· First
quarter sales of $1.5 billion. Total sales declined 10
percent consisting of a 4 percent decline in core sales and
negative FX translation of 6 percent.
· EPS
declined 8 percent to $0.65 and adjusted operating margins declined
60 basis points to 11.6 percent compared to first quarter 2014
adjusted results.
· Free
cash flow usage of $159 million in the quarter and the company
expects to deliver full year free cash flow greater than 120
percent of net income.
· The
company updates 2015 adjusted EPS guidance to approximately $3.80
from a range of $4.10 - $4.25.
Reconciliations of GAAP to
Non-GAAP measures are in the attached financial tables.
MANCHESTER, United Kingdom - April 21,
2015- Pentair plc (NYSE: PNR) today announced first quarter 2015
sales of $1.5 billion. Sales were down 10 percent compared to sales
for the same period last year. First quarter 2015 earnings per
diluted share from continuing operations ("EPS") were $0.65, down 8
percent from adjusted EPS of $0.71 in the first quarter of last
year. Adjusted EPS, adjusted operating income, and segment
income exclude redomicile-related expenses and restructuring
costs.
"We started the year much slower than we had
originally anticipated as a decline in oil prices and the
strengthening dollar have led many of our customers to delay
business in what feels like a global capital spending pause," said
Randall J. Hogan, Pentair Chairman and Chief Executive
Officer. "We believe that Pentair is in the right markets for
the long term and we have detailed plans in place to work through
the anticipated near term challenges."
First quarter 2015 operating income was $171
million, down 15 percent compared to adjusted operating income for
first quarter 2014, and adjusted operating margins were 11.6
percent, a decline of 60 basis points when compared to adjusted
first quarter 2014 operating margins.
Free cash flow in the quarter was a usage of $159
million, reflecting normal seasonality and timing of cash
flows. The company expects to deliver full year free cash
flow greater than 120 percent of net income.
Pentair paid dividends of $0.32 per share in the
first quarter of 2015. 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 marks the 39th consecutive year that Pentair has
increased its dividend.
FIRST 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 first quarter 2015 sales of $429 million, down 19 percent
versus the prior year quarter. Core sales declined 11 percent year
over year for the first quarter and negative FX translation was 8
percent. Backlog decreased 4 percent to $1.2 billion compared to
fourth quarter 2014.
· Core
sales in the Energy vertical, which accounted for approximately 60
percent of Valves & Controls revenue in the quarter,
decreased 12 percent. Core sales to the oil & gas industry
were down 11 percent while core sales to the power industry
decreased 6 percent. Core sales to the mining industry
decreased 26 percent.
· Core
sales in the Industrial vertical, which accounted for approximately
40 percent of Valves & Controls revenue in the quarter,
decreased 10 percent.
Valves & Controls delivered first quarter
segment income of $42 million, down 31 percent compared to $61
million in the same quarter last year. First quarter segment
margins decreased 170 basis points to 9.8 percent.
Flow & Filtration
Solutions first quarter sales were $350 million, down 13
percent versus the prior year quarter. Core sales declined 7
percent in the first quarter and negative FX translation was 6
percent.
· Core
sales in the Residential & Commercial vertical, which
accounted for approximately 35 percent of Flow & Filtration
Solutions revenue in the quarter, decreased 11 percent.
· Core
sales in the Food & Beverage vertical, which accounted for
approximately 30 percent of Flow & Filtration Solutions revenue
in the quarter, decreased 2 percent.
· Core
sales in the Infrastructure vertical, which accounted for
approximately 15 percent of Flow & Filtration Solutions revenue
in the quarter, decreased 14 percent.
· Core
sales in the Industrial vertical, which accounted for approximately
15 percent of Flow & Filtration Solutions revenue in the
quarter, decreased 1 percent.
Flow & Filtration Solutions first quarter
segment income of $29 million represented a 16 percent decrease as
compared to $35 million in the same period last year. Segment
margins decreased by 40 basis points to 8.3 percent.
