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Pentair beats Street 1Q forecasts

MANCHESTER, United Kingdom (AP) _ Pentair PLC (PNR) on Tuesday reported first-quarter net income of $87.8 million.

On a per-share basis, the Manchester, United Kingdom-based company said it had net income of 48 cents. Earnings, adjusted for one-time gains and costs, came to 65 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The diversified industrial manufacturer posted revenue of $1.18 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $1.14 billion.

For the current quarter ending in July, Pentair expects its per-share earnings to range from 97 cents to 99 cents.

The company expects full-year earnings in the range of $3.45 to $3.55 per share.

Pentair shares have climbed 13 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 6 percent. The stock has climbed 10 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PNR at https://www.zacks.com/ap/PNR

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Keywords: Pentair, Earnings Report