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Pentair Estimates a 30 Percent Gain in First Quarter 2004 EPS Compared to Same Period Last Year
03.17.2004

GOLDEN VALLEY, Minn., March 17 /PRNewswire-FirstCall/ -- Pentair (NYSE: PNR) announced today that it expects first quarter 2004 earnings per share (EPS) to be between $0.70 and $0.75, approximately 30 percent higher than the $0.56 delivered in the first quarter of 2003. This compares to analysts' first quarter 2004 consensus earnings estimate of $0.65.

The Company looks forward to continued organic growth and improved profit contributions from each of its three groups, driven by ongoing benefits from its five operating initiatives and the integration of the Everpure acquisition. First quarter 2004 expected organic growth is approximately six percent, excluding the impact of a few extra days in the quarter and foreign exchange.

This change in guidance is expected to translate to full-year 2004 EPS of between $3.25 and $3.35 versus Pentair's previous estimate of $3.15 to $3.30. This excludes any potential impact from the previously announced acquisition of WICOR Industries. Pentair will release its actual earnings on April 26, 2004 at 11 a.m. CDT.

About Pentair, Inc.

Pentair is a diversified operating company headquartered in Minnesota. Its Water Technologies Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Enclosures group is a leader in the global enclosures market, serving industrial and electronic customers, and its Tools Group manufactures and markets innovative products under established brand names to professionals and do-it-yourself users. Pentair's 2003 revenues totaled $2.7 billion. The company employs more than 12,000 people in over 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; foreign currency effects; 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.

Contact:
For Pentair: David Harrison
Tel. (763) 656-5256

SOURCE Pentair, Inc.

Categories: Press Releases