- First quarter sales of $1.6 billion.
- First quarter adjusted EPS of $0.76.
- Free cash flow usage of $47 million in the
quarter. The company expects to deliver full year free cash
flow of approximately 100 percent of adjusted net income.
- The company confirms adjusted 2016 EPS guidance
of $4.05 - $4.25.
Reconciliations of GAAP to
Non-GAAP measures are in the attached financial tables.
MANCHESTER, United Kingdom - April 26, 2016-
Pentair plc (NYSE: PNR) today announced first quarter 2016 sales of
$1.6 billion. Sales were up 7 percent compared to sales for the
same period last year. Excluding the unfavorable impact of currency
translation ("FX") and the positive contribution from acquisitions,
core sales grew 1 percent in the first quarter. Adjusted
first quarter 2016 earnings per diluted share from continuing
operations ("EPS") were $0.76, equal to the first quarter of last
year. On a GAAP basis, the company reported EPS of $0.59 compared
to $0.65 in the first quarter of 2015. Segment income,
adjusted net income, and adjusted EPS are described in the attached
schedules.
First quarter 2016 segment income was $210
million, up 5 percent compared to segment income for first quarter
2015, and return on sales ("ROS") was 13.3 percent, a decrease of
20 basis points when compared to the first quarter in 2015. On a
GAAP basis, the company reported operating income of $171 million
for the quarter.
Free cash flow usage was $47 million for the
quarter, reflecting normal seasonality and timing of cash
flows. Free cash flow in the first quarter improved over $100
million compared to the first quarter in 2015. The company
expects to deliver full year free cash flow of approximately 100
percent of adjusted net income.
Pentair paid dividends of $0.33 per share in the
first quarter of 2016. Pentair previously announced on December 8,
2015 that its Board of Directors approved a 5 percent increase in
the company's regular annual cash dividend rate for 2016 to $1.34
from $1.28. 2016 will mark the 40th consecutive year that
Pentair has increased its dividend.
"We delivered first quarter results that exceeded
our previously communicated expectations as a result of strong
execution across the board," said Randall J. Hogan, Pentair
Chairman and Chief Executive Officer. "Our Residential &
Commercial businesses remain strong, and we have begun to see signs
of stabilization in our Industrial businesses. The
integration of ERICO is on track and we remain committed to
delivering full year synergies of greater than $10 million.
We have a new leader in place in our Valves & Controls
business, and we are confident that we will realize our previously
announced cost-out benefits in this segment. Free cash flow
is anticipated to be approximately $750 million or greater for the
year as we remain focused on cash and execution as evidenced by our
stronger than expected performance in the first quarter."
FIRST QUARTER BUSINESS
HIGHLIGHTS
All references to changes in core sales exclude
the impact of FX and acquisitions. See attached reconciliations of
these Non-GAAP measures.
Water Quality Systems
delivered first quarter 2016 sales of $332 million, up 8 percent
versus the prior year quarter. Core sales grew 9 percent in
the first quarter and FX was negative 1 percent.
- Core sales in the Aquatic & Environmental
Systems Strategic Business Group, which accounted for approximately
60 percent of Water Quality Systems revenue in the quarter,
increased 13 percent.
- Core sales in the Water Filtration Strategic
Business Group, which accounted for approximately 40 percent of
Water Quality Systems revenue in the quarter, increased 5
percent.
Water Quality Systems first quarter segment income
of $62 million represented a 19 percent increase as compared to $52
million in the same quarter last year. First quarter 2016 ROS
increased 170 basis points to 18.6 percent.
Flow & Filtration
Solutions delivered first quarter sales of $338 million, down 4
percent versus the prior year quarter. Core sales declined 2
percent in the first quarter and FX was negative 2 percent.
- Core sales in the Water Technologies Strategic
Business Group, which accounted for approximately 60 percent of
Flow & Filtration Solutions revenue in the quarter, decreased 1
percent.
- Core sales in the Fluid Solutions Strategic
Business Group, which accounted for approximately 25 percent of
Flow & Filtration Solutions revenue in the quarter, decreased 5
percent.
- Core sales in the Process Filtration Strategic
Business Group, which accounted for approximately 15 percent of
Flow & Filtration Solutions revenue in the quarter, increased 4
percent.
