(Reuters) – Pentair (NYSE:) Plc, which provides water treatment technology, reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand for fresh water.
Companies have been putting pressure on global demand for fresh water as the growing risk of resource scarcity has pushed policymakers and business leaders to support global initiatives to ensure a steady supply.
Pentair expects 2023 adjusted earnings to be in the range of $3.50 to $3.70 per share, compared with the average analyst estimate of $3.59 per share, according to Refinitiv data.
Last year, Pentair bought ice maker Manitowoc Ice from Welbilt (NYSE: ) Inc for $1.6 billion to expand its offering of filtration and ice solutions.
The company reported adjusted earnings of 82 cents per share for the quarter to December, compared with the average analyst estimate of 79 cents.
While Pentair has benefited from price increases to offset higher costs, ongoing supply chain disruptions continue to hold back the industry’s full recovery.
The company’s fourth-quarter net sales rose 1.4% to $1 billion, beating analysts’ expectations of $989.6 million.