Orlando, FL 12/14/11 (StreetBeat) -- Pentair (NYSE: PNR) cut its fourth-quarter profit guidance Friday citing lower than expected sales in western Europe.The Minneapolis diversified industrial company said it now expects a fourth-quarter profit of between 51 and 53 cents per share, or 53 to 55 cents per share excluding restructuring charges.
Pentair previously projected a profit of 59 to 62 cents per share for the quarter. Analysts, on average, expect a fourth-quarter profit of 59 cents per share, according to a FactSet poll.
Pentair said it cut the profit prediction to reflect lower than expected western European sales, along with lower than expected sales volumes of residential water treatment components. The company said it plans to take additional restructuring actions not already reflected in the outlook.
For the full year 2011, the company expects a profit of between $2.20 and $2.22 per share. Excluding acquisition related costs and restructuring charges, the company expects the profit to total between $2.38 and $2.40.
Analysts polled by FactSet expect a profit of $2.45 per share for the year.
Pentair also issued a guidance for 2012, projecting earnings from continuing operations of $2.60 to $2.75 per share on sales of $3.7 billion to $3.8 billion. The company said that despite continued economic uncertainty, it expects solid earnings and sales growth next year.
Analysts currently expect a 2012 profit of $2.78 on $3.75 billion in sales.
Also on Wednesday, Pentair Inc. said its board approved the increase of the company's quarterly cash dividend by 2 cents to 20 cents. The increase will be effective with the quarterly dividend payable in the first quarter of 2012, Pentair said.
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