·
Second
quarter sales of $1.7 billion.
·
Second
quarter GAAP EPS of $0.78 and adjusted EPS of $1.11.
·
Net cash
provided by operating activities of $385 million and free cash flow
of $351 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 to a range of $3.23 - $3.38 and on an
adjusted basis to a range of $4.05 - $4.20.
Reconciliations of GAAP to
Non-GAAP measures are in the attached financial tables.
MANCHESTER, United Kingdom - July 28, 2016-
Pentair plc (NYSE: PNR) today announced second quarter 2016 sales
of $1.7 billion. Sales were up 4 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 declined 3 percent in the second quarter. Second
quarter 2016 earnings per diluted share from continuing operations
("EPS") were $0.78 compared to $0.84 in the second quarter of 2015.
On an adjusted basis, the company reported EPS of $1.11 compared to
$1.08 in the second quarter of 2015. Segment income, adjusted
net income, free cash flow, and adjusted EPS are described in the
attached schedules.
Second quarter 2016 operating income was $217
million, down 1 percent compared to operating income for second
quarter of 2015, and return on sales ("ROS") was 12.5 percent, a
decrease of 60 basis points when compared to the second quarter of
2015. On an adjusted basis, the company reported segment income of
$291 million for the second quarter, up 7 percent compared to
segment income for the second quarter of 2015, and ROS was 16.8
percent, an increase of 30 basis points when compared to the second
quarter of 2015.
Net cash provided by operating activities was $385
million and free cash flow was $351 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 $0.33 per share in the
second 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 are pleased with our second quarter
performance, which came in at the high end of our expectations as
we once again executed against our commitments," said Randall J.
Hogan, Pentair Chairman and Chief Executive Officer. "We
continue to be encouraged by the strength in our Residential &
Commercial and Infrastructure verticals. We have narrowed our full
year outlook reflecting further signs of stabilization in our
Industrial business and what we believe is sequential flattening in
our Energy business. Our cash flow remains strong and we remain
focused on further strengthening our balance sheet."
OUTLOOK
The company updates its 2016 GAAP EPS to a range
of $3.23 - $3.38 and on an adjusted basis to a range of $4.05 -
$4.20. The company anticipates full year 2016 sales of $6.7
billion, or up approximately 4 percent on a reported basis and down
approximately 1 percent on a core basis. The company still
expects to deliver full year free cash flow of approximately 100
percent of adjusted net income.
In addition, the company introduced third quarter
2016 GAAP EPS guidance of $0.86 - $0.92 and on an adjusted basis
$1.02 - $1.08, up approximately 8 percent on an adjusted basis
versus the same quarter last year. The company expects third
quarter revenue to be approximately $1.66 billion, which would be
up approximately 7 percent on a reported basis and flat on a core
