NEW YORK (AP) -- Pentair Ltd. said Tuesday its net income more than doubled in the second quarter following its tie-up with Tyco International's flow-control business.
Pentair combined its business with the Tyco International Ltd. unit in late September. The company said revenue from largest division, water and fluid solutions, improved compared to last year, and it raised its profit guidance for 2013.
Pentair earned $154.1 million, up from $72.7 million a year ago. Earnings per share only edged up to 75 cents from 72 cents after Pentair's shares outstanding doubled year over year, diluting its per-share profit.
Excluding one-time items the company said its income totaled 92 cents per share.
Revenue rose to $1.96 billion from $941.5 million.
Analysts were expecting net income of 90 cents per share and $1.95 billion in revenue, according to estimates compiled by FactSet.
The company said water and fluid solutions revenue rose 41 percent to $949.8 million. Residential and commercial sales were boosted by the Tyco deal and the housing recovery in North America, while the food and beverage division reported greater sales to agriculture, beverage, and food service customers. Pentair reported $620 million from the valves and controls business. It said technical solutions revenue grew 49 percent to $397.4 million.
Pentair said technical solutions revenue fell if the effects of the Tyco deal are excluded.
For the full year the Switzerland-based company now says it expects to earn $3.15 to $3.25 per share, up from its previous estimate of $3.10 to $3.30 per share, with annual revenue of $7.5 billion.
Analysts expect $3.23 per share and $7.54 billion in revenue, on average.
Shares of Pentair fell 68 cents to $59.75 in afternoon trading.
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