·
Fourth quarter sales of $1.8 billion.
·
Fourth quarter adjusted EPS grew 23 percent to $1.06.
· Full
year free cash flow of $889 million exceeded 120 percent of
adjusted net income.
· The
company updates 2015 EPS guidance to a range of $4.10 - $4.25
from a range of $4.20 - $4.35.
Reconciliations of GAAP to
Non-GAAP measures are in the attached financial tables.
MANCHESTER, United Kingdom - February 3, 2015
- Pentair plc (NYSE: PNR) today announced fourth quarter 2014 sales
of $1.8 billion. Sales were down 2 percent compared to sales for
the same period last year. Excluding the unfavorable impact of
currency translation, core sales grew 2 percent in the fourth
quarter. Adjusted fourth quarter 2014 earnings per diluted
share from continuing operations ("EPS") were $1.06, up 23 percent
from adjusted EPS of $0.86 in the fourth quarter of last year. On a
GAAP basis, the company reported EPS of $0.74 compared to $0.81 in
the fourth quarter of 2013. Adjusted EPS, adjusted operating
income, and segment income exclude acquisition and
redomicile-related expenses, restructuring costs, "mark-to-market"
pension adjustment, impairments, gain on sale of businesses, and
certain tax items.
Fourth quarter 2014 adjusted operating income was
$274 million, up 10 percent compared to adjusted operating income
for fourth quarter 2013, and adjusted operating margins were 15.2
percent, an expansion of 160 basis points when compared to adjusted
2013 operating margins. On a GAAP basis, the company reported
operating income of $189 million for the quarter.
For the full year, the company reported sales of
$7.0 billion, adjusted operating income of $1.0 billion, and
adjusted EPS of $3.78. On a GAAP basis, the company reported
operating income of $865 million and EPS of $3.18.
Free cash flow was $289 million for the quarter
and $889 million for the full year; which represented greater than
120 percent conversion of adjusted net income for the full
year.
Pentair paid dividends of $0.30 per share in the
fourth quarter of 2014. Pentair previously announced on December
10, 2014 that its Board of Directors approved a 16 percent increase
in the company's regular annual cash dividend rate for 2015 to
$1.28 from $1.10. 2015 will mark the 39th consecutive year
that Pentair has increased its dividend.
"We ended 2014 with another strong quarter of
robust margin expansion and earnings growth driven by strong
internal execution," said Randall J. Hogan, Pentair Chairman and
Chief Executive Officer. "We delivered 2 percent core sales
growth during the year despite some market headwinds that have
strengthened, and we believe our diverse portfolio is positioned to
deliver accelerating core sales growth in 2015."
FOURTH QUARTER BUSINESS
HIGHLIGHTS
All references to changes in core sales exclude
the impact of currency translation. See attached reconciliations of
these Non-GAAP measures.
Valves & Controls
delivered fourth quarter 2014 sales of $613 million, down 6 percent
versus the prior year quarter. Core sales declined 1 percent year
over year for the fourth quarter. Backlog, including the
unfavorable impact of currency translation, declined 7 percent to
$1.2 billion compared to third quarter 2014.
· Core
sales in the Energy vertical, which accounted for approximately 60
percent of Valves & Controls revenue in the quarter,
decreased 3 percent. Core sales to the oil & gas industry
decreased 5 percent while core sales to the power and mining
industries were flat.
· Core
sales in the Industrial vertical, which accounted for approximately
40 percent of Valves & Controls revenue in the quarter,
increased 1 percent.
Valves & Controls delivered fourth
quarter segment income of $103 million, up 30 percent compared to
$79 million in the same quarter last year. Fourth quarter 2014
segment margins increased 470 basis points to 16.9 percent.
Process Technologies fourth
quarter sales were $480 million, up 2 percent versus the prior year
quarter. Core sales grew 5 percent in the fourth quarter.
· Core
sales in the Residential & Commercial vertical, which
accounted for approximately 60 percent of Process Technologies
revenue in the quarter, increased 5 percent.
· Core
sales in the Food & Beverage vertical, which accounted for
approximately 25 percent of Process Technologies revenue in the
quarter, increased 7 percent.
Process Technologies delivered fourth quarter
segment income of $67 million compared to $68 million in the same
period last year. Segment margins decreased by 40 basis points to
14.0 percent.
