- Second quarter sales of $1.3 billion.
- Second quarter GAAP EPS of $0.37 and adjusted EPS
of $1.00.
- Net cash provided by operating activities of
continuing operations of $300 million and free cash flow from
continuing operations of $289 million. The company is targeting to
deliver full year free cash flow of 100 percent of adjusted net
income.
- During the second quarter, Pentair successfully
completed the previously announced sale of its Valves &
Controls business and with the proceeds reduced its debt by
approximately $3 billion.
- The company updates its 2017 GAAP EPS guidance to
approximately $2.47 and on an adjusted basis to approximately
$3.50.
- Pentair previously announced that its Board of
Directors had unanimously approved a plan to separate into two
publicly-traded companies. The separation is expected to
occur through a tax-free spin-off of Electrical by Pentair to its
shareholders in the second quarter of 2018.
Reconciliations of GAAP to
Non-GAAP measures are in the attached financial tables.
LONDON, United Kingdom - July 25, 2017-
Pentair plc (NYSE: PNR) today announced second quarter 2017 sales
of $1.3 billion. Sales were down 3 percent compared to sales for
the same period last year. Excluding currency translation and
acquisitions, core sales declined 3 percent in the second
quarter. Second quarter 2017 earnings per diluted share from
continuing operations ("EPS") were $0.37 compared to $0.73 in the
second quarter of 2016. On an adjusted basis, the company reported
EPS of $1.00 compared to $0.88 in the second quarter of 2016.
Segment income, adjusted net income, free cash flow, and adjusted
EPS are described in the attached schedules.
Second quarter 2017 operating income was $213
million, up 5 percent compared to operating income for the second
quarter of 2016, and return on sales ("ROS") was 16.8 percent, an
increase of 120 basis points when compared to the second quarter of
2016. On an adjusted basis, the company reported segment income of
$255 million for the second quarter, up 6 percent compared to
segment income for the second quarter of 2016, and ROS was 20.2
percent, an increase of 170 basis points when compared to the
second quarter of 2016.
Net cash provided by operating activities of
continuing operations was $300 million and free cash flow from
continuing operations was $289 million for the quarter. The
company is targeting to deliver full year free cash flow of
approximately 100 percent of adjusted net income.
Pentair paid dividends of $0.345 per share in the
second quarter of 2017. Pentair previously announced on December 8,
2016 that its Board of Directors approved a 3 percent increase in
the company's regular annual cash dividend rate for 2017 to $1.38
from $1.34. 2017 marks the 41st consecutive year that Pentair
has increased its dividend.
"Our second quarter results saw both of our
businesses continue to build momentum driven by strength in our
Residential, Commercial, and short cycle Industrial businesses,"
said Randall J. Hogan, Pentair Chairman and Chief Executive
Officer. "We have made significant progress on our
productivity actions as evidenced by the robust margin expansion we
delivered for the second consecutive quarter. With the completion
of the sale of our Valves & Controls business, our balance
sheet is significantly strengthened, and we remain disciplined in
our capital allocation strategy. Significant work is underway on
all activities leading to the separation of our Water and
Electrical businesses, which remains on track to be completed in
the second quarter of 2018."
OUTLOOK
The company updates its estimated 2017 GAAP EPS to
approximately $2.47 and on an adjusted EPS basis to approximately
$3.50. The company anticipates full year 2017 sales of $4.9
billion, or approximately flat on a reported and core basis.
The company is targeting to deliver full year free cash flow of
approximately 100 percent of adjusted net income.
In addition, the company introduces third quarter
2017 GAAP EPS guidance range of $0.80 to $0.82 and, on an adjusted
EPS basis, a range of $0.91 to $0.93, up approximately 18% on an
adjusted EPS basis versus the same quarter last year. The
company expects third quarter revenue to be approximately $1.22
billion, which would be up approximately 1 percent on a reported
and core basis compared to third quarter 2016 revenue.
