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Pentair Raises First Quarter 2002 EPS Expectations 15% as Stronger Sales Combine with Improved Cost Productivity to Boost Performance

March 13, 2002
ST. PAUL, Minn., Mar 13, 2002 /PRNewswire-FirstCall via COMTEX/ -- Pentair (NYSE: PNR) today raised its expectations for first quarter 2002 earnings per share (EPS) by approximately 15 percent over previous guidance issued February 7, 2002. The Company's revised guidance is now targeting first quarter 2002 EPS in the $0.35 to $0.40 range, and full-year 2002 EPS in the $2.75 to $2.85 range. Previous guidance targeted a range of between $0.30 and $0.35 per share for the first quarter and $2.70 to $2.80 for the full year. Pentair also said that first quarter 2002 free cash flow is expected to improve significantly over that of the same period last year.

"Our new tool product introductions and improved market conditions are propelling first quarter sales in our Tools business beyond our expectations," said Randall J. Hogan, Pentair president and CEO. "With favorable cost productivity achieved in the Tools segment during the last two years, and the increased leverage from higher sales, we are seeing improved earnings versus our earlier expectations. Together with our excellent cash flow performance, this trend lends real confidence to our prospects for a strong first quarter performance."

Pentair will announce its first quarter 2002 results on April 16, 2002.

Pentair is a St. Paul-based manufacturer whose core businesses compete in tools, water technologies, and enclosures markets. The company employs 11,500 people in more than 50 locations around the world.

Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as continued economic growth; retail and industrial demand; product introductions; pricing and other competitive pressures; and the ability to successfully strengthen our management. Forward-looking statements included herein are made as of the date hereof and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Contact: Mark Cain for Pentair, Inc., +1-651-639-5278.