·
Third
quarter sales of $1.2 billion.
·
Third
quarter GAAP EPS of $0.64 and adjusted EPS of $0.78.
·
Net cash
provided by operating activities of continuing operations of $139
million and free cash flow from continuing operations of $125
million in the quarter. The company expects to deliver full
year free cash flow of approximately 100 percent of adjusted net
income.
·
The company
updates its 2016 GAAP EPS guidance to approximately $2.50 and on an
adjusted basis to approximately $3.00.
·
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.
MANCHESTER, United Kingdom - October 25,
2016- Pentair plc (NYSE: PNR) today announced third quarter 2016
sales of $1.2 billion. Sales were up 9 percent compared to sales
for the same period last year. Excluding currency translation
("FX") and contribution from acquisitions, core sales declined 2
percent in the third quarter. Third quarter 2016 earnings per
diluted share from continuing operations ("EPS") were $0.64
compared to $0.52 in the third quarter of 2015. On an adjusted
basis, the company reported EPS of $0.78 compared to $0.70 in the
third quarter of 2015. Segment income, adjusted net income,
free cash flow, and adjusted EPS are described in the attached
schedules.
Third quarter 2016 operating income was $183
million, up 20 percent compared to operating income for third
quarter of 2015, and return on sales ("ROS") was 15.1 percent, an
increase of 140 basis points when compared to the third quarter of
2015. On an adjusted basis, the company reported segment income of
$216 million for the third quarter, up 15 percent compared to
segment income for the third quarter of 2015, and ROS was 17.9
percent, an increase of 110 basis points when compared to the third
quarter of 2015.
Net cash provided by operating activities of
continuing operations was $139 million and free cash flow from
continuing operations was $125 million for the quarter. The
company continues to expect to deliver full year free cash flow of
approximately 100 percent of adjusted net income.
Pentair paid dividends of $0.34 per share in the
third 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 marks the 40th consecutive year that Pentair
has increased its dividend.
"We delivered third quarter earnings in line with
our expectations on the back of strong cost and cash flow
execution," said Randall J. Hogan, Pentair Chairman and Chief
Executive Officer. "We are updating our fourth quarter
guidance to reflect the ongoing sluggish industrial environment,
and we no longer expect to see the typical end of year push on
capital spending. We do not believe it is prudent to enter
our planning cycle for next year expecting any dramatic recovery in
growth and therefore we are aggressively aligning our cost
structure with the reality of a continued slow growth world.
We remain on track for the sale of our Valves & Controls
business to be completed at the end of this year or early next
year, at which point we expect to have a dramatically stronger
balance sheet and be positioned to allocate resources in a
disciplined manner."
OUTLOOK
The company updates its 2016 GAAP EPS to
approximately $2.50 and on an adjusted basis to approximately
$3.00. The company anticipates full year 2016 sales of $4.9
billion, or up approximately 7 percent on a reported basis and down
approximately 1 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 fourth quarter
2016 GAAP EPS guidance of approximately $0.63 and on an adjusted
