UPDATE 1-Pentair profit tops Wall Street forecasts

Nov 1 (Reuters) - Pentair Ltd reported a higher-than-expected profit on Thursday in a report that does not yet include results from the Tyco International flow control business, which merged with the company last month.

Pentair, which makes water treatment systems and thermal controls, reported net earnings of $30.4 million, or 30 cents per share, down from $51.1 million, or 51 cents per share, a year earlier.

Excluding items, Pentair earned 64 cents a share, 1 cent ahead of Wall Street's estimate, according to Thomson Reuters I/B/E/S.

Sales fell to $866 million from $891 million, with foreign exchange accounting for the decline.

Pentair last month merged with Tyco's former flow control unit, doubling in size and moving the company's incorporation to Switzerland. Pentair's fourth quarter will include results from both businesses.

The integration is well underway, and Pentair is on track to reach $5 in earnings per share by 2015, it said.