* Third-quarter profit ex items $0.64, 1 cent ahead of
* Strong dollar weighs on sales
* Affirms 2015 profit forecast
* Merger with Tyco flow control complicates Q4 outlook
By Nick Zieminski
Nov 1 Pentair Ltd reported a
higher-than-expected profit on Thursday in a report that does
not yet include results from the Tyco International Ltd
flow control business, which merged with the company last month.
Pentair, which makes water treatment systems and thermal
controls, reported net earnings of $30.4 million, or 30 cents
per share, down from $51.1 million, or 51 cents per share, a
Excluding items, Pentair earned 64 cents a share, 1 cent
ahead of Wall Street's estimate, according to Thomson Reuters
Sales fell to $866 million from $891 million, with foreign
exchange accounting for the decline.
Pentair last month merged with Tyco's former flow control
unit, doubling in size and moving the company's incorporation to
Switzerland. Pentair's fourth quarter will include results from
The integration is well under way, and Pentair is on track
to earn $5.00 per share by 2015, it said.
The merger complicates Pentair's forecast. The outlook for
the legacy Pentair business is unchanged, while a larger share
count will affect earnings per share for the combined company.
Pentair forecast fourth-quarter earnings per share of 40
cents to 45 cents. Analysts were looking for 63 cents but it was
not immediately clear whether that number represented an
Results were delayed two days by Hurricane Sandy.