basis approximately $0.73, down approximately17 percent on an
adjusted basis versus the same quarter last year. The company
expects fourth quarter revenue to be approximately $1.22 billion,
which would be down approximately 6 percent on a reported basis and
down approximately 6 percent on a core basis compared to fourth
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, third quarter and first nine months 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 2015 revenues of $4.6
billion, Pentair employs approximately 28,000 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 |
|
Nine months ended |
In millions, except per-share
data |
September 30,
2016 |
September 26,
2015 |
|
September 30,
2016 |
September 26,
2015 |
Net sales |
$ |
1,210.7 |
|
$ |
1,112.8 |
|
|
$ |
3,701.9 |
|
$ |
3,327.4 |
|
Cost
of goods sold |
769.8 |
|
718.1 |
|
|
2,347.9 |
|
2,161.1 |
|
Gross profit |
440.9 |
|
394.7 |
|
|
1,354.0 |
|
1,166.3 |
|
% of net sales |
36.4 |
% |
35.5 |
% |
|
36.6 |
% |
35.1 |
% |
Selling, general and administrative |
228.4 |
|
217.0 |
|
|
728.2 |
|
649.6 |
|
% of net sales |
18.8 |
% |
19.6 |
% |
|
19.7 |
% |
19.5 |
% |
Research and development |
29.7 |
|
24.8 |
|
|
86.9 |
|
72.3 |
|
% of net sales |
2.5 |
% |
2.2 |
% |
|
2.3 |
% |
2.2 |
% |
Operating income |
182.8 |
|
152.9 |
|
|
538.9 |
|
444.4 |
|
% of net sales |
15.1 |
% |
13.7 |
% |
|
14.6 |
% |
13.4 |
% |
Other (income) expense: |
|
|
|
|
|
Equity
income of unconsolidated subsidiaries |
(1.2 |
) |
(0.2 |
) |
|
(2.7 |
) |
(1.3 |
) |
Net interest expense |
34.3 |
|
30.9 |
|
|
105.9 |
|
67.5 |
|
% of net sales |
2.8 |
% |
2.8 |
% |
|
2.9 |
% |
2.0 |
% |
Income from continuing operations before income
taxes |
149.7 |
|
122.2 |
|
|
435.7 |
|
378.2 |
|
Provision for income taxes |
32.2 |
|
27.5 |
|
|
93.7 |
|
85.1 |
|
Effective tax rate |
21.5 |
% |
22.5 |
% |
|
21.5 |
% |
22.5 |
% |
Net income from continuing operations |
117.5 |
|
94.7 |
|
|
342.0 |
|
293.1 |
|
Income from discontinued operations, net of
tax |
22.9 |
|
20.5 |
|
|
48.6 |
|
88.6 |
|
Gain (loss) from sale of discontinued operations, net of
tax |
0.6 |
|
- |
|
|
0.6 |
|
(4.8 |
) |
Net income |
$ |
141.0 |
|
$ |
115.2 |
|
|
$ |
391.2 |
|
$ |
376.9 |
|
Earnings per ordinary share |
|
|
|
|
|
Basic |
|
|
|
|
|
Continuing operations |
$ |
0.65 |
|
$ |
0.53 |
|
|
$ |
1.89 |
|
$ |
1.63 |
|
Discontinued operations |
0.13 |
|
0.11 |
|
|
0.27 |
|
0.46 |
|
Basic earnings per ordinary share |
$ |
0.78 |
|
$ |
0.64 |
|
|
$ |
2.16 |
|
$ |
2.09 |
|
Diluted |
|
|
|
|
|
Continuing operations |
$ |
0.64 |
|
$ |
0.52 |
|
|
$ |
1.87 |
|
$ |
1.61 |
|
Discontinued operations |
0.13 |
|
0.11 |
|
|
0.27 |
|
0.45 |
|
Diluted earnings per ordinary share |
$ |
0.77 |
|
$ |
0.63 |
|
|
$ |
2.14 |
|
$ |
2.06 |
|
Weighted average ordinary shares
outstanding |
|
|
|
|
|
Basic |
181.4 |
|
180.2 |
|
|
181.1 |
|
180.1 |
|
Diluted |
183.6 |
|
182.6 |
|
|
183.0 |
|
182.6 |
|
Cash dividends paid per ordinary share |
$ |
0.34 |
|
$ |
0.32 |
|
|
$ |
1.00 |
|
$ |
0.96 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
September
30,
2016 |
December
31,
2015 |
|
In millions |
|
Assets |
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
170.9 |
|
$ |
126.3 |
|
|
Accounts and notes receivable, net |
689.5 |
|
773.2 |
|
|
Inventories |
556.2 |
|
564.7 |
|
|
Other
current assets |
287.7 |
|
220.0 |
|
|
Current assets held for sale |
1,042.7 |
|
1,093.4 |
|
|
Total current assets |