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and
Chief Financial Officer John L. Stauch will discuss the company's
performance, second quarter and first half, respectively, 2017
results on a two-way conference call with investors at 8:00 a.m.
Eastern today. A live audio webcast of the call, along with the
related presentation, can be accessed in the Investors section of
the company's website, www.pentair.com, shortly before the call
begins. Reconciliations of non-GAAP financial measures are set
forth in the attachments to this release and in the presentation,
both of which can be found on Pentair's website. The webcast and
presentation will be archived at the company's website following
the conclusion of the event.
CAUTION CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains statements that we
believe to be "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact are
forward-looking statements. Without limitation, any statements
preceded or followed by or that include the words "targets,"
"plans," "believes," "expects," "intends," "will," "likely," "may,"
"anticipates," "estimates," "projects," "should," "would,"
"positioned," "strategy," "future" or words, phrases or terms of
similar substance or the negative thereof, are forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties,
assumptions and other factors, some of which are beyond our
control, which could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
These factors include the ability to satisfy the necessary
conditions to consummate the planned separation of our Water
business and Electrical business into two independent,
publicly-traded companies (the "Proposed Separation") on a timely
basis or at all; the ability to successfully separate the Water and
Electrical businesses and realize the anticipated benefits from the
Proposed Separation; adverse effects on the Water and
Electrical business operations or financial results and the
market price of our shares as a result of the announcement or
consummation of the Proposed Separation; unanticipated transaction
expenses, such as litigation or legal settlement expenses; failure
to obtain tax rulings or changes in tax laws; changes in capital
market conditions; the impact of the Proposed Separation on our
employees, customers and suppliers; overall global economic and
business conditions impacting the Water and Electrical businesses;
future opportunities that our board may determine present greater
potential to increase shareholder value; the ability of the Water
and Electrical businesses to operate independently following the
Proposed Separation; the ability to achieve the benefits of our
restructuring plans; the ability to successfully identify, finance,
complete and integrate acquisitions; competition and pricing
pressures in the markets we serve; the strength of housing and
related markets; volatility in currency exchange rates and
commodity prices; inability to generate savings from excellence in
operations initiatives consisting of lean enterprise, supply
management and cash flow practices; increased risks associated with
operating foreign businesses; the ability to deliver backlog and
win future project work; failure of markets to accept new product
introductions and enhancements; the impact of changes in laws and
regulations, including those that limit U.S. tax benefits; the
outcome of litigation and governmental proceedings; and the ability
to achieve our long-term strategic operating goals. Additional
information concerning these and other factors is contained in our
filings with the SEC, including our Quarterly Report on Form 10-Q
for the quarter ended June 30, 2017. All forward-looking statements
speak only as of the date of this press release. Pentair plc
assumes no obligation, and disclaims any obligation, to update the
information contained in this press release.
ABOUT PENTAIR PLC
Pentair plc (NYSE: PNR) is a global company
dedicated to building a safer, more sustainable world. Pentair
delivers industry leading products, services and solutions that
help people make the best use of the resources they rely on most.
Its technology moves the world forward by ensuring that water is
plentiful, useful and pure, and that critical equipment and those
near it are protected. With 2016 revenues of $4.9 billion, Pentair
employs approximately 19,000 people worldwide. To learn more, visit
www.pentair.com.
