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.