Flow Technologies delivered
fourth quarter 2014 sales of $250 million, down 6 percent versus
the prior year quarter. Core sales declined 4 percent in the
fourth quarter.
· Core
sales in the Residential & Commercial vertical, which accounted
for approximately 50 percent of Flow Technologies revenue in the
quarter, increased 1 percent.
· Core
sales in the Food & Beverage vertical, which accounted for
approximately 15 percent of Flow Technologies revenue in the
quarter, decreased 6 percent.
· Core
sales in the Industrial vertical, which accounted for approximately
15 percent of Flow Technologies revenue in the quarter, decreased
10 percent.
· Core
sales in the Infrastructure vertical, which accounted for
approximately 15 percent of Flow Technologies revenue in the
quarter, decreased 13 percent.
Flow Technologies fourth quarter segment income of
$26 million represented a 5 percent increase as compared to $25
million in the same quarter last year. Fourth quarter 2014 segment
margins increased 110 basis points to 10.3 percent.
Technical Solutions delivered
fourth quarter 2014 sales of $465 million, up 3 percent versus the
prior year quarter. Core sales grew 7 percent in the fourth
quarter.
· Core
sales in the Industrial vertical, which accounted for approximately
45 percent of Technical Solutions revenue in the quarter, increased
6 percent.
· Core
sales in the Energy vertical, which accounted for approximately 25
percent of Technical Solutions revenue in the quarter, increased 12
percent.
· Core
sales in the Residential & Commercial vertical, which
accounted for approximately 15 percent of Technical Solutions
revenue in the quarter, increased 11 percent.
Technical Solutions delivered fourth quarter
segment income of $106 million, up 7 percent compared to $99
million in the same quarter last year. Fourth quarter 2014 segment
margins increased 90 basis points to 22.9 percent.
OUTLOOK
The company updated its full year 2015 EPS outlook
to a range of $4.10 - $4.25 from a range of $4.20 - $4.35
reflecting the anticipated unfavorable impact of foreign currency
translation. On an adjusted basis, this would represent an
increase of 10 percent over 2014 adjusted EPS of $3.78. The
company anticipates full year 2015 sales of $6.9 billion, or down
approximately 2 percent on a reported basis and up 2 to 3 percent
on a core sales basis. The company expects to generate free
cash flow in excess of 115 percent of net income in 2015.
"While the stronger dollar has created additional
foreign currency translation headwinds, our core business remains
positioned to grow low single digits," said Hogan. "Our cash
flow remains strong and we remain committed to delivering more
consistent, predictable growth while demonstrating our strong
internal execution capabilities."
In addition, the company introduced first quarter
2015 EPS guidance of $0.75 - $0.77, up approximately 7 percent on
an adjusted basis versus the same quarter last year's adjusted
EPS. The company expects first quarter revenue to be
approximately $1.6 billion, which would be down 2 to 3 percent on a
reported basis and up 2 to 3 percent on a core basis compared to
first quarter 2014 revenue.
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and
Chief Financial Officer John L. Stauch will discuss the company's
performance, fourth quarter and full year 2014 results, and 2015
outlook on a two-way conference call with investors at 9:00 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 successfully complete the
disposition of our Water Transport business on anticipated terms
and timetable; overall global economic and business conditions;
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 ability to
successfully identify, complete and integrate acquisitions; 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 U.S. Securities and
Exchange Commission ("SEC"), including in our Quarterly Report on
Form 10-Q for the quarter ended September 27, 2014 and our 2013
Annual Report on Form 10-K. All forward-looking statements speak
only as of the date of this report. We assume no obligation, and
disclaim any obligation, to update the information contained in
this report.
ABOUT PENTAIR PLC
Pentair plc (www.pentair.com) delivers
industry-leading products, services and solutions for its
customers' diverse needs in water and other fluids, thermal
management and equipment protection. With 2014 revenues of $7.0
billion, Pentair employs approximately 30,000 people worldwide.
