Pentair lifts annual profit forecast on price hikes, cost cuts
Oct 24 (Reuters) - Pentair 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)
