-
Fourth quarter sales of $1.2 billion; full year
2016 sales of $4.9 billion.
-
Fourth quarter GAAP EPS of $0.60 and adjusted
EPS of $0.78; full year 2016 GAAP EPS of $2.47 and adjusted EPS of
$3.05.
-
Full year net cash provided by operating
activities of $861 million and total free cash flow of $770
million. Full year net cash provided by operating activities of
continuing operations of $702 million and free cash flow from
continuing operations of $609 million. The company delivered full
year free cash flow of 109 percent of adjusted net income.
-
The company introduces its 2017 GAAP EPS
guidance to a range of $3.03 to $3.13 and on an adjusted basis to a
range of $3.45 to $3.55.
-
Pentair previously announced that it entered
into a Share Purchase Agreement to sell its Valves & Controls
business to Emerson Electric Co. for a purchase price of $3.15
billion in cash, subject to certain customary adjustments.
The results of the Valves & Controls business, which was
previously disclosed as a stand-alone reporting segment, have been
presented as discontinued operations for all periods
presented.
Reconciliations of GAAP to
Non-GAAP measures are in the attached financial tables.
LONDON, United Kingdom - January 31, 2017-
Pentair plc (NYSE: PNR) today announced fourth quarter 2016 sales
of $1.2 billion. Sales were down 8 percent compared to sales for
the same period last year. Excluding currency translation ("FX"),
core sales declined 7 percent in the fourth quarter. Fourth
quarter 2016 earnings per diluted share from continuing operations
("EPS") were $0.60 compared to $0.58 in the fourth quarter of 2015.
On an adjusted basis, the company reported EPS of $0.78 compared to
$0.88 in the fourth quarter of 2015. Segment income, adjusted
net income, free cash flow, and adjusted EPS are described in the
attached schedules.
Fourth quarter 2016 operating income was $162
million, down 6 percent compared to operating income for fourth
quarter of 2015, and return on sales ("ROS") was 13.6 percent, an
increase of 30 basis points when compared to the fourth quarter of
2015. On an adjusted basis, the company reported segment income of
$204 million for the fourth quarter, down 11 percent compared to
segment income for the fourth quarter of 2015, and ROS was 17.2
percent, a decrease of 50 basis points when compared to the fourth
quarter of 2015.
Full year net cash provided by operating
activities was $861 million and total free cash flow was $770
million. Full year net cash provided by operating activities of
continuing operations was $702 million and free cash flow from
continuing operations was $609 million. The company delivered
full year free cash flow of 109 percent of adjusted net income.
Pentair paid dividends of $0.34 per share in the
fourth quarter of 2016. 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.
"Including the ERICO acquisition we were able to
deliver 6 percent sales growth, 11 percent segment income growth,
and free cash flow from continuing operations of $609 million, or
109 percent conversion of adjusted net income despite the
challenges that we faced from an uncertain global economic
environment in 2016," said Randall J. Hogan, Pentair Chairman and
CEO. "We still believe the sale of our Valves & Controls
business will be completed by the end of the first quarter of 2017,
at which point we will have a dramatically improved balance sheet
and be positioned to allocate resources in a disciplined
manner. We have also issued 2017 guidance that calls for
adjusted EPS growth of 15 percent as we continue to position
Pentair to deliver more consistent, predictable results."
OUTLOOK
The company introduces its 2017 GAAP EPS to a
range of $3.03 to $3.13 and on an adjusted basis to a range of
$3.45 to $3.55. The company anticipates full year 2017 sales
of $4.7 billion, or down approximately 3 percent on a reported
basis and down approximately 3 percent on a core basis. The
company expects to deliver full year free cash flow of
approximately 100 percent of adjusted net income.