###
PENTAIR CONTACTS:
Jim Lucas
Vice President, Investor Relations
Direct: 763-656-5575
Email: jim.lucas@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Operations (Unaudited) |
|
|
|
|
|
|
|
Three months
ended |
|
Six months
ended |
In millions, except per-share
data |
June 30,
2017 |
June 30,
2016 |
|
June 30,
2017 |
June 30,
2016 |
Net sales |
$ |
1,265.3 |
|
$ |
1,301.2 |
|
|
$ |
2,448.8 |
|
$ |
2,491.2 |
|
Cost
of goods sold |
782.1 |
|
819.4 |
|
|
1,543.3 |
|
1,578.1 |
|
Gross profit |
483.2 |
|
481.8 |
|
|
905.5 |
|
913.1 |
|
% of net sales |
38.2 |
% |
37.0 |
% |
|
37.0 |
% |
36.7 |
% |
Selling, general and administrative |
241.7 |
|
249.7 |
|
|
495.6 |
|
499.8 |
|
% of net sales |
19.1 |
% |
19.2 |
% |
|
20.2 |
% |
20.1 |
% |
Research and development |
28.7 |
|
28.7 |
|
|
58.7 |
|
57.2 |
|
% of net sales |
2.3 |
% |
2.2 |
% |
|
2.4 |
% |
2.3 |
% |
Operating income |
212.8 |
|
203.4 |
|
|
351.2 |
|
356.1 |
|
% of net sales |
16.8 |
% |
15.6 |
% |
|
14.3 |
% |
14.3 |
% |
Other (income) expense: |
|
|
|
|
|
Equity
income of unconsolidated subsidiaries |
(0.4 |
) |
(1.1 |
) |
|
(0.6 |
) |
(1.5 |
) |
Loss on early extinguishment of debt |
101.4 |
|
- |
|
|
101.4 |
|
- |
|
Net
interest expense |
25.3 |
|
35.4 |
|
|
60.3 |
|
71.6 |
|
% of net sales |
2.0 |
% |
2.7 |
% |
|
2.5 |
% |
2.9 |
% |
Income
from continuing operations before income taxes |
86.5 |
|
169.1 |
|
|
190.1 |
|
286.0 |
|
Provision for income taxes |
18.2 |
|
36.4 |
|
|
41.1 |
|
61.5 |
|
Effective tax rate |
21.0 |
% |
21.5 |
% |
|
21.6 |
% |
21.5 |
% |
Net income from continuing
operations |
68.3 |
|
132.7 |
|
|
149.0 |
|
224.5 |
|
(Loss)
income from discontinued operations, net of tax |
(5.2 |
) |
10.1 |
|
|
1.9 |
|
25.7 |
|
Gain from sale of discontinued operations, net of tax |
200.6 |
|
- |
|
|
200.6 |
|
- |
|
Net income |
$ |
263.7 |
|
$ |
142.8 |
|
|
$ |
351.5 |
|
$ |
250.2 |
|
Earnings per ordinary
share |
|
|
|
|
|
Basic |
|
|
|
|
|
Continuing operations |
$ |
0.37 |
|
$ |
0.73 |
|
|
$ |
0.82 |
|
$ |
1.24 |
|
Discontinued operations |
1.08 |
|
0.06 |
|
|
1.11 |
|
0.14 |
|
Basic earnings per ordinary share |
$ |
1.45 |
|
$ |
0.79 |
|
|
$ |
1.93 |
|
$ |
1.38 |
|
Diluted |
|
|
|
|
|
Continuing operations |
$ |
0.37 |
|
$ |
0.73 |
|
|
$ |
0.81 |
|
$ |
1.23 |
|
Discontinued operations |
1.06 |
|
0.05 |
|
|
1.10 |
|
0.14 |
|
Diluted earnings per ordinary share |
$ |
1.43 |
|
$ |
0.78 |
|
|
$ |
1.91 |
|
$ |
1.37 |
|
Weighted average ordinary shares
outstanding |
|
|
|
|
|
Basic |
181.7 |
|
180.9 |
|
|
181.9 |
|
180.8 |
|
Diluted |
183.8 |
|
183.0 |
|
|
183.9 |
|
182.8 |
|
Cash dividends paid per ordinary
share |
$ |
0.345 |
|
$ |
0.33 |
|
|
$ |
0.69 |
|
$ |
0.66 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
June 30,
2017 |
December 31,
2016 |
|
In millions |
|
Assets |
