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Pentair Raises Second Quarter 2002 EPS Expectations as Tools and Water Technologies Sales Rise, Margins Improve Company-wide

June 11, 2002
ST. PAUL, Minn., Jun 11, 2002 /PRNewswire-FirstCall via COMTEX/ -- Pentair (NYSE: PNR) today raised its expectations for second quarter 2002 earnings per share (EPS) to approximately $0.85 while narrowing the range of earnings anticipated in FY2002 to between $2.80 and $2.90. Previous guidance targeted a range of $0.75 to $0.80 for second quarter EPS and $2.75 to $2.90 for 2002 EPS. Pentair will announce its second quarter 2002 results on July 23, 2002.

"In the second quarter, margins have continued to improve across the Company, volumes in both the Tools and Water Technologies groups are rising, and we have seen particularly strong seasonal sales of pressure washers and pool and spa equipment," said Pentair Chairman and CEO, Randall J. Hogan. "These factors, together with strong cash flow generation, point to what may become our best quarterly results in two years."

Hogan noted that capital spending by industrial and technology customers worldwide remains weak. Consequently, Pentair expects sales volumes in its Enclosures businesses to remain flat for the second quarter and potentially throughout the second half of 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; and pricing and other competitive pressures. 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.

For more information, contact: Mark Cain of Pentair, +1-651-639-5278. SOURCE Pentair

CONTACT: Mark Cain of Pentair, +1-651-639-5278