In addition, the company introduced first quarter
2017 GAAP EPS guidance of approximately $0.50 and on an adjusted
basis approximately $0.61, approximately flat on an adjusted basis
versus the same quarter last year. The company expects first
quarter revenue to be approximately $1.14 billion, which would be
down approximately 4 percent on a reported and core basis
compared to first 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, fourth quarter and full year 2016 results 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 company's ability to complete the sale of
the Valves & Controls business on anticipated terms and
timetable; 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; 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 2016 revenues of $4.9
billion, Pentair employs approximately 26,000 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 |
|
Twelve months
ended |
In millions, except per-share
data |
December 31,
2016 |
December 31,
2015 |
|
December 31,
2016 |
December 31,
2015 |
Net sales |
$ |
1,188.1 |
|
$ |
1,289.0 |
|
|
$ |
4,890.0 |
|
$ |
4,616.4 |
|
Cost
of goods sold |
748.0 |
|
856.5 |
|
|
3,095.9 |
|
3,017.6 |
|
Gross profit |
440.1 |
|
432.5 |
|
|
1,794.1 |
|
1,598.8 |
|
% of net sales |
37.0 |
% |
33.6 |
% |
|
36.7 |
% |
34.6 |
% |
Selling, general and administrative |
251.1 |
|
234.4 |
|
|
979.3 |
|
884.0 |
|
% of net sales |
21.0 |
% |
18.3 |
% |
|
20.0 |
% |
19.1 |
% |
Research and development |
27.2 |
|
26.4 |
|
|
114.1 |
|
98.7 |
|
% of net sales |
2.3 |
% |
2.0 |
% |
|
2.3 |
% |
2.1 |
% |
Operating income |
161.8 |
|
171.7 |
|
|
700.7 |
|
616.1 |
|
% of net sales |
13.6 |
% |
13.3 |
% |
|
14.3 |
% |
13.3 |
% |
Other (income) expense: |
|
|
|
|
|
Equity
income of unconsolidated subsidiaries |
(1.6 |
) |
(0.2 |
) |
|
(4.3 |
) |
(1.5 |
) |
Loss on sale of businesses, net |
3.9 |
|
3.2 |
|
|
3.9 |
|
3.2 |
|
Net
interest expense |
34.2 |
|
34.4 |
|
|
140.1 |
|
101.9 |
|
% of net sales |
2.9 |
% |
2.7 |
% |
|
2.9 |
% |
2.2 |
% |
Income
from continuing operations before income taxes |
125.3 |
|
134.3 |
|
|
561.0 |
|
512.5 |
|
Provision for income taxes |
15.7 |
|
30.3 |
|
|
109.4 |
|
115.4 |
|
Effective tax rate |
12.5 |
% |
22.6 |
% |
|
19.5 |
% |
22.5 |
% |
Net income from continuing
operations |
109.6 |
|
104.0 |
|
|
451.6 |
|
397.1 |
|
Income
(loss) from discontinued operations, net of tax |
21.4 |
|
(555.4 |
) |
|
70.0 |
|
(466.8 |
) |
Gain (loss) from sale of discontinued operations, net of
tax |
- |
|
(1.9 |
) |
|
0.6 |
|
(6.7 |
) |
Net income (loss) |
$ |
131.0 |
|
$ |
(453.3 |
) |
|
$ |
522.2 |
|
$ |
(76.4 |
) |
Earnings (loss) per ordinary
share |
|
|
|
|
|
Basic |
|
|
|
|
|
Continuing operations |
$ |
0.60 |
|
$ |
0.58 |
|
|
$ |
2.49 |
|
$ |
2.20 |
|
Discontinued operations |
0.12 |
|
(3.10 |
) |
|
0.39 |
|
(2.62 |
) |
Basic earnings (loss) per ordinary share |
$ |
0.72 |
|
$ |
(2.52 |
) |
|
$ |
2.88 |
|
$ |
(0.42 |
) |
Diluted |
|
|
|
|
|
Continuing operations |
$ |
0.60 |
|
$ |
0.58 |
|
|
$ |
2.47 |
|
$ |
2.17 |
|
Discontinued operations |
0.11 |
|
(3.10 |
) |
|
0.38 |
|
