(Reuters) - UK-based water technology company Pentair raised its forecast for full-year profit on Tuesday, betting on demand for its water filters, and expects demand for new pools and related services to revive as inflation starts to cool off.

It now expects 2024 adjusted profit per share to be $4.27, compared with its previous forecast range of $4.15 to $4.25.

Shares of the company were up 1.5% before the bell.

"While we continue to monitor the macroeconomic landscape, we remain confident in our transformation initiatives and expect them to continue to drive strategic decisions and operational efficiencies across our balanced water portfolio," CEO John Stauch said.

Pentair, which provides residential and industrial water technology products and services across 150 countries, previously implemented price hikes to counter higher costs of materials such as electronics and copper and slow demand for new pools and related services in the face of sticky inflation.

The company posted an adjusted per-share profit of $1.09 in the third quarter, compared with analysts' average estimate of $1.07, according to data compiled by LSEG.

The company expects its fourth-quarter adjusted profit to be $1.02 per share, in line with estimates.

Sales for the quarter ended Sept. 30 were at $993.4 million, compared with analysts' estimate of $988.8 million.

(Reporting by Kannaki Deka and Abhinav Parmar in Bengaluru; Editing by Shilpi Majumdar)