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 |
|
Twelve months ended |
In millions, except per-share
data |
December 31,
2014 |
December 31,
2013 |
|
December 31,
2014 |
December 31,
2013 |
Net sales |
$ |
1,802.5 |
|
$ |
1,831.0 |
|
|
$ |
7,039.0 |
|
$ |
6,999.7 |
|
Cost
of goods sold |
1,161.6 |
|
1,200.5 |
|
|
4,563.0 |
|
4,629.6 |
|
Gross profit |
640.9 |
|
630.5 |
|
|
2,476.0 |
|
2,370.1 |
|
% of net sales |
35.6 |
% |
34.4 |
% |
|
35.2 |
% |
33.9 |
% |
Selling, general and administrative |
422.8 |
|
350.2 |
|
|
1,493.8 |
|
1,493.7 |
|
% of net sales |
23.5 |
% |
19.2 |
% |
|
21.2 |
% |
21.3 |
% |
Research and development |
29.1 |
|
28.0 |
|
|
117.3 |
|
122.8 |
|
% of net sales |
1.6 |
% |
1.5 |
% |
|
1.7 |
% |
1.8 |
% |
Impairment of trade names |
- |
|
11.0 |
|
|
- |
|
11.0 |
|
% of net sales |
- |
% |
0.6 |
% |
|
- |
% |
0.2 |
% |
Operating income |
189.0 |
|
241.3 |
|
|
864.9 |
|
742.6 |
|
% of net sales |
10.5 |
% |
13.2 |
% |
|
12.3 |
% |
10.6 |
% |
Other (income) expense: |
|
|
|
|
|
|
|
|
|
Equity
income of unconsolidated subsidiaries |
(0.3 |
) |
(0.3 |
) |
|
(1.2 |
) |
(2.0 |
) |
Loss (gain) on sale of businesses, net |
- |
|
(4.0 |
) |
|
0.2 |
|
(20.8 |
) |
Net interest expense |
17.5 |
|
17.1 |
|
|
68.6 |
|
70.9 |
|
Income from continuing operations before income
taxes and noncontrolling interest |
171.8 |
|
228.5 |
|
|
797.3 |
|
694.5 |
|
Provision for income taxes |
34.0 |
|
64.1 |
|
|
182.3 |
|
177.0 |
|
Effective tax rate |
19.8 |
% |
28.1 |
% |
|
22.9 |
% |
25.5 |
% |
Net
income from continuing operations before noncontrolling
interest |
137.8 |
|
164.4 |
|
|
615.0 |
|
517.5 |
|
Income (loss) from discontinued operations, net of
tax |
(9.0 |
) |
(3.9 |
) |
|
(6.4 |
) |
25.9 |
|
Loss from sale / impairment of discontinued operations,
net of tax |
- |
|
(0.8 |
) |
|
(385.7 |
) |
(0.8 |
) |
Net income before noncontrolling interest |
128.8 |
|
159.7 |
|
|
222.9 |
|
542.6 |
|
Noncontrolling interest |
- |
|
1.5 |
|
|
- |
|
5.8 |
|
Net income attributable to Pentair
plc |
$ |
128.8 |
|
$ |
158.2 |
|
|
$ |
222.9 |
|
$ |
536.8 |
|
Earnings (loss) per ordinary share attributable to
Pentair plc |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.75 |
|
$ |
0.82 |
|
|
$ |
3.23 |
|
$ |
2.54 |
|
Discontinued operations |
(0.05 |
) |
(0.02 |
) |
|
(2.06 |
) |
0.13 |
|
Basic earnings per ordinary share attributable to
Pentair plc |
$ |
0.70 |
|
$ |
0.80 |
|
|
$ |
1.17 |
|
$ |
2.67 |
|
Diluted |
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
0.74 |
|
$ |
0.81 |
|
|
$ |
3.18 |
|
$ |
2.50 |
|
Discontinued operations |
(0.05 |
) |
(0.03 |
) |
|
(2.03 |
) |
0.12 |
|
Diluted earnings per ordinary share attributable to
Pentair plc
|
$ |
0.69 |
|
$ |
0.78 |
|
|
$ |
1.15 |
|
$ |
2.62 |
|
Weighted average ordinary shares
outstanding |
|
|
|
|
|
|
|
|
|
Basic |
183.1 |
|
198.1 |
|
|
190.6 |
|
201.1 |
|
Diluted |
185.8 |
|
201.6 |
|
|
193.7 |
|
204.6 |
|
Cash dividends paid per ordinary share |
$ |
0.30 |
|
$ |
0.25 |
|
|
$ |
1.10 |
|
$ |
0.96 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
|
|