Flow & Filtration Solutions delivered first
quarter segment income of $40 million, up 9 percent compared to $36
million in the same quarter last year. First quarter 2016 ROS
increased 130 basis points to 11.7 percent.
Technical Solutions delivered
first quarter 2016 sales of $525 million, up 33 percent versus the
prior year quarter. Core sales grew 5 percent in the first quarter,
ERICO added 30 percent and FX was a negative 2 percent.
- Core sales in the Enclosures Strategic Business
Group, which accounted for approximately 45 percent of
Technical Solutions revenue in the quarter, decreased 5
percent.
- Core sales in the Thermal Management Strategic
Business Group, which accounted for approximately 35 percent of
Technical Solutions revenue in the quarter, increased 22
percent.
Technical Solutions delivered first quarter
segment income of $113 million, up 45 percent compared to $78
million in the same quarter last year. First quarter 2016 ROS
increased 190 basis points to 21.5 percent.
Valves & Controls
delivered first quarter 2016 sales of $387 million, down 10 percent
versus the prior year quarter. Core sales declined 7 percent
in the first quarter and FX was negative 3 percent. Backlog
declined 2 percent to $1.1 billion compared to the end of fourth
quarter 2015.
- Core sales in the Aftermarket/MRO Strategic
Business Group, which accounted for approximately 50 percent of
Valves & Controls revenue in the quarter, decreased 9
percent.
- Core sales in the Engineered Projects Strategic
Business Group, which accounted for approximately 50 percent of
Valves & Controls revenue in the quarter, decreased 4
percent.
Valves & Controls delivered first quarter
segment income of $25 million, down 54 percent compared to $55
million in the same quarter last year. First quarter 2016 ROS
decreased 640 basis points to 6.5 percent.
OUTLOOK
The company reiterated its full year 2016 adjusted
EPS outlook of $4.05 - $4.25. The company anticipates full
year 2016 sales of $6.7 billion, or up approximately 3 percent on a
reported basis and down approximately 1 percent on a core sales
basis. The company expects to deliver full year free cash flow of
approximately 100 percent of adjusted net income.
In addition, the company introduced second quarter
2016 adjusted EPS guidance of $1.08 - $1.11, up approximately 2
percent on an adjusted basis versus the same quarter last year's
adjusted EPS. The company expects second quarter revenue to
be approximately $1.7 billion, which would be up approximately 4
percent on a reported basis and down approximately 3 percent on a
core basis compared to second quarter 2015 revenue.
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and
Chief Financial Officer John L. Stauch will discuss the company's
performance, first quarter 2016 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 overall global economic and business
conditions, including worldwide demand for oil and gas; the ability
to achieve the benefits of our restructuring plans; the ability to
successfully identify, finance, complete and integrate
acquisitions, including the ability to successfully integrate and
achieve the expected benefits of the acquisition of ERICO Global
Company; 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 U.S. Securities and
Exchange Commission ("SEC"), including in our 2015 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 2015 revenues of $6.4
billion, Pentair employs approximately 30,000 people worldwide.
