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NEW YORK (AP) — Pentair's net income dropped 40 percent in the third quarter as it completed its tie-up with the flow control business of Tyco International.
The joint company was officially formed on Sept. 28, the day before the company's third quarter ended. Tyco and Pentair announced the $4.53 billion deal in March as part of Tyco's plan to split into three separate companies. Pentair changed its name to Pentair Ltd. from Pentair Inc., and Tyco shareholders now own a majority stake in the company.
Net income sank to $30.4 million, or 30 cents per share, from $51.1 million, or 51 cents per share, one year ago. Excluding costs related to its deal with Tyco and other one-time items, Pentair earned 64 cents per share in the most recent quarter.
That topped Wall Street expectations by a penny though revenue, which fell 3 percent to $865.5 million, was short of the $899.7 million expected by industry analyst, according to FactSet.
Revenue from the company's water and fluid solutions business fell 1 percent to $605 million because the dollar gained strength. Technical solutions revenue sank 6 percent to $260 million because of project delays and reduced equipment orders.
Shares of Pentair Ltd. rose $2.08, or 4.9 percent, to $44.31 in afternoon trading.