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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO
MARK HAINES, CNBC ANCHOR: Pentair met the Street in its second quarter. The water and electrical enclosures company earned 63 cents a share on net sales which rose nearly 50 percent. However, Pentair is putting its third- quarter and full-year earnings outlook below Wall Street forecast. Joining us "First on CNBC," Pentair`s chairman and CEO, Randall Hogan.
Good morning, sir. Thanks for being with us.
RANDALL HOGAN, CHMN. & CEO, PENTAIR: Good morning, Mark, nice to be here.
HAINES: You did OK this quarter, met the expectations. But why the slightly lower outlook?
HOGAN: The second quarter was great. And we have been going through this transformation as you on CNBC have followed.
HAINES: The WICOR acquisition?
HOGAN: Exactly, the WICOR acquisition, which is about 30 percent of our company now. And we sold 40 percent of our company. And the second- quarter performance shows that the integration is going well. What we are seeing in the third quarter is a little bit softer sales, not from where we are, but...
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