Water Quality Systems
delivered first quarter 2015 sales of $307 million, up 1 percent
versus the prior year quarter. Core sales grew 4 percent in the
first quarter and negative FX translation was 3 percent.
· Core
sales in the Residential & Commercial vertical, which accounted
for approximately 80 percent of Water Quality Systems revenue in
the quarter, increased 3 percent.
· Core
sales in the Food & Beverage vertical, which accounted for
approximately 20 percent of Water Quality Systems revenue in the
quarter, increased 11 percent.
Water Quality Systems delivered first quarter
segment income of $49 million, represented a 3 percent increase
compared to $48 million in the same quarter last year. First
quarter 2015 segment margins increased 40 basis points to 16.1
percent.
Technical Solutions delivered
first quarter 2015 sales of $396 million, down 5 percent versus the
prior year quarter. Core sales grew 1 percent in the first quarter
and negative FX translation was 6 percent.
· Core
sales in the Industrial vertical, which accounted for approximately
45 percent of Technical Solutions revenue in the quarter, were
flat.
· Core
sales in the Energy vertical, which accounted for approximately 25
percent of Technical Solutions revenue in the quarter, increased 2
percent.
· Core
sales in the Residential & Commercial vertical, which accounted
for approximately 15 percent of Technical Solutions revenue in the
quarter, increased 7 percent.
· Core
sales in the Infrastructure vertical, which accounted for
approximately 15 percent of Technical Solutions revenue in the
quarter, increased 2 percent.
Technical Solutions delivered first quarter
segment income of $73 million, down 8 percent compared to $79
million in the same quarter last year. First quarter 2015 segment
margins decreased 70 basis points to 18.4 percent.
OUTLOOK
The company updated its full year 2015 adjusted
EPS guidance to approximately $3.80, which represents an increase
of approximately one percent from 2014 adjusted EPS of $3.78.
The company anticipates full year 2015 sales of $6.5 billion, or
down approximately 8 to 9 percent over 2014 sales. The
company expects to generate free cash flow in excess of 120 percent
of net income in 2015.
"Given the significantly slower start to the year,
we are adjusting our expectations for the full year," said
Hogan. "We have rebuilt our plan for the full year to deliver
adjusted EPS to be at least flat compared to last year.
Although the economic headwinds have worsened, we are focusing on
the elements within our control. This includes getting more
aggressive on cost actions, continuing to invest in differentiated
growth, and select M&A where appropriate."
In addition, the company introduced second quarter
2015 adjusted EPS guidance of $0.95 - $0.96, down approximately 6
percent on an adjusted basis versus the same quarter last year's
adjusted EPS. The company expects second quarter revenue to
be approximately $1.64 billion, which would be down approximately
10 to 11 percent on a reported basis and down 3 to 4 percent on a
core basis compared to second 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 and first quarter 2015 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 ability to achieve the benefits of
planned cost take-out actions, 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, including in our 2014
Annual Report on Form 10-K. All forward-looking statements speak
only as of the date of this press release. We assume no obligation,
and disclaim any obligation, to update the information contained in
this press release.