basis compared to third 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, second quarter and first half 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 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 |
|
Six months ended |
In millions, except per-share
data |
June 30,
2016 |
June 27,
2015 |
|
June 30,
2016 |
June 27,
2015 |
Net sales |
$ |
1,733.3 |
|
$ |
1,661.2 |
|
|
$ |
3,308.8 |
|
$ |
3,136.2 |
|
Cost
of goods sold |
1,134.1 |
|
1,095.0 |
|
|
2,174.2 |
|
2,059.8 |
|
Gross profit |
599.2 |
|
566.2 |
|
|
1,134.6 |
|
1,076.4 |
|
% of net sales |
34.6 |
% |
34.1 |
% |
|
34.3 |
% |
34.3 |
% |
Selling, general and administrative |
348.4 |
|
319.3 |
|
|
680.0 |
|
628.5 |
|
% of net sales |
20.1 |
% |
19.3 |
% |
|
20.6 |
% |
20.0 |
% |
Research and development |
33.9 |
|
29.0 |
|
|
67.1 |
|
58.8 |
|
% of net sales |
2.0 |
% |
1.7 |
% |
|
2.0 |
% |
1.9 |
% |
Operating income |
216.9 |
|
217.9 |
|
|
387.5 |
|
389.1 |
|
% of net sales |
12.5 |
% |
13.1 |
% |
|
11.7 |
% |
12.4 |
% |
Other (income) expense: |
|
|
|
|
|
Equity
income of unconsolidated subsidiaries |
(1.0 |
) |
(0.6 |
) |
|
(1.9 |
) |
(1.1 |
) |
Net interest expense |
35.5 |
|
18.6 |
|
|
71.9 |
|
36.8 |
|
% of net sales |
2.0 |
% |
1.1 |
% |
|
2.2 |
% |
1.2 |
% |
Income from continuing operations before income
taxes |
182.4 |
|
199.9 |
|
|
317.5 |
|
353.4 |
|
Provision for income taxes |
39.6 |
|
46.0 |
|
|
67.3 |
|
81.3 |
|
Effective tax rate |
21.7 |
% |
23.0 |
% |
|
21.2 |
% |
23.0 |
% |
Net income from continuing operations |
142.8 |
|
153.9 |
|
|
250.2 |
|
272.1 |
|
Loss from discontinued operations, net of tax |
- |
|
(1.3 |
) |
|
- |
|
(5.6 |
) |
Loss from sale / impairment of discontinued operations,
net of tax |
- |
|
(4.8 |
) |
|
- |
|
(4.8 |
) |
Net income |
$ |
142.8 |
|
$ |
147.8 |
|
|
$ |
250.2 |
|
$ |
261.7 |
|
Earnings (loss) per ordinary share |
|
|
|
|
|
Basic |
|
|
|
|
|
Continuing operations |
$ |
0.79 |
|
$ |
0.85 |
|
|
$ |
1.38 |
|
$ |
1.51 |
|
Discontinued operations |
- |
|
(0.03 |
) |
|
- |
|
(0.06 |
) |
Basic earnings per ordinary share |
$ |
0.79 |
|
$ |
0.82 |
|
|
$ |
1.38 |
|
$ |
1.45 |
|
Diluted |
|
|
|
|
|
Continuing operations |
$ |
0.78 |
|
$ |
0.84 |
|
|
$ |
1.37 |
|
$ |
1.49 |
|
Discontinued operations |
- |
|
(0.03 |
) |
|
- |
|
(0.06 |
) |
Diluted earnings per ordinary share |
$ |
0.78 |
|
$ |
0.81 |
|
|
$ |
1.37 |
|
$ |
1.43 |
|
Weighted average ordinary shares
outstanding |
|
|
|
|
|
Basic |
180.9 |
|
179.8 |
|
|
180.8 |
|
180.1 |
|
Diluted |
183.0 |
|
182.3 |
|
|
182.8 |
|
182.6 |
|
Cash dividends paid per ordinary share |
$ |
0.33 |
|
$ |
0.32 |
|
|
$ |
0.66 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
|
Condensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
June
30,
2016 |
December
31,
2015 |
|
In millions |
|
Assets |
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
173.3 |
|
$ |
126.3 |
|
|
Accounts and notes receivable, net |
1,086.2 |
|
1,167.7 |
|
|
Inventories |
1,133.2 |
|
1,174.3 |
|
|
Other
current assets |
400.1 |
|
309.3 |
|
|
Total current assets |
2,792.8 |
|
2,777.6 |
|
|
Property, plant and equipment, net |
937.6 |
|
942.8 |
|
|
Other assets |
|
|
|