December
31,
2014 |
December
31,
2013 |
|
In millions |
|
Assets |
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
110.4 |
|
$ |
256.0 |
|
|
Accounts and notes receivable, net |
1,205.9 |
|
1,285.0 |
|
|
Inventories |
1,130.4 |
|
1,195.1 |
|
|
Other
current assets |
361.8 |
|
361.6 |
|
|
Current assets held for sale |
93.6 |
|
134.4 |
|
|
Total current assets |
2,902.1 |
|
3,232.1 |
|
|
Property, plant and equipment,
net |
950.0 |
|
1,044.3 |
|
|
Other assets |
|
|
|
|
|
Goodwill |
4,741.9 |
|
4,860.7 |
|
|
Intangibles, net |
1,608.1 |
|
1,749.9 |
|
|
Other non-current assets |
436.2 |
|
390.0 |
|
|
Non-current assets held for sale |
11.9 |
|
466.3 |
|
|
Total other assets |
6,798.1 |
|
7,466.9 |
|
|
Total assets |
$ |
10,650.2 |
|
$ |
11,743.3 |
|
|
Liabilities and Equity |
|
Current liabilities |
|
|
|
|
|
Current maturities of long-term debt and short-term
borrowings |
$ |
6.7 |
|
$ |
2.5 |
|
|
Accounts payable |
583.1 |
|
576.9 |
|
|
Employee compensation and benefits |
305.5 |
|
312.4 |
|
|
Other
current liabilities |
696.1 |
|
645.9 |
|
|
Current liabilities held for sale |
35.1 |
|
72.5 |
|
|
Total current liabilities |
1,626.5 |
|
1,610.2 |
|
|
Other liabilities |
|
|
|
|
|
Long-term debt |
2,997.4 |
|
2,547.9 |
|
|
Pension and other post-retirement compensation and
benefits |
322.0 |
|
320.2 |
|
|
Deferred tax liabilities |
528.3 |
|
557.0 |
|
|
Other non-current liabilities |
497.7 |
|
456.4 |
|
|
Non-current liabilities held for sale |
6.5 |
|
33.9 |
|
|
Total liabilities |
5,978.4 |
|
5,525.6 |
|
|
Equity |
4,671.8 |
|
6,217.7 |
|
|
Total liabilities and
equity |
$ |
10,650.2 |
|
$ |
11,743.3 |
|
|
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
Twelve months ended |
In millions |
December
31,
2014 |
December
31,
2013 |
Operating activities |
|
|
|
|
Net income loss before noncontrolling interest |
$ |
222.9 |
|
$ |
542.6 |
|
(Income) loss from discontinued operations, net of tax |
6.4 |
|
(25.9 |
) |
Loss from sale / impairment of discontinued
operations, net of tax |
385.7 |
|
0.8 |
|
Adjustments to reconcile net income (loss) from
continuing operations before noncontrolling interest to net cash
provided by (used for) operating activities of continuing
operations |
|
|
|
|
Equity income of unconsolidated subsidiaries |
(1.2 |
) |
(2.0 |
) |
Depreciation |
138.7 |
|
141.3 |
|
Amortization |
114.0 |
|
134.1 |
|
Gain
(loss) on sale of businesses, net |
0.2 |
|
(20.8 |
) |
Deferred income taxes |
1.7 |
|
54.0 |
|
Share-based compensation |
33.6 |
|
31.1 |
|
Impairment of trade names |
- |
|
11.0 |
|
Excess
tax benefits from share-based compensation |
(12.6 |
) |
(16.8 |
) |
Pension and other post-retirement expense
(benefit) |
76.2 |
|
(31.3 |
) |
Pension and other post-retirement contributions |
(27.7 |
) |
(34.0 |
) |
Loss (gain) on sale of assets |
(1.5 |
) |
3.9 |
|
Changes in assets and liabilities, net of effects
of business acquisitions |
|
|
|
|
Accounts and notes receivable |
9.0 |
|
(106.3 |
) |
Inventories |
(3.7 |
) |
58.1 |
|
Other current assets |
(22.0 |
) |
(5.7 |
) |