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 |
In millions, except per-share
data |
March 28,
2015 |
March 29,
2014 |
Net sales |
$ |
1,475.0 |
|
$ |
1,644.0 |
|
Cost
of goods sold |
964.8 |
|
1,079.9 |
|
Gross profit |
510.2 |
|
564.1 |
|
% of net sales |
34.6 |
% |
34.3 |
% |
Selling, general and administrative |
309.2 |
|
352.5 |
|
% of net sales |
21.0 |
% |
21.4 |
% |
Research and development |
29.8 |
|
29.5 |
|
% of net sales |
2.0 |
% |
1.8 |
% |
Operating income |
171.2 |
|
182.1 |
|
% of net sales |
11.6 |
% |
11.1 |
% |
Other (income) expense: |
|
|
Equity
income of unconsolidated subsidiaries |
(0.5 |
) |
(0.3 |
) |
Net interest expense |
18.2 |
|
16.1 |
|
% of net sales |
1.2 |
% |
1.0 |
% |
Income from continuing operations before income
taxes |
153.5 |
|
166.3 |
|
Provision for income taxes |
35.3 |
|
40.8 |
|
Effective tax rate |
23.0 |
% |
24.5 |
% |
Net income from continuing operations |
118.2 |
|
125.5 |
|
Loss from discontinued operations, net of tax |
(4.3 |
) |
(1.3 |
) |
Loss from sale / impairment of discontinued operations,
net of tax |
- |
|
(5.6 |
) |
Net income |
$ |
113.9 |
|
$ |
118.6 |
|
Earnings (loss) per ordinary share |
|
|
Basic |
|
|
Continuing operations |
$ |
0.66 |
|
$ |
0.64 |
|
Discontinued operations |
(0.03 |
) |
(0.04 |
) |
Basic earnings per ordinary share |
$ |
0.63 |
|
$ |
0.60 |
|
Diluted |
|
|
Continuing operations |
$ |
0.65 |
|
$ |
0.63 |
|
Discontinued operations |
(0.03 |
) |
(0.04 |
) |
Diluted earnings per ordinary share |
$ |
0.62 |
|
$ |
0.59 |
|
Weighted average ordinary shares
outstanding |
|
|
Basic |
180.1 |
|
196.2 |
|
Diluted |
182.7 |
|
199.7 |
|
Cash dividends paid per ordinary share |
$ |
0.32 |
|
$ |
0.25 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
March
28,
2015 |
December
31,
2014 |
|
In millions |
|
Assets |
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
131.1 |
|
$ |
110.4 |
|
|
Accounts and notes receivable, net |
1,247.5 |
|
1,205.9 |
|
|
Inventories |
1,177.0 |
|
1,130.4 |
|
|
Other
current assets |
412.5 |
|
366.8 |
|
|
Current assets held for sale |
8.8 |
|
80.6 |
|
|
Total current assets |
2,976.9 |
|
2,894.1 |
|
|
Property, plant and equipment,
net |
915.4 |
|
950.0 |
|
|
Other assets |
|
|
|
Goodwill |
4,671.8 |
|
4,741.9 |
|
|
Intangibles, net |
1,559.1 |
|
1,608.1 |
|
|
Other non-current assets |
420.3 |
|
436.2 |
|
|
Non-current assets held for sale |
25.9 |
|
24.9 |
|
|
Total other assets |
6,677.1 |
|
6,811.1 |
|
|
Total assets |
$ |
10,569.4 |
|
$ |
10,655.2 |
|
|
Liabilities and Equity |
|
Current liabilities |
|
|
|
Current maturities of long-term debt and short-term
borrowings |
$ |
5.6 |
|
$ |
6.7 |
|
|
Accounts payable |
504.9 |
|
583.1 |
|
|
Employee compensation and benefits |
254.9 |
|
305.5 |
|
|
Other
current liabilities |
654.2 |
|
709.1 |
|
|
Current liabilities held for sale |
11.5 |
|
35.1 |
|
|
Total current liabilities |