Goodwill |
5,231.5 |
|
5,255.4 |
|
|
Intangibles, net |
2,419.6 |
|
2,490.1 |
|
|
Other
non-current assets |
362.3 |
|
367.6 |
|
|
Total other assets |
8,013.4 |
|
8,113.1 |
|
|
Total assets |
$ |
11,743.8 |
|
$ |
11,833.5 |
|
|
Liabilities and Equity |
|
Current liabilities |
|
|
|
Current maturities of long-term debt and short-term
borrowings |
$ |
- |
|
$ |
0.7 |
|
|
Accounts payable |
531.7 |
|
578.8 |
|
|
Employee compensation and benefits |
216.3 |
|
262.9 |
|
|
Other
current liabilities |
667.9 |
|
644.1 |
|
|
Total current liabilities |
1,415.9 |
|
1,486.5 |
|
|
Other liabilities |
|
|
|
Long-term debt |
4,551.7 |
|
4,685.8 |
|
|
Pension and other post-retirement compensation and benefits |
282.0 |
|
287.2 |
|
|
Deferred tax liabilities |
815.2 |
|
844.2 |
|
|
Other
non-current liabilities |
512.7 |
|
521.0 |
|
|
Total liabilities |
7,577.5 |
|
7,824.7 |
|
|
Equity |
4,166.3 |
|
4,008.8 |
|
|
Total liabilities and
equity |
$ |
11,743.8 |
|
$ |
11,833.5 |
|
|
|
|
|
Pentair plc
and Subsidiaries |
Condensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
Six months ended |
In millions |
June 30,
2016 |
June
27,
2015 |
Operating activities |
|
|
Net
income |
$ |
250.2 |
|
$ |
261.7 |
|
Loss from discontinued operations, net of tax |
- |
|
5.6 |
|
Loss
from sale / impairment of discontinued operations, net of tax |
- |
|
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 |
(1.9 |
) |
(1.1 |
) |
Depreciation |
68.3 |
|
66.8 |
|
Amortization |
75.2 |
|
55.6 |
|
Deferred income taxes |
(26.6 |
) |
4.9 |
|
Share-based compensation |
22.3 |
|
19.4 |
|
Excess tax benefits from share-based
compensation |
(3.2 |
) |
(4.6 |
) |
Loss
(gain) on sale of assets |
7.5 |
|
(8.3 |
) |
Changes in assets and liabilities,
net of effects of business acquisitions |
|
|
Accounts and notes receivable |
89.7 |
|
2.7 |
|
Inventories |
36.7 |
|
(97.6 |
) |
Other
current assets |
(75.9 |
) |
(35.6 |
) |
Accounts payable |
(47.3 |
) |
(43.4 |
) |
Employee compensation and benefits |
(48.0 |
) |
(41.2 |
) |
Other current liabilities |
37.0 |
|
30.3 |
|
Other
non-current assets and liabilities |
(14.5 |
) |
(24.9 |
) |
Net cash provided by (used for) operating activities of
continuing operations |
369.5 |
|
195.1 |
|
Net cash provided by (used for) operating activities of
discontinued operations |
- |
|
(9.6 |
) |
Net cash provided by (used for) operating
activities |
369.5 |
|
185.5 |
|
Investing activities |
|
|
Capital expenditures |
(74.6 |
) |
(66.8 |
) |
Proceeds from sale of property and equipment |
9.5 |
|
23.1 |
|
Acquisitions, net of cash acquired |
- |
|
(99.0 |
) |
Other |
(3.0 |
) |
(0.5 |
) |
Net cash provided by (used for) investing activities of
continuing operations |
(68.1 |
) |
(143.2 |
) |
Net cash provided by (used for) investing activities of
discontinued operations |
- |
|
59.0 |
|
Net cash provided by (used for) investing
activities |
(68.1 |
) |
(84.2 |
) |
Financing activities |
|
|
Net repayments of short-term borrowings |
- |
|
(0.3 |
) |
Net
(repayments) receipts of commercial paper and revolving long-term
debt |
(139.8 |
) |
263.4 |
|
Repayment of long-term debt |
(0.7 |
) |
