Pentair lifts annual profit forecast on price hikes, cost cuts

Pentair

24/10/2023 14:27

Oct 24 (Reuters) - Pentair  PNT.F  raised its full-year
profit forecast on Tuesday, as the water treatment products
maker benefited from higher prices and cost cuts to tackle
inflationary pressures.
    The company provides residential and industrial water
technology products and services to across 150 countries and,
like most other industrial firms, has implemented price
increases to battle soaring costs of labor and raw materials.
    Pentair expects its adjusted full-year profit to be between
$3.70 and $3.75 per share, compared with $3.65 to $3.75 per
share forecast earlier.
    The company expects 2023 sales to be down about 1%, compared
with its prior projection of a 2% fall to being flat.
    It reported adjusted profit per share of 94 cents in the
third quarter, beating average analysts' expectations of 87
cents per share, according to LSEG data.
    Sales for the quarter were $1.01 billion, compared with
analysts' estimate of $992.1 million.

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shilpi
Majumdar)
 ((Aatreyee.Dasgupta@thomsonreuters.com))