1,431.1 |
|
1,639.5 |
|
|
Other liabilities |
|
|
|
Long-term debt |
3,403.4 |
|
2,997.4 |
|
|
Pension and other post-retirement compensation and
benefits |
300.9 |
|
322.0 |
|
|
Deferred tax liabilities |
516.3 |
|
528.3 |
|
|
Other non-current liabilities |
490.4 |
|
497.7 |
|
|
Non-current liabilities held for sale |
4.0 |
|
6.5 |
|
|
Total liabilities |
6,146.1 |
|
5,991.4 |
|
|
Equity |
4,423.3 |
|
4,663.8 |
|
|
Total liabilities and
equity |
$ |
10,569.4 |
|
$ |
10,655.2 |
|
|
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
Three months ended |
In millions |
March
28,
2015 |
March
29,
2014 |
Operating activities |
|
|
Net
income |
$ |
113.9 |
|
$ |
118.6 |
|
Loss from discontinued operations, net of tax |
4.3 |
|
1.3 |
|
Loss from
sale / impairment of discontinued operations, net of tax |
- |
|
5.6 |
|
Adjustments to reconcile net income
from continuing operations to net cash provided by (used for)
operating activities of continuing operations |
|
|
Equity
income of unconsolidated subsidiaries |
(0.5 |
) |
(0.3 |
) |
Depreciation |
32.4 |
|
34.8 |
|
Amortization |
27.6 |
|
28.5 |
|
Deferred income taxes |
5.7 |
|
(1.4 |
) |
Share-based compensation |
9.7 |
|
7.4 |
|
Excess tax benefits from share-based compensation |
(2.8 |
) |
(6.1 |
) |
Loss
(gain) on sale of assets |
(1.2 |
) |
0.3 |
|
Changes in assets and liabilities,
net of effects of business acquisitions |
|
|
Accounts
and notes receivable |
(85.8 |
) |
(76.9 |
) |
Inventories |
(88.2 |
) |
(34.5 |
) |
Other
current assets |
(71.0 |
) |
(32.2 |
) |
Accounts payable |
(60.2 |
) |
(35.7 |
) |
Employee
compensation and benefits |
(33.7 |
) |
(49.3 |
) |
Other current liabilities |
38.8 |
|
33.4 |
|
Other non-current assets and liabilities |
(15.2 |
) |
(6.2 |
) |
Net cash provided by (used for) operating activities
of continuing operations |
(126.2 |
) |
(12.7 |
) |
Net cash provided by (used for) operating activities of
discontinued operations |
(7.0 |
) |
15.2 |
|
Net cash provided by (used for) operating
activities |
(133.2 |
) |
2.5 |
|
Investing activities |
|
|
Capital expenditures |
(34.8 |
) |
(27.2 |
) |
Proceeds
from sale of property and equipment |
2.3 |
|
0.4 |
|
Acquisitions, net of cash acquired |
(3.0 |
) |
- |
|
Other |
- |
|
(0.5 |
) |
Net cash provided by (used for) investing activities of
continuing operations |
(35.5 |
) |
(27.3 |
) |
Net cash
provided by (used for) investing activities of discontinued
operations |
54.9 |
|
- |
|
Net cash provided by (used for) investing activities |
19.4 |
|
(27.3 |
) |
Financing activities |
|
|
Net receipts of short-term borrowings |
- |
|
0.3 |
|
Net
receipts of commercial paper and revolving long-term debt |
406.0 |
|
381.9 |
|
Repayments of long-term debt |
(0.4 |
) |
(0.9 |
) |
Excess
tax benefits from share-based compensation |
2.8 |
|
6.1 |
|
Shares issued to employees, net of shares
withheld |
8.7 |
|
24.0 |
|