Accounts payable |
34.5 |
|
41.1 |
|
Employee compensation and benefits |
13.2 |
|
66.3 |
|
Other
current liabilities |
45.5 |
|
41.2 |
|
Other non-current assets and liabilities |
(7.9 |
) |
48.6 |
|
Net cash provided by (used for) operating activities of
continuing operations |
1,005.0 |
|
931.3 |
|
Net cash provided by (used for) operating activities of
discontinued operations |
3.4 |
|
(3.4 |
) |
Net
cash provided by (used for) operating activities |
1,008.4 |
|
927.9 |
|
Investing activities |
|
|
|
|
Capital expenditures |
(129.6 |
) |
(170.0 |
) |
Proceeds from sale of property and equipment |
13.1 |
|
6.0 |
|
Proceeds from sale of businesses, net |
0.3 |
|
43.5 |
|
Acquisitions, net of cash acquired |
(12.3 |
) |
(92.4 |
) |
Other |
0.2 |
|
1.7 |
|
Net cash provided by (used for) investing activities |
(128.3 |
) |
(211.2 |
) |
Financing activities |
|
|
|
|
Net receipts (repayments) of short-term
borrowings |
0.5 |
|
- |
|
Net
receipts of commercial paper and revolving long-term debt |
468.6 |
|
104.2 |
|
Proceeds from long-term debt |
2.2 |
|
0.7 |
|
Repayment of long-term debt |
(16.8 |
) |
(7.4 |
) |
Debt issuance costs |
(3.1 |
) |
(1.4 |
) |
Excess
tax benefits from share-based compensation |
12.6 |
|
16.8 |
|
Shares issued to employees, net of shares
withheld |
37.0 |
|
80.0 |
|
Repurchases of ordinary shares |
(1,150.0 |
) |
(715.8 |
) |
Dividends paid |
(211.4 |
) |
(194.2 |
) |
Purchase of / distribution to noncontrolling interest |
(134.7 |
) |
(2.0 |
) |
Net cash provided by (used for) financing activities |
(995.1 |
) |
(719.1 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
(30.6 |
) |
21.0 |
|
Change in cash and cash
equivalents |
(145.6 |
) |
18.6 |
|
Cash
and cash equivalents, beginning of year |
256.0 |
|
237.4 |
|
Cash and cash equivalents, end of
year |
$ |
110.4 |
|
$ |
256.0 |
|
|
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
Free Cash
Flow (Unaudited) |
|
Twelve months ended |
In millions |
December 31,
2014 |
December 31,
2013 |
Free cash flow |
|
|
|
|
Net cash provided by (used for) operating activities
of continuing operations |
$ |
1,005.0 |
|
$ |
931.3 |
|
Capital
expenditures |
(129.6 |
) |
(170.0 |
) |
Proceeds from sale of property and equipment |
13.1 |
|
6.0 |
|
Free cash flow |
$ |
888.5 |
|
$ |
767.3 |
|
|
|
|
Pentair plc
and Subsidiaries |
Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
In millions |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth Quarter |
Full
Year |
Net sales |
|
|
|
|
|
|
|
|
|
|
Valves & Controls |
$ |
534.8 |
|
$ |
633.9 |
|
$ |
613.4 |
|
$ |
612.7 |
|
$ |
2,394.8 |
|
Process Technologies |
418.3 |
|
496.8 |
|
437.8 |
|
480.3 |
|
1,833.2 |
|
Flow
Technologies |
282.0 |
|
300.3 |
|
274.5 |
|
249.8 |
|
1,106.6 |
|
Technical Solutions |
415.3 |
|
408.6 |
|
438.8 |
|
465.4 |
|
1,728.1 |
|
Other |
(6.4 |
) |
(5.5 |
) |
(6.1 |
) |
(5.7 |
) |
(23.7 |
) |
Consolidated |
$ |
1,644.0 |
|
$ |
1,834.1 |
|
$ |
1,758.4 |
|
$ |
1,802.5 |
|
$ |
7,039.0 |
|
Segment income (loss) |
|
|
|
|
|
|
|
|
|
|
Valves & Controls |
$ |
61.7 |
|
$ |
89.4 |
|
$ |