PENTAIR CONTACTS:
Jim Lucas
Vice President, Investor Relations & Strategic
Planning
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 |
| In millions, except per-share
data |
March 31,
2016 |
March 28,
2015 |
| Net sales |
$ |
1,575.5 |
|
$ |
1,475.0 |
|
| Cost
of goods sold |
1,040.1 |
|
964.8 |
|
| Gross profit |
535.4 |
|
510.2 |
|
|
% of net sales |
34.0 |
% |
34.6 |
% |
| Selling, general and administrative |
331.6 |
|
309.2 |
|
|
% of net sales |
21.1 |
% |
21.0 |
% |
| Research and development |
33.2 |
|
29.8 |
|
| % of net sales |
2.1 |
% |
2.0 |
% |
| Operating income |
170.6 |
|
171.2 |
|
| % of net sales |
10.8 |
% |
11.6 |
% |
| Other (income) expense: |
|
|
| Equity
income of unconsolidated subsidiaries |
(0.9 |
) |
(0.5 |
) |
| Net interest expense |
36.4 |
|
18.2 |
|
| % of net sales |
2.3 |
% |
1.2 |
% |
| Income from continuing operations before income
taxes |
135.1 |
|
153.5 |
|
|
Provision for income taxes |
27.7 |
|
35.3 |
|
| Effective tax rate |
20.5 |
% |
23.0 |
% |
|
Net income from continuing operations |
107.4 |
|
118.2 |
|
| Loss from discontinued operations, net of tax |
- |
|
(4.3 |
) |
| Net income |
$ |
107.4 |
|
$ |
113.9 |
|
| Earnings (loss) per ordinary
share |
|
|
|
Basic |
|
|
| Continuing operations |
$ |
0.59 |
|
$ |
0.66 |
|
| Discontinued operations |
- |
|
(0.03 |
) |
| Basic earnings per ordinary share |
$ |
0.59 |
|
$ |
0.63 |
|
|
Diluted |
|
|
| Continuing operations |
$ |
0.59 |
|
$ |
0.65 |
|
|
Discontinued operations |
- |
|
(0.03 |
) |
| Diluted earnings per ordinary share |
$ |
0.59 |
|
$ |
0.62 |
|
|
Weighted average ordinary shares
outstanding |
|
|
| Basic |
180.7 |
|
180.1 |
|
|
Diluted |
182.4 |
|
182.7 |
|
| Cash dividends paid per ordinary
share |
$ |
0.33 |
|
$ |
0.32 |
|
| |
|
| |
|
| |
|
| Pentair plc
and Subsidiaries |
|
| Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
|
|
March
31,
2016 |
December
31,
2015 |
|
|
In millions |
|
| Assets |
|
|
Current assets |
|
|
|
| Cash and cash equivalents |
$ |
158.1 |
|
$ |
126.3 |
|
|
|
Accounts and notes receivable, net |
1,268.7 |
|
1,167.7 |
|
|
| Inventories |
1,197.7 |
|
1,174.3 |
|
|
| Other
current assets |
381.4 |
|
309.3 |
|
|
| Total current assets |
3,005.9 |
|
2,777.6 |
|
|
|
Property, plant and equipment, net |
951.8 |
|
942.8 |
|
|
| Other assets |
|
|
|
|
Goodwill |
5,250.0 |
|
5,255.4 |
|
|
| Intangibles, net |
2,461.0 |
|
2,490.1 |
|
|
| Other
non-current assets |
361.5 |
|
367.6 |
|
|
| Total other assets |
8,072.5 |
|
8,113.1 |
|
|
| Total assets |
$ |
12,030.2 |
|
$ |
11,833.5 |
|
|
| Liabilities and Equity |
|
|
Current liabilities |
|
|
|
| Current maturities of long-term debt and short-term
borrowings |
$ |
0.7 |
|
$ |
0.7 |
|
|
|
Accounts payable |
579.0 |
|
578.8 |
|
|
| Employee compensation and benefits |
222.6 |
|
262.9 |
|
|
| Other
current liabilities |
665.3 |
|
644.1 |
|
|
| Total current liabilities |
1,467.6 |
|
1,486.5 |
|
|
|
Other liabilities |
|
|
|
| Long-term debt |
4,837.1 |
|
4,685.8 |
|
|
|
Pension and other post-retirement compensation and benefits |
285.9 |
|
287.2 |
|
|
| Deferred tax liabilities |
828.7 |
|
844.2 |
|
|
| Other
non-current liabilities |
526.7 |
|
521.0 |
|
