Pentair's 2Q earnings surge after large gain

For the period ended June 28, the company posted profit of $138.7 million, or $1.39 per share, compared with profits of $62.1 million, or 62 cents per share, in the year-ago period.

Excluding certain one-time gains and losses, including an 86 cents per share gain from a transaction with a General Electric Co. unit, the company posted profit of 68 cents per share.

Revenue at the Golden Valley, Minn., company rose about 1 percent to $909.8 million from $899.3 million in the year-ago period.

Analysts polled by Thomson Financial expected, on average, earnings of 66 cents per share on revenue of $925.5 million. Analysts typically exclude one-time gains and losses in their estimates.

Sales in the company's water group unit fell 6 percent to $605 million, while sales in the technical products unit rose 18 percent to $304 million, the company said.

"Our business diversity, growing international market penetration and aggressive cost-takeout measures continue to enable us to meet the commitments we laid out earlier in the year," Randall J. Hogan, chairman and chief executive officer, said in a statement.

Shares closed Monday at $36.86.