2,747.0 |
|
2,777.6 |
|
|
Property, plant and equipment,
net |
547.3 |
|
539.8 |
|
|
Other assets |
|
|
|
Goodwill |
4,251.7 |
|
4,259.0 |
|
|
Intangibles, net |
1,683.0 |
|
1,747.4 |
|
|
Other non-current assets |
162.2 |
|
161.1 |
|
|
Non-current assets held for sale |
2,287.8 |
|
2,348.6 |
|
|
Total other assets |
8,384.7 |
|
8,516.1 |
|
|
Total assets |
$ |
11,679.0 |
|
$ |
11,833.5 |
|
|
Liabilities and Equity |
|
Current liabilities |
|
|
|
Accounts payable |
348.2 |
|
403.8 |
|
|
Employee compensation and benefits |
159.3 |
|
162.6 |
|
|
Other current liabilities |
416.7 |
|
487.1 |
|
|
Current liabilities held for sale |
363.9 |
|
433.0 |
|
|
Total current liabilities |
1,288.1 |
|
1,486.5 |
|
|
Other liabilities |
|
|
|
Long-term debt |
4,411.3 |
|
4,685.8 |
|
|
Pension and other post-retirement compensation and benefits |
248.5 |
|
244.6 |
|
|
Deferred tax liabilities |
636.4 |
|
670.2 |
|
|
Other
non-current liabilities |
199.5 |
|
192.4 |
|
|
Non-current liabilities held for sale |
539.9 |
|
545.2 |
|
|
Total liabilities |
7,323.7 |
|
7,824.7 |
|
|
Equity |
4,355.3 |
|
4,008.8 |
|
|
Total liabilities and
equity |
$ |
11,679.0 |
|
$ |
11,833.5 |
|
|
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
Nine months ended |
In millions |
September 30,
2016 |
September
26,
2015 |
Operating activities |
|
|
Net
income |
$ |
391.2 |
|
$ |
376.9 |
|
Income from discontinued operations, net of
tax |
(48.6 |
) |
(88.6 |
) |
(Gain)
loss from sale of discontinued operations, net of tax |
(0.6 |
) |
4.8 |
|
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 |
(2.7 |
) |
(1.3 |
) |
Depreciation |
64.3 |
|
59.8 |
|
Amortization |
72.6 |
|
43.8 |
|
Deferred income taxes |
(3.8 |
) |
(0.9 |
) |
Share-based compensation |
28.7 |
|
27.5 |
|
Excess tax benefits from share-based
compensation |
(8.8 |
) |
(6.0 |
) |
Amortization of bridge financing fees |
- |
|
10.8 |
|
Loss (gain) on sale of assets |
- |
|
(7.7 |
) |
Changes in assets and liabilities, net of effects
of business acquisitions |
|
|
Accounts and notes receivable |
91.8 |
|
47.1 |
|
Inventories |
14.0 |
|
(32.7 |
) |
Other current assets |
(62.5 |
) |
(36.3 |
) |
Accounts payable |
(56.9 |
) |
(45.6 |
) |
Employee compensation and benefits |
(5.2 |
) |
(6.4 |
) |
Other
current liabilities |
13.6 |
|
25.8 |
|
Other non-current assets and liabilities |
(27.4 |
) |
(16.5 |
) |
Net cash provided by (used for) operating activities of
continuing operations |
459.7 |
|
354.5 |
|
Net cash provided by (used for) operating activities of
discontinued operations |
97.1 |
|
41.4 |
|
Net
cash provided by (used for) operating activities |
556.8 |
|
395.9 |
|
Investing activities |
|
|
Capital expenditures |
(94.5 |
) |
(66.3 |
) |
Proceeds from sale of property and equipment |
24.1 |
|
3.6 |
|
Acquisitions, net of cash acquired |
- |
|
(1,913.0 |
) |
Other |
(3.8 |
) |
- |
|
Net cash provided by (used for) investing activities of
continuing operations |
(74.2 |
) |
(1,975.7 |
) |
Net cash provided by (used for) investing activities of
discontinued operations |
(4.3 |
) |
45.1 |
|
Net
cash provided by (used for) investing activities |
(78.5 |
) |
(1,930.6 |
) |
Financing activities |
|
|
Net
repayments of short-term borrowings |
- |
|
(2.0 |
) |
Net (repayments) receipts of commercial paper and
revolving long-term debt |
(291.1 |
) |
276.5 |
|
Proceeds from long-term debt |
- |
|
1,714.8 |
|
Repayment of long-term debt |
(0.7 |
) |
(4.6 |
) |