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
177.8 |
|
$ |
238.5 |
|
|
Accounts and notes receivable, net |
764.5 |
|
764.0 |
|
|
Inventories |
565.4 |
|
524.2 |
|
|
Other
current assets |
247.1 |
|
253.4 |
|
|
Current assets held for sale |
- |
|
891.9 |
|
|
Total current assets |
1,754.8 |
|
2,672.0 |
|
|
Property, plant and equipment,
net |
550.9 |
|
538.6 |
|
|
Other assets |
|
|
|
Goodwill |
4,314.2 |
|
4,217.4 |
|
|
Intangibles, net |
1,624.3 |
|
1,631.8 |
|
|
Other non-current assets |
424.9 |
|
182.1 |
|
|
Non-current assets held for sale |
- |
|
2,292.9 |
|
|
Total other assets |
6,363.4 |
|
8,324.2 |
|
|
Total assets |
$ |
8,669.1 |
|
$ |
11,534.8 |
|
|
Liabilities and Equity |
|
Current liabilities |
|
|
|
Current maturities of long-term debt and short-term
borrowings |
$ |
0.3 |
|
$ |
0.8 |
|
|
Accounts payable |
407.8 |
|
436.6 |
|
|
Employee compensation and benefits |
143.8 |
|
166.1 |
|
|
Other
current liabilities |
496.5 |
|
511.5 |
|
|
Current liabilities held for sale |
- |
|
356.2 |
|
|
Total current liabilities |
1,048.4 |
|
1,471.2 |
|
|
Other liabilities |
|
|
|
Long-term debt |
1,698.9 |
|
4,278.4 |
|
|
Pension and other post-retirement compensation and
benefits |
268.4 |
|
253.4 |
|
|
Deferred tax liabilities |
546.5 |
|
609.5 |
|
|
Other non-current liabilities |
203.4 |
|
162.0 |
|
|
Non-current liabilities held for sale |
- |
|
505.9 |
|
|
Total liabilities |
3,765.6 |
|
7,280.4 |
|
|
Equity |
4,903.5 |
|
4,254.4 |
|
|
Total liabilities and
equity |
$ |
8,669.1 |
|
$ |
11,534.8 |
|
|
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
Six months
ended |
In millions |
June 30,
2017 |
June 30,
2016 |
Operating activities |
|
|
Net
income |
$ |
351.5 |
|
$ |
250.2 |
|
Income from discontinued operations, net of
tax |
(1.9 |
) |
(25.7 |
) |
Gain
from sale of discontinued operations, net of tax |
(200.6 |
) |
- |
|
Adjustments to reconcile net
income from continuing operations to net cash provided by (used
for) operating activities of continuing operations |
|
|
Equity
income of unconsolidated subsidiaries |
(0.6 |
) |
(1.5 |
) |
Depreciation |
42.0 |
|
43.5 |
|
Amortization |
48.6 |
|
48.5 |
|
Deferred income taxes |
(16.7 |
) |
(26.3 |
) |
Share-based compensation |
26.0 |
|
22.3 |
|
Loss on early extinguishment of debt |
101.4 |
|
- |
|
Excess
tax benefits from share-based compensation |
- |
|
(3.2 |
) |
Gain on sale of assets |
- |
|
(0.7 |
) |
Changes in assets and liabilities, net of effects
of business acquisitions |
|
|
Accounts and notes receivable |
28.5 |
|
78.1 |
|
Inventories |
(21.3 |
) |
8.9 |
|
Other current assets |
(10.2 |
) |
(68.0 |
) |
Accounts payable |
(46.8 |
) |
(31.5 |
) |
Employee compensation and benefits |
(30.7 |
) |
(12.1 |
) |
Other
current liabilities |
(49.5 |
) |
50.7 |
|
Other non-current assets and liabilities |