96.4 |
|
$ |
103.3 |
|
$ |
350.8 |
|
Process Technologies |
49.1 |
|
92.6 |
|
58.1 |
|
67.4 |
|
267.2 |
|
Flow Technologies |
32.3 |
|
41.6 |
|
38.8 |
|
25.8 |
|
138.5 |
|
Technical Solutions |
79.1 |
|
76.8 |
|
96.5 |
|
106.4 |
|
358.8 |
|
Other |
(21.6 |
) |
(21.1 |
) |
(22.4 |
) |
(28.5 |
) |
(93.6 |
) |
Consolidated |
$ |
200.6 |
|
$ |
279.3 |
|
$ |
267.4 |
|
$ |
274.4 |
|
$ |
1,021.7 |
|
Segment income as a percent of net
sales |
|
|
|
|
|
|
|
|
|
|
Valves & Controls |
11.5 |
% |
14.1 |
% |
15.7 |
% |
16.9 |
% |
14.6 |
% |
Process Technologies |
11.7 |
% |
18.6 |
% |
13.3 |
% |
14.0 |
% |
14.6 |
% |
Flow
Technologies |
11.5 |
% |
13.9 |
% |
14.1 |
% |
10.3 |
% |
12.5 |
% |
Technical Solutions |
19.1 |
% |
18.8 |
% |
22.0 |
% |
22.9 |
% |
20.8 |
% |
Consolidated |
12.2 |
% |
15.2 |
% |
15.2 |
% |
15.2 |
% |
14.5 |
% |
|
2013 |
In millions |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth Quarter |
Full
Year |
Net sales |
|
|
|
|
|
|
|
|
|
|
Valves & Controls |
$ |
585.8 |
|
$ |
619.9 |
|
$ |
611.5 |
|
$ |
652.0 |
|
$ |
2,469.2 |
|
Process Technologies |
396.6 |
|
477.6 |
|
421.2 |
|
470.5 |
|
1,765.9 |
|
Flow Technologies |
279.1 |
|
305.0 |
|
281.5 |
|
266.0 |
|
1,131.6 |
|
Technical Solutions |
410.0 |
|
397.4 |
|
405.9 |
|
450.1 |
|
1,663.4 |
|
Other |
(7.8 |
) |
(8.2 |
) |
(6.8 |
) |
(7.6 |
) |
(30.4 |
) |
Consolidated |
$ |
1,663.7 |
|
$ |
1,791.7 |
|
$ |
1,713.3 |
|
$ |
1,831.0 |
|
$ |
6,999.7 |
|
Segment income (loss) |
|
|
|
|
|
|
|
|
|
|
Valves & Controls |
$ |
59.3 |
|
$ |
83.9 |
|
$ |
80.3 |
|
$ |
79.3 |
|
$ |
302.8 |
|
Process Technologies |
46.2 |
|
79.5 |
|
59.9 |
|
67.6 |
|
253.2 |
|
Flow
Technologies |
27.7 |
|
41.3 |
|
38.7 |
|
24.6 |
|
132.3 |
|
Technical Solutions |
69.7 |
|
70.0 |
|
83.7 |
|
99.0 |
|
322.4 |
|
Other |
(33.3 |
) |
(28.5 |
) |
(24.7 |
) |
(21.9 |
) |
(108.4 |
) |
Consolidated |
$ |
169.6 |
|
$ |
246.2 |
|
$ |
237.9 |
|
$ |
248.6 |
|
$ |
902.3 |
|
Segment income as a percent of net sales |
|
|
|
|
|
|
|
|
|
|
Valves & Controls |
10.1 |
% |
13.5 |
% |
13.1 |
% |
12.2 |
% |
12.3 |
% |
Process Technologies |
11.6 |
% |
16.6 |
% |
14.2 |
% |
14.4 |
% |
14.2 |
% |
Flow Technologies |
9.9 |
% |
13.5 |
% |
13.8 |
% |
9.2 |
% |
11.7 |
% |
Technical Solutions |
17.0 |
% |
17.6 |
% |
20.6 |
% |
22.0 |
% |
19.4 |
% |
Consolidated |
10.2 |
% |
13.7 |
% |
13.9 |
% |
13.6 |
% |
12.9 |
% |
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP "As Reported" year ended
December 31, 2014 to the "Adjusted" non-GAAP |
excluding the
effect of 2014 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
In millions, except per-share
data |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
|
Full
Year |
Total Pentair |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,644.0 |
|
$ |
1,834.1 |
|
$ |
1,758.4 |
|
$ |
1,802.5 |
|
|
$ |
7,039.0 |
|
Operating income-as reported |
182.1 |
|
226.4 |
|
267.4 |
|
189.0 |
|
|
864.9 |
|
% of net sales |
11.1 |
% |
12.3 |
% |
15.2 |
% |
10.5 |
% |
|
12.3 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other |
17.0 |
|
44.1 |
|
- |
|
35.5 |
|
|