|
| Total liabilities |
7,946.0 |
|
7,824.7 |
|
|
| Equity |
4,084.2 |
|
4,008.8 |
|
|
| Total liabilities and
equity |
$ |
12,030.2 |
|
$ |
11,833.5 |
|
|
| |
| |
| |
| Pentair plc
and Subsidiaries |
| Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
Three months ended |
|
In millions |
March 31,
2016 |
March
28,
2015 |
| Operating activities |
|
|
| Net income |
$ |
107.4 |
|
$ |
113.9 |
|
| Loss
from discontinued operations, net of tax |
- |
|
4.3 |
|
| Adjustments to reconcile net
income (loss) from continuing operations to net cash provided by
(used for) operating activities of continuing operations |
|
|
| Equity
income of unconsolidated subsidiaries |
(0.9 |
) |
(0.5 |
) |
| Depreciation |
33.5 |
|
32.4 |
|
|
Amortization |
37.6 |
|
27.6 |
|
| Deferred income taxes |
(13.6 |
) |
5.7 |
|
|
Share-based compensation |
16.1 |
|
9.7 |
|
| Excess tax benefits from share-based
compensation |
(0.5 |
) |
(2.8 |
) |
| Gain
on sale of assets |
(2.3 |
) |
(1.2 |
) |
| Changes in assets and liabilities,
net of effects of business acquisitions |
|
|
|
Accounts and notes receivable |
(90.7 |
) |
(85.8 |
) |
| Inventories |
(11.7 |
) |
(88.2 |
) |
| Other
current assets |
(51.2 |
) |
(71.0 |
) |
| Accounts payable |
(4.2 |
) |
(60.2 |
) |
|
Employee compensation and benefits |
(43.7 |
) |
(33.7 |
) |
| Other current liabilities |
22.3 |
|
38.8 |
|
| Other
non-current assets and liabilities |
(13.1 |
) |
(15.2 |
) |
| Net cash provided by (used for) operating activities of
continuing operations |
(15.0 |
) |
(126.2 |
) |
| Net cash provided by (used for) operating activities of
discontinued operations |
- |
|
(7.0 |
) |
| Net cash provided by (used for) operating
activities |
(15.0 |
) |
(133.2 |
) |
|
Investing activities |
|
|
| Capital expenditures |
(38.2 |
) |
(34.8 |
) |
|
Proceeds from sale of property and equipment |
6.3 |
|
2.3 |
|
| Acquisitions, net of cash acquired |
(0.1 |
) |
(3.0 |
) |
| Net cash provided by (used for) investing activities of
continuing operations |
(32.0 |
) |
(35.5 |
) |
| Net cash provided by (used for) investing activities of
discontinued operations |
- |
|
54.9 |
|
| Net
cash provided by (used for) investing activities |
(32.0 |
) |
19.4 |
|
| Financing activities |
|
|
| Net
receipts of short-term borrowings |
0.7 |
|
- |
|
| Net receipts of commercial paper and revolving
long-term debt |
138.4 |
|
406.0 |
|
|
Repayment of long-term debt |
(0.7 |
) |
(0.4 |
) |
| Excess tax benefits from share-based
compensation |
0.5 |
|
2.8 |
|
| Shares
issued to employees, net of shares withheld |
(1.6 |
) |
8.7 |
|
| Repurchases of ordinary shares |
- |
|
(200.0 |
) |
|
Dividends paid |
(60.1 |
) |
(57.5 |
) |
| Net cash provided by (used for) financing activities |
77.2 |
|
159.6 |
|
|
Effect of exchange rate changes on cash and cash
equivalents |
1.6 |
|
(25.1 |
) |
| Change in cash and cash
equivalents |
31.8 |
|
20.7 |
|
| Cash
and cash equivalents, beginning of year |
126.3 |
|
110.4 |
|
| Cash and cash equivalents, end of
year |
$ |
158.1 |
|
$ |
131.1 |
|
| |
|
|
|
Free cash flow |
|
|
| Net cash provided by (used for) operating activities
of continuing operations |
$ |
(15.0 |
) |
$ |
(126.2 |
) |
