Pentair Inc. (PNR) reported third quarter net income attributable to the company of $36.95 million or $0.38 per share, compared to $41.12 million or $0.41 per share last year.
Net income from continuing operations attributable to Pentair Inc. declined to $37.03 million or $0.38 per share from $42.90 million or $0.43 per share a year ago.
Adjusted earnings per share for the quarter were $0.42, down 25% from $0.56, a year earlier. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.41. Analysts' estimate typically exclude one-time items.
Total company sales fell 23% to $663 million from $856 million in the year-ago quarter. Eleven analysts estimated revenues of $679.65 million.
Looking ahead, the company expects fourth quarter earnings per share to be in the range of $0.37 to $0.41. The company predicts fourth quarter adjusted earnings per share to be $0.40 to $0.44 or essentially flat with the year ago quarter. Fourth quarter sales are expected to be down about 14%. Analysts expect fourth quarter earnings per share of $0.44 on revenues of $683.37 million.
The company updated its full year reported 2009 earnings per share guidance to $1.25 to $1.29. The company estimates full year adjusted earnings per share of between $1.40 and $1.44 or down about 35% year over year. Analysts expects the company to report earnings of $1.42 per share for 2009.
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