(8.8 |
) |
(12.3 |
) |
Net cash provided by (used for) operating activities of
continuing operations |
210.9 |
|
320.9 |
|
Net cash provided by (used for) operating activities of
discontinued operations |
(55.6 |
) |
48.6 |
|
Net
cash provided by (used for) operating activities |
155.3 |
|
369.5 |
|
Investing activities |
|
|
Capital expenditures |
(37.6 |
) |
(64.0 |
) |
Proceeds from sale of property and equipment |
3.8 |
|
7.6 |
|
Proceeds from sale of businesses, net |
2,765.6 |
|
- |
|
Acquisitions, net of cash acquired |
(59.5 |
) |
- |
|
Other |
- |
|
(3.7 |
) |
Net cash provided by (used for) investing activities of
continuing operations |
2,672.3 |
|
(60.1 |
) |
Net cash provided by (used for) investing activities of
discontinued operations |
(6.5 |
) |
(8.0 |
) |
Net cash provided by (used for) investing
activities |
2,665.8 |
|
(68.1 |
) |
Financing activities |
|
|
Net repayments of short-term borrowings |
(0.5 |
) |
- |
|
Net
repayments of commercial paper and revolving long-term debt |
(975.5 |
) |
(139.8 |
) |
Repayments of long-term debt |
(1,659.3 |
) |
(0.7 |
) |
Premium paid on early extinguishment of debt |
(94.9 |
) |
- |
|
Excess tax benefits from share-based
compensation |
- |
|
3.2 |
|
Shares
issued to employees, net of shares withheld |
29.5 |
|
8.3 |
|
Repurchases of ordinary shares |
(100.0 |
) |
- |
|
Dividends paid |
(126.1 |
) |
(119.7 |
) |
Net cash provided by (used for) financing activities |
(2,926.8 |
) |
(248.7 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
45.0 |
|
(5.7 |
) |
Change in cash and cash
equivalents |
(60.7 |
) |
47.0 |
|
Cash
and cash equivalents, beginning of year |
238.5 |
|
126.3 |
|
Cash and cash equivalents, end of
year |
$ |
177.8 |
|
$ |
173.3 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP operating activities cash flow
to the non-GAAP free cash flow (Unaudited) |
|
|
Six months
ended |
In millions |
June 30,
2017 |
June 30,
2016 |
Net cash
provided by (used for) operating activities of continuing
operations |
$ |
210.9 |
|
$ |
320.9 |
|
Capital expenditures |
(37.6 |
) |
(64.0 |
) |
Proceeds
from sale of property and equipment |
3.8 |
|
7.6 |
|
Free cash flow from continuing
operations |
$ |
177.1 |
|
$ |
264.5 |
|
Net cash
provided by (used for) operating activities of discontinued
operations |
(55.6 |
) |
48.6 |
|
Capital expenditures of discontinued operations |
(6.8 |
) |
(10.6 |
) |
Proceeds
from sale of property and equipment of discontinued operations |
0.3 |
|
1.9 |
|
Free cash flow |
$ |
115.0 |
|
$ |
304.4 |
|
|
|
|
Pentair plc
and Subsidiaries |
Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
In millions |
First
Quarter |
Second
Quarter |
Six
Months |
|
First
Quarter |
Second Quarter |
Six
Months |
Net sales |
|
|
|
|
|
|
|
Water |
$ |
682.9 |
|