| Capital
expenditures |
(38.2 |
) |
(34.8 |
) |
| Proceeds from sale of property and equipment |
6.3 |
|
2.3 |
|
| Free cash flow |
$ |
(46.9 |
) |
$ |
(158.7 |
) |
| |
| |
| |
| Pentair plc
and Subsidiaries |
| Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
|
|
2016 |
|
2015 |
| In millions |
First
Quarter |
|
First
Quarter |
| Net sales |
|
|
|
| Water
Quality Systems |
$ |
331.5 |
|
|
$ |
306.9 |
|
| Flow & Filtration Solutions |
337.7 |
|
|
350.1 |
|
|
Technical Solutions |
524.6 |
|
|
395.8 |
|
| Valves & Controls |
387.0 |
|
|
429.2 |
|
| Other |
(5.3 |
) |
|
(7.0 |
) |
| Consolidated |
$ |
1,575.5 |
|
|
$ |
1,475.0 |
|
|
Segment income (loss) |
|
|
|
| Water Quality Systems |
$ |
61.7 |
|
|
$ |
51.8 |
|
| Flow
& Filtration Solutions |
39.5 |
|
|
36.4 |
|
| Technical Solutions |
112.8 |
|
|
77.6 |
|
| Valves
& Controls |
25.3 |
|
|
55.4 |
|
| Other |
(29.5 |
) |
|
(21.9 |
) |
| Consolidated |
$ |
209.8 |
|
|
$ |
199.3 |
|
| Return on sales |
|
|
|
| Water
Quality Systems |
18.6 |
% |
|
16.9 |
% |
| Flow & Filtration Solutions |
11.7 |
% |
|
10.4 |
% |
|
Technical Solutions |
21.5 |
% |
|
19.6 |
% |
| Valves & Controls |
6.5 |
% |
|
12.9 |
% |
| Consolidated |
13.3 |
% |
|
13.5 |
% |
| |
| |
| |
| Pentair plc
and Subsidiaries |
| Reconciliation of the GAAP year ended December 31,
2016 to the non-GAAP |
| excluding the
effect of 2016 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
|
|
Actual |
|
Forecast |
| In millions, except per-share
data |
First
Quarter |
|
Second
Quarter |
Full
Year |
| Total Pentair |
|
|
|
|
|
|
| Net sales |
$ |
1,575.5 |
|
|
approx |
$ |
1,720 |
|
approx |
$ |
6,700 |
|
| Operating income |
170.6 |
|
|
approx |
246 |
|
approx |
945 |
|
|
% of net sales |
10.8 |
% |
|
approx |
14.3 |
% |
approx |
14.1 |
% |
| Adjustments: |
|
|
|
|
|
|
|
Restructuring and other |
0.7 |
|
|
approx |
- |
|
approx |
1 |
|
| Intangible amortization |
37.6 |
|
|
approx |
38 |
|
approx |
150 |
|
| Equity
income of unconsolidated subsidiaries |
0.9 |
|
|
approx |
1 |
|
approx |
4 |
|
| Segment income |
209.8 |
|
|
approx |
285 |
|
approx |
1,100 |
|
|
% of net sales |
13.3 |
% |
|
approx |
16.5 |
% |
approx |
16.5 |
% |
| Net income from continuing operations-as
reported |
107.4 |
|
|
approx |
170 |
|
approx |
637 |
|
|
Adjustments, net of tax |
30.5 |
|
|
approx |
30 |
|
approx |
120 |
|
| Net income from continuing operations-as
adjusted |
$ |
137.9 |
|
|
approx |
$ |
200 |
|
approx |
$ |
757 |
|
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
| Diluted earnings per ordinary share-as
reported |
$ |
0.59 |
|
|
approx |
$ 0.91 - 0.94 |
approx |
$ 3.39 - 3.59 |
|
Adjustments |
0.17 |
|
|
approx |
0.17 |
|
approx |
0.66 |
|
| Diluted earnings per ordinary share-as
adjusted |
$ |
0.76 |
|
|
approx |
$ 1.08 - 1.11 |
approx |
$ 4.05 - 4.25 |
| |
| |
| |
| Pentair plc
and Subsidiaries |
| Reconciliation of Net Sales Growth to Core Net Sales Growth
by Strategic Business Group |
| for the
quarter ending March 31, 2016 |
| |
|
|
Q1 Net Sales
Growth |
|
|
Core |
Currency |
Acq. / Div. |
Total |
| Water Quality Systems |
9.2 |
% |
(1.2 |
)% |
- |
% |
8.0 |
% |
|
Aquatic & Environmental Systems |
12.6 |
% |
(0.9 |
)% |
