Pentair Ltd. (PNR) reported that its first-quarter net income attributable to the company declined to $52 million or $0.25 per share, from $62 million or $0.62 per share in the same quarter last year.
Adjusted first quarter 2013 earnings per share were $0.58, up 7 percent from adjusted pro forma earnings per share of $0.54 in the first quarter of last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $1.77 billion from $858 million in the prior year quarter. Thirteen analysts had consensus revenue estimate of $1.80 billion for the quarter.
The quarterly dividend effective for the first and second quarters of 2013 is $0.23 per share per quarter. The company said it is seeking authorization from its shareholders at its 2013 annual general meeting of shareholders to increase the dividend to $0.25 per share per quarter for each of the third and fourth quarters of 2013 and the first and second quarters of 2014.
The company anticipates second quarter 2013 adjusted earnings per share in the range of $0.88 to $0.91. The company expects second quarter 2013 revenue to be approximately $1.9 billion, which is up slightly compared to second quarter 2012 adjusted pro forma revenue and up significantly versus historical second quarter 2012 revenue of $942 million. Analysts expect the company to report earnings of $0.90 per share on revenues of $1.97 billion for the second-quarter.
The company continues to expect full year 2013 adjusted earnings per share to be between $3.10 and $3.30, which represents an increase of approximately 22 to 30 percent from 2012 adjusted pro forma earnings per share of $2.54. The company still anticipates full year 2013 sales to approximate $7.6 billion, or up approximately 3 to 5 percent over 2012 adjusted pro forma sales. Analysts expect the company to report earnings of $3.20 per share on revenues of $7.63 billion for fiscal 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.