- Fourth quarter sales of $985 million; full year 2023 sales of
$4.1 billion.
- Operating income in the fourth quarter increased 50 percent to
$167 million reflecting ROS of 17.0 percent, an increase of 590
basis points when compared to fourth quarter 2022; on an adjusted
basis, ROS expanded 190 basis points to 20.1 percent. Full year
operating income increased 24 percent to $739 million reflecting
ROS of 18.0 percent, an increase of 360 basis points from the prior
year; on an adjusted basis, ROS expanded 220 basis points to 20.8
percent.
- Fourth quarter GAAP EPS of $1.25 and adjusted EPS of $0.87;
full year 2023 GAAP EPS of $3.75 and adjusted EPS of $3.75.
- Full year net cash provided by operating activities of
continuing operations was $621 million, an increase of $257 million
compared to the prior year and free cash flow provided by
continuing operations for the full year was $550 million, an
increase of $267 million compared to full year 2022.
- The Company introduces 2024 GAAP EPS guidance of $3.82 to $3.92
and adjusted EPS guidance of $4.15 to $4.25.
Reconciliations of GAAP to Non-GAAP measures are in the attached
financial tables.
Pentair plc (NYSE: PNR) today announced fourth quarter 2023
sales of $985 million. Sales were down 2 percent compared to sales
for the same period last year. Excluding currency translation,
acquisitions and divestitures, core sales declined 2 percent in the
fourth quarter. Fourth quarter 2023 earnings per diluted share from
continuing operations (“EPS”) were $1.25 compared to $0.58 in the
fourth quarter of 2022. On an adjusted basis, the Company reported
EPS of $0.87 compared to $0.82 in the fourth quarter of 2022.
Segment income, adjusted net income, free cash flow, and adjusted
EPS are described in the attached schedules.
Fourth quarter 2023 operating income was $167 million, up 50
percent compared to operating income for the fourth quarter of
2022, and return on sales (“ROS”) was 17.0 percent, an increase of
590 basis points when compared to the fourth quarter of 2022. On an
adjusted basis, the Company reported segment income of $198
million, up 8 percent for the fourth quarter of 2023 compared to
segment income for the fourth quarter of 2022, and ROS was 20.1
percent, an increase of 190 basis points when compared to the
fourth quarter of 2022.
“Our strong results in 2023 reflected the power of our balanced
and resilient water portfolio, our focused growth strategy, and
solid execution from our relentless team,” said John L. Stauch,
Pentair’s President and Chief Executive Officer. “Each of our three
segments drove record margins in 2023. Our Transformation
initiatives remain on track and have yielded strong margin
expansion to continue to deliver shareholder value. In 2023, we
generated significant free cash flow and continued to pay down
debt, ending the year with an even stronger balance sheet. And, we
raised our dividend for the 48th consecutive year which further
solidified our status as a dividend aristocrat.”
Full year 2023 sales were $4.1 billion. Sales were flat compared
to sales last year. Excluding currency translation, acquisitions
and divestitures, core sales declined 5 percent in 2023. Full year
2023 EPS from continuing operations was $3.75 compared to $2.92 in
2022. On an adjusted basis, the Company reported EPS of $3.75
compared to $3.68 in 2022.
Full year 2023 operating income was $739 million, up 24 percent
compared to operating income in 2022, and ROS was 18.0 percent, an
increase of 360 basis points when compared to 2022. On an adjusted
basis, the Company reported segment income of $855 million, up 11
percent in 2023, compared to segment income in 2022, and ROS was
20.8 percent, an increase of 220 basis points when compared to
2022.
Flow (previously named “Industrial and Flow Technologies”) sales
were up 1 percent in the fourth quarter of 2023 compared to sales
for the same period last year. Excluding currency translation,
acquisitions and divestitures, core sales declined 1 percent in the
fourth quarter. Segment income of $65 million was flat compared to
the fourth quarter of 2022, and ROS was 17.2 percent, a decrease of
20 basis points when compared to the fourth quarter of 2022.
Flow sales were up 5 percent for the full year of 2023 compared
to sales for the same period last year. Excluding currency
translation, acquisitions and divestitures, core sales grew 5
percent in 2023. Segment income of $282 million was up 17 percent
compared to 2022, and ROS was 17.8 percent, an increase of 170
basis points when compared to 2022.
Water Solutions sales were down 5 percent in the fourth quarter
of 2023 compared to sales for the same period last year. Excluding
currency translation, acquisitions and divestitures, core sales
declined 4 percent in the fourth quarter. Segment income of $52
million was up 15 percent compared to the fourth quarter of 2022,
and ROS was 19.1 percent, an increase of 320 basis points when
compared to the fourth quarter of 2022.
