Pentair profit above expectations due to water demand
2023.01.31 10:43
Pentair profit above expectations due to water demand
By Ray Johnson
Budrigannews.com – (NYSE:) Pentair On Tuesday, Plc, which sells technology for water treatment, said that strong demand for fresh water contributed to its better-than-expected quarterly profit and revenue.
As the risks associated with the scarcity of the resource have worsened, policymakers and business leaders have supported global initiatives to ensure a steady supply. As a result, businesses have been pushing into the global demand for fresh water.
According to data from Refinitiv, Pentair anticipates an adjusted profit of $3.50 to $3.70 per share in 2023, versus an average analyst estimate of $3.59 per share.
Pentair (NYSE:) acquired the ice-making company Manitowoc Ice from Welbilt last year. Inc for $1.6 billion to improve its ice solution and filtration products.
Compared to analysts’ average estimates of 79 cents per share, the company reported an adjusted profit of 82 cents per share for the quarter ending in December.
Pentair has benefited from price increases to offset rising costs, but supply chain disruptions continue to impede the industry’s full recovery.
Net sales for the fourth quarter of the business exceeded analysts’ expectations of $989.6 million by 1.4% to $1 billion.