96.6 |
|
Pension and other post-retirement mark-to-market
loss |
- |
|
- |
|
- |
|
49.9 |
|
|
49.9 |
|
Redomicile related expenses |
1.5 |
|
8.8 |
|
- |
|
- |
|
|
10.3 |
|
Operating income-as adjusted |
200.6 |
|
279.3 |
|
267.4 |
|
274.4 |
|
|
1,021.7 |
|
% of net sales |
12.2 |
% |
15.2 |
% |
15.2 |
% |
15.2 |
% |
|
14.5 |
% |
Net income from continuing operations attributable
to Pentair plc-as reported |
125.5 |
|
159.2 |
|
192.5 |
|
137.8 |
|
|
615.0 |
|
Adjustments, net of tax |
16.4 |
|
41.5 |
|
- |
|
58.8 |
|
|
116.7 |
|
Net income from continuing operations attributable
to Pentair plc-as adjusted |
$ |
141.9 |
|
$ |
200.7 |
|
$ |
192.5 |
|
$ |
196.6 |
|
|
$ |
731.7 |
|
Continuing earnings per ordinary share
attributable to Pentair plc-diluted |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.63 |
|
$ |
0.81 |
|
$ |
1.00 |
|
$ |
0.74 |
|
|
$ |
3.18 |
|
Adjustments |
0.08 |
|
0.21 |
|
- |
|
0.32 |
|
|
0.60 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.71 |
|
$ |
1.02 |
|
$ |
1.00 |
|
$ |
1.06 |
|
|
$ |
3.78 |
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of Net Sales Growth to Core Net Sales Growth
by Vertical |
for the
quarter and year ended December 31, 2014 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 Net Sales
Growth |
|
Full Year Net
Sales Growth |
|
Core |
Currency |
Acq. / Div. |
Total |
|
Core |
Currency |
Acq. / Div. |
Total |
Valves & Controls |
(1 |
)% |
(5 |
)% |
- |
% |
(6 |
)% |
|
(2 |
)% |
(1 |
)% |
- |
% |
(3 |
)% |
Industrial |
1 |
% |
(4 |
)% |
- |
% |
(3 |
)% |
|
2 |
% |
(1 |
)% |
- |
% |
1 |
% |
Residential & Commercial |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Energy |
(3 |
)% |
(5 |
)% |
- |
% |
(8 |
)% |
|
(4 |
)% |
(2 |
)% |
- |
% |
(6 |
)% |
Food
& Beverage |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Infrastructure |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Process Technologies |
5 |
% |
(3 |
)% |
- |
% |
2 |
% |
|
5 |
% |
(1 |
)% |
- |
% |
4 |
% |
Industrial |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Residential & Commercial |
5 |
% |
(2 |
)% |
- |
% |
4 |
% |
|
8 |
% |
- |
% |
- |
% |
7 |
% |
Energy |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Food
& Beverage |
7 |
% |
(5 |
)% |
- |
% |
2 |
% |
|
6 |
% |
(2 |
)% |
- |
% |
5 |
% |
Infrastructure |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Flow Technologies |
(4 |
)% |
(2 |
)% |
- |
% |
(6 |
)% |
|
(2 |
)% |
(1 |
)% |
- |
% |
(2 |
)% |
Industrial |
(10 |
)% |
(4 |
)% |
- |
% |
(14 |
)% |
|
(3 |
)% |
(1 |
)% |
- |
% |
(4 |
)% |
Residential & Commercial |
1 |
% |
(2 |
)% |
- |
% |
(1 |
)% |
|
- |
% |
(1 |
)% |
- |
% |
(1 |
)% |
Energy |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Food
& Beverage |
(6 |
)% |
(2 |
)% |
- |
% |
(8 |
)% |
|
- |
% |
(1 |
)% |
- |
% |
(1 |
)% |
Infrastructure |
(13 |
)% |
(1 |
)% |
- |
% |
(14 |
)% |
|
(6 |
)% |
- |
% |
- |
% |
(6 |
)% |
Technical Solutions |
7 |
% |
(4 |
)% |
- |
% |
3 |
% |
|
5 |
% |
(1 |
)% |
- |
% |
4 |
% |
Industrial |
6 |
% |
(4 |
)% |
- |
% |
3 |
% |
|
3 |
% |
(1 |
)% |
- |
% |
2 |
% |