Debt
issuance costs |
- |
|
(26.8 |
) |
Excess tax benefits from share-based
compensation |
8.8 |
|
6.0 |
|
Shares
issued to employees, net of shares withheld |
20.1 |
|
21.9 |
|
Repurchases of ordinary shares |
- |
|
(200.0 |
) |
Dividends paid |
(181.6 |
) |
(173.3 |
) |
Net cash provided by (used for) financing activities |
(444.5 |
) |
1,612.5 |
|
Effect of exchange rate changes on cash and cash
equivalents |
10.8 |
|
(43.3 |
) |
Change in cash and cash
equivalents |
44.6 |
|
34.5 |
|
Cash
and cash equivalents, beginning of year |
126.3 |
|
110.4 |
|
Cash and cash equivalents, end of
year |
$ |
170.9 |
|
$ |
144.9 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP operating activities cash flow
to the non-GAAP free cash flow (Unaudited) |
|
|
Nine months ended |
In millions |
September 30,
2016 |
September 26,
2015 |
|
|
|
Net cash provided by (used for) operating activities
of continuing operations |
$ |
459.7 |
|
$ |
354.5 |
|
Capital
expenditures |
(94.5 |
) |
(66.3 |
) |
Proceeds from sale of property and equipment |
24.1 |
|
3.6 |
|
Free cash flow from continuing
operations |
$ |
389.3 |
|
$ |
291.8 |
|
Net cash provided by (used for) operating activities
of discontinued operations |
97.1 |
|
41.4 |
|
Capital
expenditures of discontinued operations |
(15.4 |
) |
(34.3 |
) |
Proceeds from sale of property and equipment of
discontinued operations |
3.2 |
|
21.2 |
|
Free cash flow |
$ |
474.2 |
|
$ |
320.1 |
|
|
|
|
Pentair plc
and Subsidiaries |
Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
|
2016 |
In millions |
First
Quarter |
Second
Quarter |
Third
Quarter |
Nine
Months |
Net sales |
|
|
|
|
Water
Quality Systems |
$ |
331.5 |
|
$ |
397.1 |
|
$ |
328.6 |
|
$ |
1,057.2 |
|
Flow & Filtration Solutions |
337.7 |
|
368.7 |
|
342.7 |
|
1,049.1 |
|
Technical Solutions |
524.6 |
|
540.6 |
|
543.1 |
|
1,608.3 |
|
Other |
(3.8 |
) |
(5.2 |
) |
(3.7 |
) |
(12.7 |
) |
Consolidated |
$ |
1,190.0 |
|
$ |
1,301.2 |
|
$ |
1,210.7 |
|
$ |
3,701.9 |
|
Segment income (loss) |
|
|
|
|
Water
Quality Systems |
$ |
61.7 |
|
$ |
98.2 |
|
$ |
69.6 |
|
$ |
229.5 |
|
Flow & Filtration Solutions |
39.5 |
|
55.5 |
|
49.5 |
|
144.5 |
|
Technical Solutions |
112.8 |
|
111.6 |
|
119.6 |
|
344.0 |
|
Other |
(36.1 |
) |
(24.3 |
) |
(22.5 |
) |
(82.9 |
) |
Consolidated |
$ |
177.9 |
|
$ |
241.0 |
|
$ |
216.2 |
|
$ |
635.1 |
|
Return on sales |
|
|
|
|
Water
Quality Systems |
18.6 |
% |
24.7 |
% |
21.2 |
% |
21.7 |
% |
Flow & Filtration Solutions |
11.7 |
% |
15.0 |
% |
14.4 |
% |
13.8 |
% |
Technical Solutions |
21.5 |
% |
20.6 |
% |
22.0 |
% |
21.4 |
% |
Consolidated |
14.9 |
% |
18.5 |
% |
17.9 |
% |
17.2 |
% |
|
2015 |
In millions |
First
Quarter |
Second
Quarter |
Third
Quarter |
Nine
Months |
Net sales |
|
|
|
|
Water Quality Systems |
$ |
306.9 |
|
$ |
387.7 |
|
$ |
322.0 |
|
$ |
1,016.6 |
|
Flow
& Filtration Solutions |
350.1 |
|
374.6 |
|
362.7 |
|
1,087.4 |
|
Technical Solutions |
395.8 |
|
407.1 |
|
432.3 |
|
1,235.2 |
|
Other |
(5.3 |
) |
(2.3 |
) |
(4.2 |
) |
(11.8 |
) |
Consolidated |
$ |
1,047.5 |
|
$ |
1,167.1 |
|
$ |
1,112.8 |
|
$ |
3,327.4 |
|
Segment income (loss) |
|
|
|
- |
|
Water Quality Systems |
$ |
51.8 |
|
$ |
88.2 |
|
$ |
60.5 |
|
$ |
200.5 |
|
Flow
& Filtration Solutions |
36.4 |
|
57.1 |
|
53.2 |
|
146.7 |
|
Technical Solutions |
77.6 |
|
86.4 |
|
101.0 |
|
265.0 |
|
Other |
(30.3 |
) |
(27.9 |
) |
(27.2 |
) |
(85.4 |
) |
Consolidated |
$ |
135.5 |
|
$ |
203.8 |
|
$ |