Water Solutions sales were up 19 percent for the full year of
2023 compared to sales for the same period last year. Excluding
currency translation, acquisitions and divestitures, core sales
grew 1 percent in 2023. Segment income of $248 million was up 66
percent compared to 2022, and ROS was 21.0 percent, an increase of
590 basis points when compared to 2022.
Pool sales were down 2 percent in the fourth quarter of 2023
compared to sales for the same period last year. Excluding currency
translation, acquisitions and divestitures, core sales declined 2
percent in the fourth quarter. Segment income of $105 million was
up 5 percent compared to the fourth quarter of 2022, and ROS was
31.3 percent, an increase of 220 basis points when compared to the
fourth quarter of 2022.
Pool sales were down 18 percent for the full year of 2023
compared to sales for the same period last year. Excluding currency
translation, acquisitions and divestitures, core sales declined 18
percent in 2023. Segment income of $417 million was down 10 percent
compared to 2022, and ROS was 31.0 percent, an increase of 270
basis points when compared to 2022.
Full year net cash provided by operating activities of
continuing operations was $621 million and free cash flow from
continuing operations was $550 million.
Pentair paid a regular cash dividend of $0.22 per share in the
fourth quarter of 2023. Pentair previously announced on December
11, 2023 that it will pay a regular quarterly cash dividend of
$0.23 per share on February 2, 2024 to shareholders of record at
the close of business on January 19, 2024. This dividend reflects a
5 percent increase in the Company’s regular cash dividend rate and
marks the 48th consecutive year that Pentair has increased its
dividend.
OUTLOOK
Mr. Stauch concluded, “As we look to 2024, we are committed to
driving growth, profitability and returns by focusing on our
mission to help the world sustainably move, improve, and enjoy
water, life’s most essential resource. We are investing in key
areas to drive long-term growth and optimizing our sourcing and
operational footprint which we expect to continue to drive further
margin expansion in 2024 as these Transformation initiatives
scale.”
The Company is introducing 2024 GAAP EPS guidance of
approximately $3.82 to $3.92 and on an adjusted basis of
approximately $4.15 to $4.25, which includes a $0.07 negative
impact, primarily driven by changes in global tax standards. This
is an increase of 11 percent to 13 percent compared to 2023. The
Company anticipates full year 2024 sales to increase 2 percent to 3
percent on a reported basis.
In addition, the Company introduces first quarter 2024 GAAP EPS
of approximately $0.81 to $0.84 and on an adjusted EPS basis of
approximately $0.88 to $0.91. The Company expects first quarter
sales to be down approximately 2 percent to 3 percent on a reported
basis compared to first quarter 2023.
EARNINGS CONFERENCE CALL
Pentair President and Chief Executive Officer John L. Stauch and
Chief Financial Officer Robert P. Fishman will discuss the
Company’s fourth quarter and full year 2023 results on a 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 Investor Relations 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 presentations, each of
which can be found on Pentair’s website. The webcast and
presentations will be archived at the Company’s website following
the conclusion of the event.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This 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,” “could,” “positioned,” “strategy,”
or “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
overall global economic and business conditions impacting our
business, including the strength of housing and related markets and
conditions relating to international hostilities; supply, demand,
logistics, competition and pricing pressures related to and in the
markets we serve; the ability to achieve the benefits of our
restructuring plans, cost reduction initiatives and Transformation
Program; the impact of raw material, logistics and labor costs and
other inflation; volatility in currency exchange rates and interest
rates; failure of markets to accept new product introductions and
enhancements; the ability to successfully identify, finance,
complete and integrate acquisitions; risks associated with
operating foreign businesses; the impact of seasonality of sales
and weather conditions; our ability to comply with laws and
regulations; the impact of changes in laws, regulations and
administrative policy, including those that limit U.S. tax benefits
or impact trade agreements and tariffs; the outcome of litigation
and governmental proceedings; and the ability to achieve our
long-term strategic operating and ESG goals. Additional information
concerning these and other factors is contained in our filings with
the U.S. Securities and Exchange Commission (the “SEC”), including
our Annual Report on Form 10-K for the year ended December 31, 2022
and our quarterly reports on Form 10-Q. All forward-looking
statements, including all financial forecasts, speak only as of the
date of this release. Pentair assumes no obligation, and disclaims
any obligation, to update the information contained in this
release.
ABOUT PENTAIR PLC
At Pentair, we help the world sustainably move, improve, and
enjoy water, life’s most essential resource. From our residential
and commercial water solutions, to industrial water management and
everything in between, Pentair is focused on smart, sustainable
water solutions that help our planet and people thrive.
