Pentair shares skid after 1Q revenue falls

NEW YORK (AP) -- Pentair's stock slumped Tuesday after the flow-control company posted an unexpected decline in revenue.

Pentair said its total revenue fell 3 percent. Revenue at its largest division, valves and controls, dropped 9 percent compared to last year. The company said weaker sales to the energy industry were the main reason for that decline. Flow technology revenue also fell.

Shares of Pentair lost $4.77, or 6 percent, to $75.71 in afternoon trading.

Pentair said its net income more than doubled to $118.6 million, or 59 cents per share. A year ago it reported net income of $51.7 million, or 25 cents per share. Excluding one-time items the Swiss company said it earned 73 cents per share. Revenue slipped to $1.73 billion from $1.77 billion.

FactSet says analysts expected net income of 73 cents per share and $1.79 billion in revenue.

A year ago the company's results were weighed down by costs related to its tie-up with the flow control business of Tyco International.

Pentair Ltd. said it still expects to earn $3.85 to $4 per share in 2014, and it forecast net income of $1.02 to $1.05 per share in the second quarter.

Analysts are projecting net income of $3.96 per share for Pentair in 2014, with $1.10 per share in the current quarter.