UK's Pentair beats first-quarter profit estimates on price hikes

(Reuters) - UK-based water technology company Pentair reported better-than-expected quarterly profit on Tuesday, helped by the company's price hikes for its water purifiers.

Pentair, which provides residential and industrial water technology products and services, had implemented price increases to offset slow demand for new pools and related services amid sticky inflation.

Sales in its flow segment, which makes water pumps, were down 2% in the quarter compared with a year earlier. Pool segment sales were also down 1% from a year earlier.

Pentair, however, reiterated its forecast of an adjusted profit of $4.15 to $4.25 per share for the full year, compared with estimates of a profit of $4.20, according to LSEG data.

It forecast second-quarter adjusted profit of about $1.15 to $1.17 per share, compared with estimates of $1.16.

"For the first time in nearly four years, we are pleased to be entering what we believe to be a more normal operating environment," Pentair's Chief Executive John Stauch said.

For the first quarter, the company reported an adjusted profit of 94 cents per share, beating analysts' average expectation of 90 cents.

(Reporting by Kannaki Deka in Bengaluru; Editing by Krishna Chandra Eluri)