- |
% |
11.7 |
% |
| Water Filtration |
4.7 |
% |
(1.6 |
)% |
- |
% |
3.1 |
% |
|
Flow & Filtration Solutions |
(1.5 |
)% |
(2.0 |
)% |
- |
% |
(3.5 |
)% |
| Water Technologies |
(0.6 |
)% |
(1.5 |
)% |
- |
% |
(2.1 |
)% |
| Fluid
Solutions |
(5.0 |
)% |
(2.8 |
)% |
- |
% |
(7.8 |
)% |
| Process Filtration |
3.9 |
% |
(2.6 |
)% |
- |
% |
1.3 |
% |
| Technical Solutions |
5.0 |
% |
(2.4 |
)% |
29.9 |
% |
32.5 |
% |
| Enclosures |
(5.4 |
)% |
(1.7 |
)% |
- |
% |
(7.1 |
)% |
|
Thermal Management |
21.7 |
% |
(4.6 |
)% |
- |
% |
17.1 |
% |
| Engineered Fastening Solutions |
- |
% |
- |
% |
100.0 |
% |
100.0 |
% |
| Valves & Controls |
(6.5 |
)% |
(3.3 |
)% |
- |
% |
(9.8 |
)% |
| Aftermarket/MRO |
(8.7 |
)% |
(4.1 |
)% |
- |
% |
(12.8 |
)% |
| Engineered Projects |
(4.2 |
)% |
(2.4 |
)% |
- |
% |
(6.6 |
)% |
| Total Pentair |
1.2 |
% |
(2.4 |
)% |
8.0 |
% |
6.8 |
% |
| |
| |
| |
| Pentair plc
and Subsidiaries |
| Reconciliation of the GAAP year ended December 31,
2015 to the non-GAAP |
| excluding the
effect of 2015 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
| In millions, except per-share
data |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
|
Full
Year |
| Total Pentair |
|
|
|
|
|
|
| Net sales |
$ |
1,475.0 |
|
$ |
1,661.2 |
|
$ |
1,552.1 |
|
$ |
1,760.7 |
|
|
$ |
6,449.0 |
|
| Operating income (loss) |
171.2 |
|
217.9 |
|
180.0 |
|
(391.9 |
) |
|
177.2 |
|
|
% of net sales |
11.6 |
% |
13.1 |
% |
11.6 |
% |
(22.3 |
)% |
|
2.7 |
% |
| Adjustments: |
|
|
|
|
|
|
|
Restructuring and other |
- |
|
25.5 |
|
25.3 |
|
70.1 |
|
|
120.9 |
|
| Pension and other post-retirement mark-to-market
gain |
- |
|
- |
|
- |
|
(23.0 |
) |
|
(23.0 |
) |
|
Intangible amortization |
27.6 |
|
28.0 |
|
28.2 |
|
37.6 |
|
|
121.4 |
|
| Inventory step-up |
- |
|
1.5 |
|
1.4 |
|
32.8 |
|
|
35.7 |
|
| Deal
related costs and expenses |
- |
|
- |
|
14.3 |
|
- |
|
|
14.3 |
|
| Goodwill and tradename impairment |
- |
|
- |
|
- |
|
554.7 |
|
|
554.7 |
|
| Equity
income of unconsolidated subsidiaries |
0.5 |
|
0.6 |
|
0.9 |
|
0.8 |
|
|
2.8 |
|
| Segment income |
199.3 |
|
273.5 |
|
250.1 |
|
281.1 |
|
|
1,004.0 |
|
|
% of net sales |
13.5 |
% |
16.5 |
% |
16.1 |
% |
16.0 |
% |
|
15.6 |
% |
| Net income (loss) from continuing operations-as
reported |
118.2 |
|
153.9 |
|
115.2 |
|
(452.3 |
) |
|
(65.0 |
) |
| Loss
on sale of businesses, net of tax |
- |
|
- |
|
- |
|
2.7 |
|
|
2.7 |
|
| Amortization of bridge financing fees, net of
tax |
- |
|
- |
|
8.3 |
|
- |
|
|
8.3 |
|
| Adjustments, net of tax |
21.2 |
|
42.4 |
|
53.2 |
|
656.0 |
|
|
772.8 |
|
| Net income from continuing operations-as
adjusted |
$ |
139.4 |
|
$ |
196.3 |
|
$ |
176.7 |
|
$ |
206.4 |
|
|
$ |
718.8 |
|
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
| Diluted earnings (loss) per ordinary share-as
reported |
$ |
0.65 |
|
$ |
0.84 |
|
$ |
0.63 |
|
$ |
(2.51 |
) |
|
$ |
(0.36 |
) |
|
Adjustments |
0.11 |
|
0.24 |
|
0.34 |
|
3.64 |
|
|
|
4.30 |
|
| Diluted earnings per ordinary share-as
adjusted |
$ |
0.76 |
|
$ |
1.08 |
|
$ |
0.97 |
|
$ |
1.13 |
|
|
$ |
3.94 |
|
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#2006642
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