$ |
753.7 |
|
$ |
1,436.6 |
|
|
$ |
665.7 |
|
$ |
761.7 |
|
$ |
1,427.4 |
|
Electrical |
502.2 |
|
513.2 |
|
1,015.4 |
|
|
524.6 |
|
540.6 |
|
1,065.2 |
|
Other |
(1.6 |
) |
(1.6 |
) |
(3.2 |
) |
|
(0.3 |
) |
(1.1 |
) |
(1.4 |
) |
Consolidated |
$ |
1,183.5 |
|
$ |
1,265.3 |
|
$ |
2,448.8 |
|
|
$ |
1,190.0 |
|
$ |
1,301.2 |
|
$ |
2,491.2 |
|
Segment income (loss) |
|
|
|
|
|
|
|
Water |
$ |
116.0 |
|
$ |
161.0 |
|
$ |
277.0 |
|
|
$ |
101.2 |
|
$ |
153.6 |
|
$ |
254.8 |
|
Electrical |
103.5 |
|
112.8 |
|
216.3 |
|
|
112.8 |
|
111.6 |
|
224.4 |
|
Other |
(36.0 |
) |
(18.6 |
) |
(54.6 |
) |
|
(36.1 |
) |
(24.2 |
) |
(60.3 |
) |
Consolidated |
$ |
183.5 |
|
$ |
255.2 |
|
$ |
438.7 |
|
|
$ |
177.9 |
|
$ |
241.0 |
|
$ |
418.9 |
|
Return on sales |
|
|
|
|
|
|
|
Water |
17.0 |
% |
21.4 |
% |
19.3 |
% |
|
15.2 |
% |
20.2 |
% |
17.9 |
% |
Electrical |
20.6 |
% |
22.0 |
% |
21.3 |
% |
|
21.5 |
% |
20.6 |
% |
21.1 |
% |
Consolidated |
15.5 |
% |
20.2 |
% |
17.9 |
% |
|
14.9 |
% |
18.5 |
% |
16.8 |
% |
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP year ended December 31, 2017 to
the non-GAAP |
excluding the
effect of 2017 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
|
Actual |
|
Forecast |
In millions, except per-share
data |
First
Quarter |
Second
Quarter |
|
Third
Quarter |
Full
Year |
Total Pentair |
|
|
|
|
|
|
|
Net sales |
$ |
1,183.5 |
|
$ |
1,265.3 |
|
|
approx |
$ |
1,220 |
|
approx |
$ |
4,900 |
|
Operating income |
138.4 |
|
212.8 |
|
|
approx |
202 |
|
approx |
752 |
|
% of net sales |
11.7 |
% |
16.8 |
% |
|
approx |
17 |
% |
approx |
15 |
% |
Adjustments: |
|
|
|
|
|
|
|
Restructuring and other |
20.9 |
|
17.4 |
|
|
approx |
- |
|
approx |
38 |
|
Intangible amortization |
24.0 |
|
24.6 |
|
|
approx |
25 |
|
approx |
99 |
|
Equity
income of unconsolidated subsidiaries |
0.2 |
|
0.4 |
|
|
approx |
- |
|
approx |
1 |
|
Segment income |
183.5 |
|
255.2 |
|
|
approx |
227 |
|
approx |
890 |
|
% of net sales |
15.5 |
% |
20.2 |
% |
|
approx |
19 |
% |
approx |
18 |
% |
Net income from continuing operations-as
reported |
80.7 |
|
68.3 |
|
|
approx |
151 |
|
approx |
454 |
|
Adjustments to operating income |
44.9 |
|
42.0 |
|
|
approx |
25 |
|
approx |
137 |
|
Loss on early extinguishment of debt |
- |
|
101.4 |
|
|
approx |
- |
|
approx |
101 |
|
Income
tax adjustments |
(6.9 |
) |
(27.8 |
) |
|
approx |
(5 |
) |
approx |
(48 |
) |
Net income from continuing operations-as
adjusted |
$ |
118.7 |
|
$ |
183.9 |
|
|
approx |
$ |
171 |
|
approx |
$ |
644 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.44 |
|
$ |
0.37 |
|
|
approx |
$0.80 - $0.82 |
approx |
$ |
2.47 |
|
Adjustments |
0.21 |
|
0.63 |
|
|
approx |
0.11 |
|
approx |
1.03 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.65 |
|
$ |
1.00 |
|
|
approx |
$0.91 - $0.93 |
approx |