(4.3 |
) |
Excess
tax benefits from share-based compensation |
3.2 |
|
4.6 |
|
Shares issued to employees, net of shares
withheld |
8.3 |
|
17.3 |
|
Repurchases of ordinary shares |
- |
|
(200.0 |
) |
Dividends paid |
(119.7 |
) |
(115.6 |
) |
Net cash provided by (used for) financing activities |
(248.7 |
) |
(34.9 |
) |
Effect of exchange rate changes on
cash and cash equivalents |
(5.7 |
) |
(29.5 |
) |
Change in cash and cash
equivalents |
47.0 |
|
36.9 |
|
Cash and cash equivalents, beginning of year |
126.3 |
|
110.4 |
|
Cash and cash equivalents, end of
year |
$ |
173.3 |
|
$ |
147.3 |
|
|
|
|
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of the GAAP operating activities cash flow
to the non-GAAP free cash flow (Unaudited) |
|
|
Six months ended |
In millions |
June 30,
2016 |
June 27,
2015 |
|
|
|
|
|
|
Net cash provided by (used for) operating activities
of continuing operations |
$ |
369.5 |
|
$ |
195.1 |
|
Capital
expenditures |
(74.6 |
) |
(66.8 |
) |
Proceeds from sale of property and equipment |
9.5 |
|
23.1 |
|
Free cash flow |
$ |
304.4 |
|
$ |
151.4 |
|
|
|
|
Pentair plc
and Subsidiaries |
Supplemental
Financial Information by Reportable Segment (Unaudited) |
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
In millions |
First
Quarter |
Second
Quarter |
Six
Months |
|
First
Quarter |
Second Quarter |
Six
Months |
Net sales |
|
|
|
|
|
|
|
Water
Quality Systems |
$ |
331.5 |
|
$ |
397.1 |
|
$ |
728.6 |
|
|
$ |
306.9 |
|
$ |
387.7 |
|
$ |
694.6 |
|
Flow & Filtration Solutions |
337.7 |
|
368.7 |
|
706.4 |
|
|
350.1 |
|
374.6 |
|
724.7 |
|
Technical Solutions |
524.6 |
|
540.6 |
|
1,065.2 |
|
|
395.8 |
|
407.1 |
|
802.9 |
|
Valves & Controls |
387.0 |
|
433.6 |
|
820.6 |
|
|
429.2 |
|
496.4 |
|
925.6 |
|
Other |
(5.3 |
) |
(6.7 |
) |
(12.0 |
) |
|
(7.0 |
) |
(4.6 |
) |
(11.6 |
) |
Consolidated |
$ |
1,575.5 |
|
$ |
1,733.3 |
|
$ |
3,308.8 |
|
|
$ |
1,475.0 |
|
$ |
1,661.2 |
|
$ |
3,136.2 |
|
Segment income (loss) |
|
|
- |
|
|
|
|
- |
|
Water Quality Systems |
$ |
61.7 |
|
$ |
98.2 |
|
$ |
159.9 |
|
|
$ |
51.8 |
|
$ |
88.2 |
|
$ |
140.0 |
|
Flow
& Filtration Solutions |
39.5 |
|
55.5 |
|
95.0 |
|
|
36.4 |
|
57.1 |
|
93.5 |
|
Technical Solutions |
112.8 |
|
111.6 |
|
224.4 |
|
|
77.6 |
|
86.4 |
|
164.0 |
|
Valves
& Controls |
25.3 |
|
43.7 |
|
69.0 |
|
|
55.4 |
|
64.4 |
|
119.8 |
|
Other |
(29.5 |
) |
(17.6 |
) |
(47.1 |
) |
|
(21.9 |
) |
(22.6 |
) |
(44.5 |
) |
Consolidated |
$ |
209.8 |
|
$ |
291.4 |
|
$ |
501.2 |
|
|
$ |
199.3 |
|
$ |
273.5 |
|
$ |
472.8 |
|
Return on sales |
|
|
|
|
|
|
|
Water
Quality Systems |
18.6 |
% |
24.7 |
% |
21.9 |
% |
|
16.9 |
% |
22.8 |
% |
20.2 |
% |
Flow & Filtration Solutions |
11.7 |
% |
15.0 |
% |
13.4 |
% |
|
10.4 |
% |
15.2 |
% |
12.9 |
% |
Technical Solutions |
21.5 |
% |
20.6 |
% |
21.1 |
% |
|
19.6 |
% |
21.2 |
% |
20.4 |
% |
Valves & Controls |
6.5 |
% |
10.1 |
% |
8.4 |
% |
|
12.9 |
% |
13.0 |
% |
12.9 |
% |
Consolidated |
13.3 |
% |
16.8 |
% |
15.1 |
% |
|
13.5 |
% |
16.5 |
% |
15.1 |
% |
|
|
|
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 |
Full
Year |
Total Pentair |
|
|
|
|
|
|
|
Net sales |
$ |
1,575.5 |