(2.59 |
) |
Diluted earnings (loss) per ordinary share |
$ |
0.71 |
|
$ |
(2.52 |
) |
|
$ |
2.85 |
|
$ |
(0.42 |
) |
Weighted average ordinary shares
outstanding |
|
|
|
|
|
Basic |
181.8 |
|
180.5 |
|
|
181.3 |
|
180.3 |
|
Diluted |
183.6 |
|
182.5 |
|
|
183.1 |
|
182.6 |
|
Cash dividends paid per ordinary
share |
$ |
0.34 |
|
$ |
0.32 |
|
|
$ |
1.34 |
|
$ |
1.28 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
December 31,
2016 |
December 31,
2015 |
|
In millions |
|
Assets |
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
238.5 |
|
$ |
126.3 |
|
|
Accounts and notes receivable, net |
764.0 |
|
773.2 |
|
|
Inventories |
524.2 |
|
564.7 |
|
|
Other
current assets |
253.4 |
|
220.0 |
|
|
Current assets held for sale |
891.9 |
|
1,093.4 |
|
|
Total current assets |
2,672.0 |
|
2,777.6 |
|
|
Property, plant and equipment,
net |
538.6 |
|
539.8 |
|
|
Other assets |
|
|
|
Goodwill |
4,217.4 |
|
4,259.0 |
|
|
Intangibles, net |
1,631.8 |
|
1,747.4 |
|
|
Other non-current assets |
182.1 |
|
161.1 |
|
|
Non-current assets held for sale |
2,292.9 |
|
2,348.6 |
|
|
Total other assets |
8,324.2 |
|
8,516.1 |
|
|
Total assets |
$ |
11,534.8 |
|
$ |
11,833.5 |
|
|
Liabilities and Equity |
|
Current liabilities |
|
|
|
Current maturities of long-term debt and short-term
borrowings |
$ |
0.8 |
|
$ |
- |
|
|
Accounts payable |
436.6 |
|
403.8 |
|
|
Employee compensation and benefits |
166.1 |
|
162.6 |
|
|
Other
current liabilities |
511.5 |
|
487.1 |
|
|
Current liabilities held for sale |
356.2 |
|
433.0 |
|
|
Total current liabilities |
1,471.2 |
|
1,486.5 |
|
|
Other liabilities |
|
|
|
Long-term debt |
4,278.4 |
|
4,685.8 |
|
|
Pension and other post-retirement compensation and
benefits |
253.4 |
|
244.6 |
|
|
Deferred tax liabilities |
609.5 |
|
670.2 |
|
|
Other non-current liabilities |
162.0 |
|
192.4 |
|
|
Non-current liabilities held for sale |
505.9 |
|
545.2 |
|
|
Total liabilities |
7,280.4 |
|
7,824.7 |
|
|
Equity |
4,254.4 |
|
4,008.8 |
|
|
Total liabilities and
equity |
$ |
11,534.8 |
|
$ |
11,833.5 |
|
|
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
Twelve months
ended |
In millions |
December 31,
2016 |
December 31,
2015 |
Operating activities |
|
|
Net
income (loss) |
$ |
522.2 |
|
$ |
(76.4 |
) |
(Income) loss from discontinued operations, net of
tax |
(70.0 |
) |
466.8 |
|
(Gain)
loss from sale of discontinued operations, net of tax |
(0.6 |
) |
6.7 |
|
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 |
(4.3 |
) |
(1.5 |
) |
Depreciation |
84.6 |
|
81.2 |
|
Amortization |
96.4 |
|
68.1 |
|
Loss on sale of businesses, net |
3.9 |
|
3.2 |
|
Deferred income taxes |
(62.5 |
) |
22.8 |
|
Share-based compensation |
34.2 |
|
33.0 |
|
Impairment of trade names |
13.3 |
|
- |
|
Excess tax benefits from share-based
compensation |
(8.0 |
) |
(6.0 |
) |
Amortization of bridge financing debt issuance costs |
- |
|
10.8 |
|
Pension and other post-retirement expense |
31.8 |
|
9.4 |
|
Pension and other post-retirement contributions |
(13.5 |
) |
(12.7 |
) |
Changes in assets and liabilities,