Residential & Commercial |
11 |
% |
(5 |
)% |
- |
% |
6 |
% |
|
12 |
% |
(2 |
)% |
- |
% |
10 |
% |
Energy |
12 |
% |
(4 |
)% |
- |
% |
8 |
% |
|
2 |
% |
(2 |
)% |
- |
% |
- |
% |
Food
& Beverage |
N.M. |
N.M. |
N.M. |
N.M. |
|
N.M. |
N.M. |
N.M. |
N.M. |
Infrastructure |
(1 |
)% |
(3 |
)% |
- |
% |
(4 |
)% |
|
12 |
% |
(1 |
)% |
- |
% |
11 |
% |
Total Pentair |
2 |
% |
(4 |
)% |
- |
% |
(2 |
)% |
|
2 |
% |
(1 |
)% |
- |
% |
1 |
% |
Industrial |
- |
% |
(3 |
)% |
- |
% |
(3 |
)% |
|
1 |
% |
(1 |
)% |
- |
% |
- |
% |
Residential & Commercial |
5 |
% |
(2 |
)% |
- |
% |
3 |
% |
|
6 |
% |
(1 |
)% |
- |
% |
5 |
% |
Energy |
1 |
% |
(5 |
)% |
- |
% |
(4 |
)% |
|
(3 |
)% |
(2 |
)% |
- |
% |
(4 |
)% |
Food
& Beverage |
4 |
% |
(4 |
)% |
- |
% |
- |
% |
|
4 |
% |
(1 |
)% |
- |
% |
3 |
% |
Infrastructure |
(1 |
)% |
(3 |
)% |
- |
% |
(4 |
)% |
|
3 |
% |
(1 |
)% |
- |
% |
3 |
% |
N.M. - Not Meaningful
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP "As Reported" year ended
December 31, 2013 to the "Adjusted" non-GAAP |
excluding the
effect of 2013 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
In millions, except per-share
data |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
|
Full
Year |
Total Pentair |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,663.7 |
|
$ |
1,791.7 |
|
$ |
1,713.3 |
|
$ |
1,831.0 |
|
|
$ |
6,999.7 |
|
Operating income-as reported |
66.4 |
|
204.9 |
|
230.0 |
|
241.3 |
|
|
742.6 |
|
% of net sales |
4.0 |
% |
11.4 |
% |
13.4 |
% |
13.2 |
% |
|
10.6 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up and customer backlog |
76.6 |
|
10.0 |
|
- |
|
- |
|
|
86.6 |
|
Restructuring and other |
26.6 |
|
31.3 |
|
7.9 |
|
54.1 |
|
|
119.9 |
|
Pension and other post-retirement mark-to-market gain |
- |
|
- |
|
- |
|
(63.2 |
) |
|
(63.2 |
) |
Trade name impairment |
- |
|
- |
|
- |
|
11.0 |
|
|
11.0 |
|
Redomicile related expenses |
- |
|
- |
|
- |
|
5.4 |
|
|
5.4 |
|
Operating income-as adjusted |
169.6 |
|
246.2 |
|
237.9 |
|
248.6 |
|
|
902.3 |
|
% of net sales |
10.2 |
% |
13.7 |
% |
13.9 |
% |
13.6 |
% |
|
12.9 |
% |
Net income from continuing operations attributable
to Pentair plc-as reported |
45.2 |
|
138.6 |
|
165.0 |
|
162.9 |
|
|
511.7 |
|
Gain on sale of businesses, net of tax |
(12.5 |
) |
- |
|
- |
|
(3.0 |
) |
|
(15.5 |
) |
Interest expense, net of tax |
- |
|
1.6 |
|
- |
|
- |
|
|
1.6 |
|
Adjustments, net of tax |
79.8 |
|
33.0 |
|
0.5 |
|
13.4 |
|
|
126.7 |
|
Net income from continuing operations attributable
to Pentair plc-as adjusted |
$ |
112.5 |
|
$ |
173.2 |
|
$ |
165.5 |
|
$ |
173.3 |
|
|
$ |
624.5 |
|
Continuing earnings per ordinary share
attributable to Pentair plc-diluted |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.22 |
|
$ |
0.67 |
|
$ |
0.81 |
|
$ |
0.81 |
|
|
$ |
2.50 |
|
Adjustments |
0.32 |
|
0.17 |
|
0.01 |
|
0.05 |
|
|
0.55 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.54 |
|
$ |
0.84 |
|
$ |
0.82 |
|
$ |
0.86 |
|
|
$ |
3.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1891231
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