Repurchases of ordinary shares |
(200.0 |
) |
(252.2 |
) |
Dividends paid |
(57.5 |
) |
(49.2 |
) |
Purchase
of noncontrolling interest |
- |
|
(134.7 |
) |
Net cash provided by (used for) financing activities |
159.6 |
|
(24.7 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
(25.1 |
) |
(2.6 |
) |
Change in cash and cash
equivalents |
20.7 |
|
(52.1 |
) |
Cash and
cash equivalents, beginning of period |
110.4 |
|
256.0 |
|
Cash and cash equivalents, end of
period |
$ |
131.1 |
|
$ |
203.9 |
|
Free cash flow |
|
|
Net cash provided by (used for) operating activities
of continuing operations |
$ |
(126.2 |
) |
$ |
(12.7 |
) |
Capital
expenditures |
(34.8 |
) |
(27.2 |
) |
Proceeds from sale of property and equipment |
2.3 |
|
0.4 |
|
Free cash flow |
$ |
(158.7 |
) |
$ |
(39.5 |
) |
|
|
|
Pentair plc
and Subsidiaries |
Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
2015 |
|
2014 |
In millions |
First
Quarter |
|
First
Quarter |
Net sales |
|
|
|
Valves
& Controls |
$ |
429.2 |
|
|
$ |
531.0 |
|
Flow & Filtration Solutions |
350.1 |
|
|
401.1 |
|
Water
Quality Systems |
306.9 |
|
|
304.0 |
|
Technical Solutions |
395.8 |
|
|
415.3 |
|
Other |
(7.0 |
) |
|
(7.4 |
) |
Consolidated |
$ |
1,475.0 |
|
|
$ |
1,644.0 |
|
Segment income (loss) |
|
|
|
Valves & Controls |
$ |
42.0 |
|
|
$ |
60.9 |
|
Flow
& Filtration Solutions |
29.1 |
|
|
34.7 |
|
Water Quality Systems |
49.3 |
|
|
47.7 |
|
Technical
Solutions |
72.7 |
|
|
79.0 |
|
Other |
(21.9 |
) |
|
(21.7 |
) |
Consolidated |
$ |
171.2 |
|
|
$ |
200.6 |
|
Segment income as a percent of net
sales |
|
|
|
Valves
& Controls |
9.8 |
% |
|
11.5 |
% |
Flow & Filtration Solutions |
8.3 |
% |
|
8.7 |
% |
Water
Quality Systems |
16.1 |
% |
|
15.7 |
% |
Technical Solutions |
18.4 |
% |
|
19.1 |
% |
Consolidated |
11.6 |
% |
|
12.2 |
% |
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP "As Reported" year ended
December 31, 2015 to the "Adjusted" non-GAAP |
excluding the
effect of 2015 adjustments (Unaudited) |
|
|
|
|
|
|
|
|
|
Actual |
|
Forecast |
In millions, except per-share
data |
First Quarter |
|
Second
Quarter |
|
Full
Year |
Total Pentair |
|
|
|
|
|
|
|
Net sales |
$ |
1,475.0 |
|
|
approx |
$ |
1,640 |
|
|
approx |
$ |
6,470 |
|
Operating income-as reported |
171.2 |
|
|
approx |
207 |
|
|
approx |
913 |
|
% of net sales |
11.6 |
% |
|
approx |
12.6 |
% |
|
approx |
14.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
Restructuring and other |
- |
|
|
approx |
40 |
|
|
approx |
60 |
|
Operating income-as adjusted |
171.2 |
|
|
approx |
247 |
|
|
approx |
973 |
|
% of net sales |
11.6 |
% |
|
approx |
15.1 |
% |
|
approx |
15.0 |
% |
Net income from continuing operations-as
reported |
118.2 |
|
|
approx |
144 |
|
|
approx |
647 |
|
Adjustments, net of tax |
- |
|
|
approx |
31 |
|
|
approx |
46 |
|
Net income from continuing operations-as
adjusted |
$ |
118.2 |
|
|
approx |
175 |
|
|
approx |