net of effects of business acquisitions |
|
|
Accounts and notes receivable |
21.3 |
|
(6.2 |
) |
Inventories |
34.3 |
|
54.7 |
|
Other
current assets |
(15.8 |
) |
(27.3 |
) |
Accounts payable |
38.0 |
|
10.6 |
|
Employee compensation and benefits |
7.0 |
|
(15.6 |
) |
Other current liabilities |
51.6 |
|
(16.6 |
) |
Other
non-current assets and liabilities |
(61.5 |
) |
(7.3 |
) |
Net cash provided by (used for) operating activities of
continuing operations |
702.4 |
|
597.7 |
|
Net cash provided by (used for) operating activities of
discontinued operations |
159.0 |
|
141.6 |
|
Net cash provided by (used for) operating
activities |
861.4 |
|
739.3 |
|
Investing activities |
|
|
Capital expenditures |
(117.8 |
) |
(91.3 |
) |
Proceeds from sale of property and equipment |
24.7 |
|
4.6 |
|
Acquisitions, net of cash acquired |
(25.0 |
) |
(1,913.9 |
) |
Other |
(5.2 |
) |
(3.0 |
) |
Net cash provided by (used for) investing activities of
continuing operations |
(123.3 |
) |
(2,003.6 |
) |
Net cash provided by (used for) investing activities of
discontinued operations |
1.5 |
|
38.1 |
|
Net cash provided by (used for) investing
activities |
(121.8 |
) |
(1,965.5 |
) |
Financing activities |
|
|
Net receipts (repayments) of short-term
borrowings |
0.8 |
|
(2.3 |
) |
Net
receipts (repayments) of commercial paper and revolving long-term
debt |
(385.3 |
) |
363.5 |
|
Proceeds from long-term debt |
- |
|
1,714.8 |
|
Repayment of long-term debt |
(0.7 |
) |
(356.6 |
) |
Debt issuance costs |
- |
|
(26.8 |
) |
Excess
tax benefits from share-based compensation |
8.0 |
|
6.0 |
|
Shares issued to employees, net of shares
withheld |
20.7 |
|
19.4 |
|
Repurchases of ordinary shares |
- |
|
(200.0 |
) |
Dividends paid |
(243.6 |
) |
(231.7 |
) |
Net cash provided by (used for) financing activities |
(600.1 |
) |
1,286.3 |
|
Effect of exchange rate changes on
cash and cash equivalents |
(27.3 |
) |
(44.2 |
) |
Change in cash and cash
equivalents |
112.2 |
|
15.9 |
|
Cash and cash equivalents, beginning of year |
126.3 |
|
110.4 |
|
Cash and cash equivalents, end of
year |
$ |
238.5 |
|
$ |
126.3 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP operating activities cash flow
to the non-GAAP free cash flow (Unaudited) |
|
|
Twelve months
ended |
In millions |
December 31,
2016 |
December 31,
2015 |
Net cash
provided by (used for) operating activities of continuing
operations |
$ |
702.4 |
|
$ |
597.7 |
|
Capital expenditures |
(117.8 |
) |
(91.3 |
) |
Proceeds
from sale of property and equipment |
24.7 |
|
4.6 |
|
Free cash flow from continuing
operations |
$ |
609.3 |
|
$ |
511.0 |
|
Net cash
provided by (used for) operating activities of discontinued
operations |
159.0 |
|
141.6 |
|
Capital expenditures of discontinued operations |
(20.4 |
) |
(43.0 |
) |
Proceeds
from sale of property and equipment of discontinued operations |
21.9 |
|
22.7 |
|
Free cash flow |
$ |
769.8 |
|
$ |
632.3 |
|
|
|
|
Pentair plc and Subsidiaries |
Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
|
|
2016 |
In millions |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Full
