sales rose 7 percent to $754 million, helped by demand for the company's water systems in emerging markets. Analysts had forecast revenue of $739 million.
Water sales jumped 42 percent in China.
The company warned that it expected to face higher commodity prices this year.
"Pricing actions were announced in the fourth quarter with realization beginning during the first quarter, helping to mitigate expected 2011 commodity inflation," said Chief Executive Randall Hogan, in a statement.
The Minneapolis-based company said it expects to report first-quarter profit between 42 cents and 45 cents per share. Analysts had looked for 45 cents per share. (Reporting by Nick Zieminski in New York and Scott Malone in Boston; Editing by Lisa Von Ahn, Dave Zimmerman)