Pentair had revenue in 2023 of approximately $4.1 billion, and
trades under the ticker symbol PNR. With approximately 10,500
global employees serving customers in more than 150 countries, we
work to help improve lives and the environment around the world. To
learn more, visit www.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,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Net sales
$
984.6
$
1,002.9
$
4,104.5
$
4,121.8
Cost of goods sold
618.5
678.1
2,585.3
2,757.2
Gross profit
366.1
324.8
1,519.2
1,364.6
% of net sales
37.2
%
32.4
%
37.0
%
33.1
%
Selling, general and administrative
175.6
190.1
680.2
677.1
% of net sales
17.8
%
19.0
%
16.6
%
16.4
%
Research and development
23.5
23.1
99.8
92.2
% of net sales
2.4
%
2.3
%
2.4
%
2.2
%
Operating income
167.0
111.6
739.2
595.3
% of net sales
17.0
%
11.1
%
18.0
%
14.4
%
Other expense (income)
Gain on sale of businesses
—
—
—
(0.2
)
Other expense (income)
6.4
(17.4
)
2.0
(16.9
)
Net interest expense
26.6
27.6
118.3
61.8
% of net sales
2.7
%
2.8
%
2.9
%
1.5
%
Income from continuing operations before
income taxes
134.0
101.4
618.9
550.6
(Benefit) provision for income taxes
(74.1
)
5.1
(4.0
)
67.4
Effective tax rate
(55.3
)%
5.0
%
(0.6
)%
12.2
%
Net income from continuing
operations
208.1
96.3
622.9
483.2
Loss from discontinued operations, net of
tax
(0.1
)
(1.3
)
(0.2
)
(2.3
)
Net income
$
208.0
$
95.0
$
622.7
$
480.9
Earnings (loss) per ordinary
share
Basic
Continuing operations
$
1.26
$
0.59
$
3.77
$
2.93
Discontinued operations
—
(0.01
)
—
(0.01
)
Basic earnings per ordinary share
$
1.26
$
0.58
$
3.77
$
2.92
Diluted
Continuing operations
$
1.25
$
0.58
$
3.75
$
2.92
Discontinued operations
—
(0.01
)
—
(0.02
)
Diluted earnings per ordinary share
$
1.25
$
0.57
$
3.75
$
2.90
Weighted average ordinary shares
outstanding
Basic
165.3
164.5
165.1
164.8
Diluted
166.7
165.2
166.3
165.6
Cash dividends paid per ordinary
share
$
0.22
$
0.21
$
0.88
$
0.84
Pentair plc and
Subsidiaries
Condensed Consolidated Balance
Sheets (Unaudited)
December 31,
2023
December 31,
2022
In millions
Assets
Current assets
Cash and cash equivalents
$
170.3
$
108.9
Accounts receivable, net
561.7
531.5
Inventories
677.7
790.0
Other current assets
159.3
128.1
Total current assets
1,569.0
1,558.5
Property, plant and equipment,
net
362.0
344.5
Other assets
Goodwill
3,274.6
3,252.6
Intangibles, net
1,042.4
1,094.6
Other non-current assets
315.3
197.3
Total other assets
4,632.3
4,544.5
Total assets
$
6,563.3
$
6,447.5
Liabilities and Equity
Current liabilities
Accounts payable
$
278.9
$
355.0
Employee compensation and benefits
125.4
106.0
Other current liabilities
545.3
602.1
Total current liabilities
949.6
1,063.1
Other liabilities
Long-term debt
1,988.3
2,317.3
Pension and other post-retirement
compensation and benefits
73.6
70.8
Deferred tax liabilities
40.0
43.3
Other non-current liabilities
294.7
244.9
Total liabilities
3,346.2
3,739.4
Equity
3,217.1
2,708.1
Total liabilities and equity
$
6,563.3
$
6,447.5
Pentair plc and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Years ended December
31
In millions
2023
2022
Operating activities
Net income
$
622.7
$
480.9
Loss from discontinued operations, net of
tax
0.2
2.3
Adjustments to reconcile net income
from continuing operations to net cash provided by operating
activities of continuing operations
Equity income of unconsolidated
subsidiaries
(2.8
)
(1.8
)
Depreciation
59.5
54.1
Amortization
55.3
52.5
Gain on sale of businesses
—
(0.2
)
Deferred income taxes
(92.5
)
(44.8
)
Share-based compensation
29.1
24.9
Asset impairment and write-offs
7.9
25.6
Amortization of bridge financing debt
issuance costs
—
9.0
Pension and other post-retirement expense