Year |
Net sales |
|
|
|
|
|
Water
Quality Systems |
$ |
331.5 |
|
$ |
397.1 |
|
$ |
328.6 |
|
$ |
371.0 |
|
$ |
1,428.2 |
|
Flow & Filtration Solutions |
337.7 |
|
368.7 |
|
342.7 |
|
314.0 |
|
1,363.1 |
|
Technical Solutions |
524.6 |
|
540.6 |
|
543.1 |
|
507.7 |
|
2,116.0 |
|
Other |
(3.8 |
) |
(5.2 |
) |
(3.7 |
) |
(4.6 |
) |
(17.3 |
) |
Consolidated |
$ |
1,190.0 |
|
$ |
1,301.2 |
|
$ |
1,210.7 |
|
$ |
1,188.1 |
|
$ |
4,890.0 |
|
Segment income (loss) |
|
|
|
|
|
Water
Quality Systems |
$ |
61.7 |
|
$ |
98.2 |
|
$ |
69.6 |
|
$ |
83.8 |
|
$ |
313.3 |
|
Flow & Filtration Solutions |
39.5 |
|
55.5 |
|
49.5 |
|
36.2 |
|
180.7 |
|
Technical Solutions |
112.8 |
|
111.6 |
|
119.6 |
|
103.2 |
|
447.2 |
|
Other |
(36.1 |
) |
(24.3 |
) |
(22.5 |
) |
(18.8 |
) |
(101.7 |
) |
Consolidated |
$ |
177.9 |
|
$ |
241.0 |
|
$ |
216.2 |
|
$ |
204.4 |
|
$ |
839.5 |
|
Return on sales |
|
|
|
|
|
Water
Quality Systems |
18.6 |
% |
24.7 |
% |
21.2 |
% |
22.6 |
% |
21.9 |
% |
Flow & Filtration Solutions |
11.7 |
% |
15.0 |
% |
14.4 |
% |
11.5 |
% |
13.3 |
% |
Technical Solutions |
21.5 |
% |
20.6 |
% |
22.0 |
% |
20.3 |
% |
21.1 |
% |
Consolidated |
14.9 |
% |
18.5 |
% |
17.9 |
% |
17.2 |
% |
17.2 |
% |
|
2015 |
In millions |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Full
Year |
Net sales |
|
|
|
|
|
Water Quality Systems |
$ |
306.9 |
|
$ |
387.7 |
|
$ |
322.0 |
|
$ |
364.9 |
|
$ |
1,381.5 |
|
Flow
& Filtration Solutions |
350.1 |
|
374.6 |
|
362.7 |
|
354.2 |
|
1,441.6 |
|
Technical Solutions |
395.8 |
|
407.1 |
|
432.3 |
|
574.1 |
|
1,809.3 |
|
Other |
(5.3 |
) |
(2.3 |
) |
(4.2 |
) |
(4.2 |
) |
(16.0 |
) |
Consolidated |
$ |
1,047.5 |
|
$ |
1,167.1 |
|
$ |
1,112.8 |
|
$ |
1,289.0 |
|
$ |
4,616.4 |
|
Segment income (loss) |
|
|
|
|
|
Water Quality Systems |
$ |
51.8 |
|
$ |
88.2 |
|
$ |
60.5 |
|
$ |
81.3 |
|
$ |
281.8 |
|
Flow
& Filtration Solutions |
36.4 |
|
57.1 |
|
53.2 |
|
40.5 |
|
187.2 |
|
Technical Solutions |
77.6 |
|
86.4 |
|
101.0 |
|
130.0 |
|
395.0 |
|
Other |
(30.3 |
) |
(27.9 |
) |
(27.2 |
) |
(23.4 |
) |
(108.8 |
) |
Consolidated |
$ |
135.5 |
|
$ |
203.8 |
|
$ |
187.5 |
|
$ |
228.4 |
|
$ |
755.2 |
|
Return on sales |
|
|
|
|
|
Water Quality Systems |
16.9 |
% |
22.8 |
% |
18.8 |
% |
22.3 |
% |
20.4 |
% |
Flow
& Filtration Solutions |
10.4 |
% |
15.2 |
% |
14.7 |
% |
11.4 |
% |
13.0 |
% |
Technical Solutions |
19.6 |
% |
21.2 |
% |
23.4 |
% |
22.6 |
% |
21.8 |
% |
Consolidated |
12.9 |
% |
17.5 |
% |
16.8 |
% |
17.7 |
% |
16.4 |
% |
|
|
|
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 |
|
Trade
name 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 |
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of Net Sales Growth to Core Net Sales Growth
by Strategic Business Group |
For the
Quarter and Year Ending December 31, 2016 |
|
|
|
|
|
|
|
Q4 Net Sales
Growth |
|
Full Year Net
Sales Growth |
|
Core |
Currency |
Acq. / Div. |
Total |
|
Core |
Currency |
Acq. / Div. |
Total |
Water Quality Systems |
1.6 |
% |
- |
% |
- |
% |
1.6 |
% |
|
3.7 |
% |
(0.3 |
)% |
- |
% |
3.4 |
% |