187.5 |
|
$ |
526.8 |
|
Return on sales |
|
|
|
|
Water Quality Systems |
16.9 |
% |
22.7 |
% |
18.8 |
% |
19.7 |
% |
Flow
& Filtration Solutions |
10.4 |
% |
15.2 |
% |
14.7 |
% |
13.5 |
% |
Technical Solutions |
19.6 |
% |
21.2 |
% |
23.4 |
% |
21.5 |
% |
Consolidated |
12.9 |
% |
17.5 |
% |
16.8 |
% |
15.8 |
% |
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP year ended December 31,
2016 to the non-GAAP |
excluding the
effect of 2016 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
|
|
Actual |
|
Forecast |
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 |
|
|
approx |
$ |
1,220 |
|
approx |
$ |
4,920 |
|
Operating income |
152.7 |
|
203.4 |
|
182.8 |
|
|
approx |
181 |
|
approx |
719 |
|
% of net sales |
12.8 |
% |
15.6 |
% |
15.1 |
% |
|
approx |
14.8 |
% |
approx |
14.6 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
Restructuring and other |
0.6 |
|
12.2 |
|
8.1 |
|
|
approx |
- |
|
approx |
21 |
|
Intangible amortization |
24.2 |
|
24.3 |
|
24.1 |
|
|
approx |
24 |
|
approx |
97 |
|
Equity
income of unconsolidated subsidiaries |
0.4 |
|
1.1 |
|
1.2 |
|
|
approx |
1 |
|
approx |
4 |
|
Segment income |
177.9 |
|
241.0 |
|
216.2 |
|
|
approx |
206 |
|
approx |
841 |
|
% of net sales |
15.0 |
% |
18.5 |
% |
17.9 |
% |
|
approx |
17.0 |
% |
approx |
17.1 |
% |
Net income from continuing operations-as
reported |
91.8 |
|
132.7 |
|
117.5 |
|
|
approx |
115 |
|
approx |
458 |
|
Adjustments to operating income |
24.8 |
|
36.5 |
|
32.2 |
|
|
approx |
24 |
|
approx |
118 |
|
Income tax adjustments |
(5.4 |
) |
(7.9 |
) |
(7.0 |
) |
|
approx |
(5 |
) |
approx |
(26 |
) |
Net income from continuing operations-as
adjusted |
$ |
111.2 |
|
$ |
161.3 |
|
$ |
142.7 |
|
|
approx |
$ |
134 |
|
approx |
$ |
550 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share-as reported |
$ |
0.50 |
|
$ |
0.73 |
|
$ |
0.64 |
|
|
approx |
$ |
0.63 |
|
approx |
$ |
2.50 |
|
Adjustments |
0.11 |
|
0.15 |
|
0.14 |
|
|
approx |
0.10 |
|
approx |
0.50 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.61 |
|
$ |
0.88 |
|
$ |
0.78 |
|
|
approx |
$ |
0.73 |
|
approx |
$ |
3.00 |
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of Net Sales Growth to Core Net Sales Growth
by Strategic Business Group |
For the
Quarter Ending September 30, 2016 |
|
|
Q3 Net Sales Growth |
|
Core |
Currency |
Acq. / Div. |
Total |
Water Quality Systems |
1.9 |
% |
0.1 |
% |
- |
% |
2.0 |
% |
Aquatic & Environmental Systems |
6.0 |
% |
0.2 |
% |
- |
% |
6.2 |
% |
Water Filtration |
(2.6 |
)% |
(0.1 |
)% |
- |
% |
(2.7 |
)% |
Flow & Filtration Solutions |
(5.5 |
)% |
- |
% |
- |
% |
(5.5 |
)% |
Water Technologies |
(3.1 |
)% |
0.1 |
% |
- |
% |
(3.0 |
)% |
Fluid
Solutions |
(0.6 |
)% |
(0.1 |
)% |
- |
% |
(0.7 |
)% |
Process Filtration |
(21.8 |
)% |
(0.1 |
)% |
- |
% |
(21.9 |
)% |
Technical Solutions |
(1.0 |
)% |
- |
% |
26.6 |
% |
25.6 |
% |
Enclosures |
(0.5 |
)% |
0.5 |
% |
- |
% |
- |
% |
Thermal Management |
(4.6 |
)% |
(0.7 |
)% |
- |
% |
(5.3 |
)% |
Engineered Fastening Solutions |
- |
% |
- |
% |
100.0 |
% |
100.0 |
% |
Total Pentair |
(1.7 |
)% |
- |
% |
10.5 |
% |
8.8 |
% |
|
|
|
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 |
$ |
1,047.5 |
|
$ |
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 |
|
$ |
0.57 |
|
|
$ |
2.17 |
|
Adjustments |
0.05 |
|
0.12 |
|
0.18 |
|
0.31 |
|
|
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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