$ |
3.50 |
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of Net Sales Growth to Core Net Sales Growth
by Strategic Business Group |
For the
Quarter Ending June 30, 2017 |
|
|
Q2 Net Sales
Growth |
|
Core |
Currency |
Acq. / Div. |
Total |
Water |
(1.9 |
)% |
(0.5 |
)% |
1.3 |
% |
(1.1 |
)% |
Filtration & Process |
(3.1 |
)% |
(0.8 |
)% |
3.4 |
% |
(0.5 |
)% |
Flow Technologies |
(4.2 |
)% |
(0.7 |
)% |
- |
% |
(4.9 |
)% |
Aquatic & Environmental Systems |
1.3 |
% |
- |
% |
0.4 |
% |
1.7 |
% |
Electrical |
(4.7 |
)% |
(1.2 |
)% |
0.8 |
% |
(5.1 |
)% |
Enclosures |
(0.9 |
)% |
(0.8 |
)% |
- |
% |
(1.7 |
)% |
Thermal Management |
(11.6 |
)% |
(2.0 |
)% |
- |
% |
(13.6 |
)% |
Electrical & Fastening Solutions |
(3.3 |
)% |
(0.7 |
)% |
3.1 |
% |
(0.9 |
)% |
Total Pentair |
(3.1 |
)% |
(0.8 |
)% |
1.1 |
% |
(2.8 |
)% |
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP year ended December 31,
2016 to the non-GAAP |
excluding the
effect of 2016 adjustments (Unaudited) |
|
|
|
|
|
|
|
In millions, except per-share
data |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
|
Full
Year |
Total Pentair |
|
|
|
|
|
|
Net sales |
$ |
1,190.0 |
|
$ |
1,301.2 |
|
$ |
1,210.7 |
|
$ |
1,188.1 |
|
|
$ |
4,890.0 |
|
Operating income |
152.7 |
|
203.4 |
|
182.8 |
|
161.8 |
|
|
700.7 |
|
% of net sales |
12.8 |
% |
15.6 |
% |
15.1 |
% |
13.6 |
% |
|
14.3 |
% |
Adjustments: |
|
|
|
|
|
|
Restructuring and other |
0.6 |
|
12.2 |
|
8.1 |
|
(0.3 |
) |
|
20.6 |
|
Pension and other post-retirement mark-to-market
loss |
- |
|
- |
|
- |
|
4.2 |
|
|
4.2 |
|
Intangible amortization |
24.2 |
|
24.3 |
|
24.1 |
|
23.8 |
|
|
96.4 |
|
Tradename impairment |
- |
|
- |
|
- |
|
13.3 |
|
|
13.3 |
|
Equity
income of unconsolidated subsidiaries |
0.4 |
|
1.1 |
|
1.2 |
|
1.6 |
|
|
4.3 |
|
Segment income |
177.9 |
|
241.0 |
|
216.2 |
|
204.4 |
|
|
839.5 |
|
% of net sales |
15.0 |
% |
18.5 |
% |
17.9 |
% |
17.2 |
% |
|
17.2 |
% |
Net income from continuing operations-as
reported |
91.8 |
|
132.7 |
|
117.5 |
|
109.6 |
|
|
451.6 |
|
Loss
on sale of businesses |
- |
|
- |
|
- |
|
3.9 |
|
|
3.9 |
|
Adjustments to operating income |
24.8 |
|
36.5 |
|
32.2 |
|
41.0 |
|
|
134.5 |
|
Income
tax adjustments |
(5.4 |
) |
(7.9 |
) |
(7.0 |
) |
(10.7 |
) |
|
(31.0 |
) |
Net income from continuing operations-as
adjusted |
$ |
111.2 |
|
$ |
161.3 |
|
$ |
142.7 |
|
$ |
143.8 |
|
|
$ |
559.0 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.50 |
|
$ |
0.73 |
|
$ |
0.64 |
|
$ |
0.60 |
|
|
$ |
2.47 |
|
Adjustments |
0.11 |
|
0.15 |
|
0.14 |
|
0.18 |
|
|
0.58 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.61 |
|
$ |
0.88 |
|
$ |
0.78 |
|
$ |
0.78 |
|
|
$ |
3.05 |
|
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Pentair plc via Globenewswire
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