Aquatic & Environmental Systems |
7.6 |
% |
0.3 |
% |
- |
% |
7.9 |
% |
|
7.2 |
% |
(0.2 |
)% |
- |
% |
7.0 |
% |
Water Filtration |
(7.6 |
)% |
(0.4 |
)% |
- |
% |
(8.0 |
)% |
|
(1.1 |
)% |
(0.6 |
)% |
- |
% |
(1.7 |
)% |
Flow & Filtration Solutions |
(11.1 |
)% |
(0.2 |
)% |
- |
% |
(11.3 |
)% |
|
(4.8 |
)% |
(0.6 |
)% |
- |
% |
(5.4 |
)% |
Water Technologies |
(14.4 |
)% |
(0.2 |
)% |
- |
% |
(14.6 |
)% |
|
(5.1 |
)% |
(0.5 |
)% |
- |
% |
(5.6 |
)% |
Fluid
Solutions |
(3.8 |
)% |
- |
% |
- |
% |
(3.8 |
)% |
|
(3.1 |
)% |
(0.8 |
)% |
- |
% |
(3.9 |
)% |
Process Filtration |
(6.4 |
)% |
(0.8 |
)% |
- |
% |
(7.2 |
)% |
|
(4.1 |
)% |
(0.9 |
)% |
- |
% |
(5.0 |
)% |
Technical Solutions |
(10.8 |
)% |
(0.7 |
)% |
- |
% |
(11.5 |
)% |
|
(2.5 |
)% |
(1.1 |
)% |
20.6 |
% |
17.0 |
% |
Enclosures |
(6.8 |
)% |
(0.6 |
)% |
- |
% |
(7.4 |
)% |
|
(4.4 |
)% |
(0.6 |
)% |
- |
% |
(5.0 |
)% |
Thermal Management |
(15.0 |
)% |
(1.0 |
)% |
- |
% |
(16.0 |
)% |
|
0.6 |
% |
(2.0 |
)% |
- |
% |
(1.4 |
)% |
Engineered Fastening Solutions |
(9.9 |
)% |
(0.6 |
)% |
- |
% |
(10.5 |
)% |
|
N.M. |
N.M. |
N.M. |
N.M. |
Total Pentair |
(7.3 |
)% |
(0.5 |
)% |
- |
% |
(7.8 |
)% |
|
(1.4 |
)% |
(0.8 |
)% |
8.1 |
% |
5.9 |
% |
N.M. Not Meaningful
|
|
|
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 |
$ |
1,047.5 |
|
$ |
1,167.1 |
|
$ |
1,112.8 |
|
$ |
1,289.0 |
|
|
$ |
4,616.4 |
|
Operating income |
120.7 |
|
170.8 |
|
152.9 |
|
171.7 |
|
|
616.1 |
|
% of net sales |
11.5 |
% |
14.6 |
% |
13.7 |
% |
13.3 |
% |
|
13.3 |
% |
Adjustments: |
|
|
|
|
|
|
Restructuring and other |
0.1 |
|
16.1 |
|
3.9 |
|
22.3 |
|
|
42.4 |
|
Pension and other post-retirement mark-to-market
gain |
- |
|
- |
|
- |
|
(23.0 |
) |
|
(23.0 |
) |
Intangible amortization |
14.2 |
|
14.8 |
|
14.8 |
|
24.3 |
|
|
68.1 |
|
Inventory step-up |
- |
|
1.5 |
|
1.4 |
|
32.8 |
|
|
35.7 |
|
Deal
related costs and expenses |
- |
|
- |
|
14.3 |
|
- |
|
|
14.3 |
|
Equity income of unconsolidated subsidiaries |
0.5 |
|
0.6 |
|
0.2 |
|
0.3 |
|
|
1.6 |
|
Segment income |
135.5 |
|
203.8 |
|
187.5 |
|
228.4 |
|
|
755.2 |
|
% of net sales |
12.9 |
% |
17.5 |
% |
16.8 |
% |
17.7 |
% |
|
16.4 |
% |
Net
income from continuing operations-as reported |
80.0 |
|
118.4 |
|
94.7 |
|
104.0 |
|
|
397.1 |
|
Loss on sale of businesses |
- |
|
- |
|
- |
|
3.2 |
|
|
3.2 |
|
Amortization of bridge financing fees |
- |
|
- |
|
10.7 |
|
- |
|
|
10.7 |
|
Adjustments to operating income |
14.3 |
|
32.4 |
|
34.4 |
|
56.4 |
|
|
137.5 |
|
Income
tax adjustments |
(5.0 |
) |
(10.0 |
) |
(12.7 |
) |
(3.2 |
) |
|
(30.9 |
) |
Net income from continuing operations-as
adjusted |
$ |
89.3 |
|
$ |
140.8 |
|
$ |
127.1 |
|
$ |
160.4 |
|
|
$ |
517.6 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.44 |
|
$ |
0.65 |
|
$ |
0.52 |
|
$ |
0.58 |
|
|
$ |
2.17 |
|
Adjustments |
0.05 |
|
0.12 |
|
0.18 |
|
0.30 |
|
|
0.66 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.49 |
|
$ |
0.77 |
|
$ |
0.70 |
|
$ |
0.88 |
|
|
$ |
2.83 |
|
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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