Pentair cuts '09 guidance, issues 4Q forecast

Pentair sees 4th-quarter profit below Wall Street, cuts 2009 forecast on poor economy

• On 10:34 am EDT, Tuesday October 20, 2009

MINNEAPOLIS (AP) -- Pentair Inc., which makes systems to treat and store water, on Tuesday issued initial guidance for the fourth quarter and lowered its full year 2009 earnings-per-share forecast following a 13 percent decline in third-quarter profit.

The economic downturn has cut demand for the pumps and filters Pentair makes.

For this year, the company reduced its profit forecast to a range of $1.25 to $1.29 per share. The company previously projected profit of at least $1.40 per share. Analysts polled by Thomson Reuters expect profit of $1.42 per share.

In the fourth quarter of this year, Pentair expects earnings per share of 37 cents to 41 cents, less than the 43 cents per share analysts anticipate.

"Our fourth-quarter EPS guidance demonstrates the results of our structural cost savings as we expect earnings to be flat year over year with higher operating margins despite anticipated sales declines," said CEO Randall J. Hogan.

In morning trading, the stock fell $1.88, or 5.6 percent, to $31.75. Over the last 52 weeks, shares have ranged from $17.23 to $33.92.