|
$ |
1,733.3 |
|
|
approx |
$ |
1,660 |
|
approx |
$ |
6,680 |
|
Operating income |
170.6 |
|
216.9 |
|
|
approx |
239 |
|
approx |
897 |
|
% of net sales |
10.8 |
% |
12.5 |
% |
|
approx |
14.4 |
% |
approx |
13.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
Restructuring and other |
0.7 |
|
35.9 |
|
|
approx |
- |
|
approx |
37 |
|
Intangible amortization |
37.6 |
|
37.6 |
|
|
approx |
37 |
|
approx |
150 |
|
Equity
income of unconsolidated subsidiaries |
0.9 |
|
1.0 |
|
|
approx |
1 |
|
approx |
4 |
|
Segment income |
209.8 |
|
291.4 |
|
|
approx |
277 |
|
approx |
1,088 |
|
% of net sales |
13.3 |
% |
16.8 |
% |
|
approx |
16.7 |
% |
approx |
16.3 |
% |
Net income from continuing operations-as
reported |
107.4 |
|
145.0 |
|
|
approx |
162 |
|
approx |
604 |
|
Adjustments to operating income |
38.3 |
|
73.5 |
|
|
approx |
37 |
|
approx |
187 |
|
Income tax adjustments |
(7.8 |
) |
(15.1 |
) |
|
approx |
(7 |
) |
approx |
(38 |
) |
Net income from continuing operations-as
adjusted |
$ |
137.9 |
|
$ |
203.4 |
|
|
approx |
$ |
192 |
|
approx |
$ |
753 |
|
Continuing earnings per ordinary
share-diluted |
|
|
|
|
|
|
|
Diluted earnings per ordinary share-as reported |
$ |
0.59 |
|
$ |
0.78 |
|
|
approx |
$ 0.86 - 0.92 |
approx |
$ 3.23 - 3.38 |
Adjustments |
0.17 |
|
0.33 |
|
|
approx |
0.16 |
|
approx |
0.82 |
|
Diluted earnings per ordinary share-as
adjusted |
$ |
0.76 |
|
$ |
1.11 |
|
|
approx |
$ 1.02 - 1.08 |
approx |
$ 4.05 - 4.20 |
|
|
|
Pentair plc
and Subsidiaries |
Reconciliation of Net Sales Growth to Core Net Sales Growth
by Strategic Business Group |
for the
quarter ending June 30, 2016 |
|
|
Q2 Net Sales
Growth |
|
Core |
Currency |
Acq. / Div. |
Total |
Water Quality Systems |
2.9 |
% |
(0.5 |
)% |
- |
% |
2.4 |
% |
Aquatic & Environmental Systems |
4.0 |
% |
(0.5 |
)% |
- |
% |
3.5 |
% |
Water Filtration |
1.4 |
% |
(0.2 |
)% |
- |
% |
1.2 |
% |
Flow & Filtration Solutions |
(1.1 |
)% |
(0.5 |
)% |
- |
% |
(1.6 |
)% |
Water Technologies |
(2.8 |
)% |
(0.3 |
)% |
- |
% |
(3.1 |
)% |
Fluid
Solutions |
(2.9 |
)% |
(0.5 |
)% |
- |
% |
(3.4 |
)% |
Process Filtration |
9.7 |
% |
(0.5 |
)% |
- |
% |
9.2 |
% |
Technical Solutions |
0.2 |
% |
(1.3 |
)% |
33.9 |
% |
32.8 |
% |
Enclosures |
(4.9 |
)% |
(0.7 |
)% |
- |
% |
(5.6 |
)% |
Thermal Management |
7.0 |
% |
(2.3 |
)% |
- |
% |
4.7 |
% |
Engineered Fastening Solutions |
- |
% |
- |
% |
100.0 |
% |
100.0 |
% |
Valves & Controls |
(11.2 |
)% |
(1.5 |
)% |
- |
% |
(12.7 |
)% |
Aftermarket/MRO |
(5.9 |
)% |
(1.5 |
)% |
- |
% |
(7.4 |
)% |
Engineered Projects |
(16.5 |
)% |
(1.1 |
)% |
- |
% |
(17.6 |
)% |
Total Pentair |
(3.1 |
)% |
(0.9 |
)% |
8.3 |
% |
4.3 |
% |
|
|
|
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 |
- |
|
- |
|
- |
|
3.2 |
|
|
3.2 |
|
Amortization of bridge financing fees |
- |
|
- |
|
10.7 |
|
- |
|
|
10.7 |
|
Adjustments to operating income (loss) |
27.6 |
|
55.0 |
|
69.2 |
|
672.2 |
|
|
824.0 |
|
Income tax adjustments |
(6.4 |
) |
(12.6 |
) |
(18.4 |
) |
(16.7 |
) |
|
(54.1 |
) |
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#2031199
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