Pentair results beat expectations on strong demand for fresh water tech

Pentair

31/01/2023 13:23

Jan 31 (Reuters) - Pentair Plc  PNR.N , which provides
water treatment technology, reported better-than-expected
quarterly profit and revenue on Tuesday, aided by strong demand
for fresh water.
    Companies have been pressing into global demand for fresh
water as worsening risks around scarcity of the resource has
pushed policymakers and business leaders to back global
initiatives to secure steady supply.
    Pentair expects 2023 adjusted profit to be in the range of
$3.50 to $3.70 per share, compared with the average analyst
estimate of $3.59 per share, as per Refinitiv data.
    Last year, Pentair bought ice-making company Manitowoc Ice
from Welbilt Inc  WBT.N  for $1.6 billion to expand its
filtration and ice solution offerings.
    The company reported an adjusted profit of 82 cents per
share for the quarter through December, compared with analysts'
average estimate of 79 cents.
    While Pentair has benefited from price hikes to outpace
higher costs, ongoing supply chain disruptions continue to
hamper a full-scale recovery of the industry.
    The company's fourth-quarter net sales rose 1.4% to $1
billion, exceeding analysts' expectations of $989.6 million.
 (Reporting by Priyamvada C in Bengaluru; Editing by Maju
Samuel)
 ((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))