$ |
693 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.65 |
|
|
approx |
$ 0.78 - 0.79 |
|
approx |
$ |
3.55 |
|
Adjustments |
- |
|
|
approx |
0.17 |
|
|
approx |
0.25 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.65 |
|
|
approx |
$ 0.95 - 0.96 |
|
approx |
$ |
3.80 |
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of Net Sales Growth to Core Net Sales Growth
by Vertical |
for the
quarter ending March 28, 2015 (Unaudited) |
|
Q1 Net Sales Growth |
|
Core |
Currency |
Acq./
Div. |
Total |
Valves & Controls |
(11.1 |
)% |
(8.1 |
)% |
- |
% |
(19.2 |
)% |
Industrial |
(9.7 |
)% |
(6.2 |
)% |
- |
% |
(15.9 |
)% |
Energy |
(12.0 |
)% |
(9.3 |
)% |
- |
% |
(21.3 |
)% |
Flow & Filtration Solutions |
(6.5 |
)% |
(6.2 |
)% |
- |
% |
(12.7 |
)% |
Industrial |
(0.6 |
)% |
(3.8 |
)% |
- |
% |
(4.4 |
)% |
Residential & Commercial |
(11.3 |
)% |
(7.1 |
)% |
- |
% |
(18.4 |
)% |
Food
& Beverage |
(1.6 |
)% |
(8.8 |
)% |
- |
% |
(10.4 |
)% |
Infrastructure |
(13.7 |
)% |
(2.5 |
)% |
- |
% |
(16.2 |
)% |
Water Quality Systems |
4.1 |
% |
(3.2 |
)% |
- |
% |
0.9 |
% |
Residential & Commercial |
3.2 |
% |
(2.9 |
)% |
- |
% |
0.3 |
% |
Food
& Beverage |
11.5 |
% |
(3.9 |
)% |
- |
% |
7.6 |
% |
Technical Solutions |
1.5 |
% |
(6.2 |
)% |
- |
% |
(4.7 |
)% |
Industrial |
(0.2 |
)% |
(6.5 |
)% |
- |
% |
(6.7 |
)% |
Residential & Commercial |
7.0 |
% |
(8.2 |
)% |
- |
% |
(1.2 |
)% |
Energy |
1.8 |
% |
(4.5 |
)% |
- |
% |
(2.7 |
)% |
Infrastructure |
2.1 |
% |
(6.5 |
)% |
- |
% |
(4.4 |
)% |
Total Pentair |
(4.0 |
)% |
(6.3 |
)% |
- |
% |
(10.3 |
)% |
Industrial |
(4.6 |
)% |
(6.0 |
)% |
- |
% |
(10.6 |
)% |
Residential & Commercial |
(0.8 |
)% |
(4.9 |
)% |
- |
% |
(5.7 |
)% |
Energy |
(8.9 |
)% |
(7.9 |
)% |
- |
% |
(16.8 |
)% |
Food
& Beverage |
2.5 |
% |
(7.1 |
)% |
- |
% |
(4.6 |
)% |
Infrastructure |
(5.3 |
)% |
(4.6 |
)% |
- |
% |
(9.9 |
)% |
|
|
|
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 |
|
176.0 |
|
|
851.9 |
|
% of net sales |
11.1 |
% |
12.3 |
% |
15.2 |
% |
9.8 |
% |
|
12.1 |
% |
Adjustments: |
|
|
|
|
|
|
Restructuring and other |
17.0 |
|
44.1 |
|
- |
|
48.5 |
|
|
109.6 |
|
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-as
reported |
125.5 |
|
159.2 |
|
192.5 |
|
129.8 |
|
|
607.0 |
|
Adjustments, net of tax |
16.4 |
|
41.5 |
|
- |
|
66.8 |
|
|
124.7 |
|
Net income from continuing operations-as
adjusted |
$ |
141.9 |
|
$ |
200.7 |
|
$ |
192.5 |
|
$ |
196.6 |
|
|
$ |
731.7 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
Diluted earnings per ordinary share-as
reported |
$ |
0.63 |
|
$ |
0.81 |
|
$ |
1.00 |
|
$ |
0.70 |
|
|
$ |
3.14 |
|
Adjustments |
0.08 |
|
0.21 |
|
- |
|
0.36 |
|
|
0.64 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.71 |
|
$ |
1.02 |
|
$ |
1.00 |
|
$ |
1.06 |
|
|
$ |
3.78 |
|
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#1912679
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