(Reuters) – Pentair Plc, which provides water treatment technology, reported better-than-expected quarterly profit and revenue on Tuesday, aided by strong demand for fresh water.
Companies have been pressing into global demand for fresh water as worsening risks around scarcity of the resource has pushed policymakers and business leaders to back global initiatives to secure steady supply.
Pentair expects 2023 adjusted profit to be in the range of $3.50 to $3.70 per share, compared with the average analyst estimate of $3.59 per share, as per Refinitiv data.
Last year, Pentair bought ice-making company Manitowoc Ice from Welbilt Inc for $1.6 billion to expand its filtration and ice solution offerings.
The company reported an adjusted profit of 82 cents per share for the quarter through December, compared with analysts’ average estimate of 79 cents.
While Pentair has benefited from price hikes to outpace higher costs, ongoing supply chain disruptions continue to hamper a full-scale recovery of the industry.
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The company’s fourth-quarter net sales rose 1.4% to $1 billion, exceeding analysts’ expectations of $989.6 million.
(Reporting by Priyamvada C in Bengaluru; Editing by Maju Samuel)