(benefit)
12.1
(12.2
)
Pension and other post-retirement
contributions
(8.7
)
(8.8
)
Gain on sale of assets
(3.4
)
(2.3
)
Changes in assets and liabilities, net
of effects of business acquisitions
Accounts receivable
(24.4
)
30.4
Inventories
109.6
(187.0
)
Other current assets
(29.1
)
(16.5
)
Accounts payable
(75.1
)
(56.9
)
Employee compensation and benefits
17.2
(35.2
)
Other current liabilities
(59.5
)
46.5
Other non-current assets and
liabilities
2.7
3.8
Net cash provided by operating activities
of continuing operations
620.8
364.3
Net cash used for operating activities of
discontinued operations
(1.6
)
(1.0
)
Net cash provided by operating
activities
619.2
363.3
Investing activities
Capital expenditures
(76.0
)
(85.2
)
Proceeds from sale of property and
equipment
5.6
4.1
Acquisitions, net of cash acquired
(0.6
)
(1,580.9
)
(Payments) receipts upon the settlement of
net investment hedges
(18.5
)
78.9
Other
4.1
0.3
Net cash used for investing activities
(85.4
)
(1,582.8
)
Financing activities
Net (repayments) borrowings of revolving
long-term debt
(320.0
)
124.5
Proceeds from long-term debt
—
1,391.3
Repayments of long-term debt
(12.5
)
(88.3
)
Debt issuance costs
—
(15.8
)
Shares issued to employees, net of shares
withheld
9.6
(2.7
)
Repurchases of ordinary shares
—
(50.0
)
Dividends paid
(145.2
)
(138.6
)
Receipts upon the settlement of cross
currency swaps
—
12.3
Net cash (used for) provided by financing
activities
(468.1
)
1,232.7
Effect of exchange rate changes on cash
and cash equivalents
(4.3
)
1.2
Change in cash and cash
equivalents
61.4
14.4
Cash and cash equivalents, beginning of
year
108.9
94.5
Cash and cash equivalents, end of
year
$
170.3
$
108.9
Pentair plc and
Subsidiaries
Reconciliation of the GAAP
Operating Activities Cash Flow to the Non-GAAP Free Cash Flow
(Unaudited)
Years ended December
31
In millions
2023
2022
Net cash provided by operating activities
of continuing operations
$
620.8
$
364.3
Capital expenditures
(76.0
)
(85.2
)
Proceeds from sale of property and
equipment
5.6
4.1
Free cash flow from continuing
operations
$
550.4
$
283.2
Net cash used for operating activities of
discontinued operations
(1.6
)
(1.0
)
Free cash flow
$
548.8
$
282.2
Pentair plc and
Subsidiaries
Supplemental Financial
Information by Reportable Segment (Unaudited)
2023
In millions
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
Flow
$
391.8
$
411.6
$
400.2
$
378.5
$
1,582.1
Water Solutions
272.0
336.2
299.4
269.6
1,177.2
Pool
364.3
334.3
308.8
336.2
1,343.6
Other
0.5
0.4
0.4
0.3
1.6
Consolidated
$
1,028.6
$
1,082.5
$
1,008.8
$
984.6
$
4,104.5
Segment income (loss)
Flow
$
65.0
$
74.8
$
77.5
$
65.0
$
282.3
Water Solutions
52.4
74.8
68.8
51.6
247.6
Pool
116.2
105.1
90.6
105.1
417.0
Other
(22.6
)
(20.5
)
(24.8
)
(23.9
)
(91.8
)
Consolidated
$
211.0
$
234.2
$
212.1
$
197.8
$
855.1
Return on sales
Flow
16.6
%
18.2
%
19.4
%
17.2
%
17.8
%
Water Solutions
19.3
%
22.2
%
23.0
%
19.1
%
21.0
%
Pool
31.9
%
31.4
%
29.3
%
31.3
%
31.0
%
Consolidated
20.5
%
21.6
%
21.0
%
20.1
%
20.8
%
Pentair plc and
Subsidiaries
Supplemental Financial
Information by Reportable Segment (Unaudited)
2022
In millions
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
Flow
$
358.1
$
377.4
$
389.5
$
375.8
$
1,500.8
Water Solutions
205.8
222.2
275.3
283.5
986.8
Pool
435.4
464.0
390.0
343.3
1,632.7
Other
0.3
0.6
0.3
0.3
1.5
Consolidated
$
999.6
$
1,064.2
$
1,055.1
$
1,002.9
$
4,121.8
Segment income (loss)
Flow
$
52.2
$
59.1
$
65.7
$
65.3
$
242.3
Water Solutions
22.2
32.5
49.3
45.0
149.0
Pool
116.3
136.7
109.3
99.8
462.1
Other
(18.6
)
(22.4
)
(17.4
)
(27.3
)
(85.7
)
Consolidated
$
172.1
$
205.9
$
206.9
$
182.8
$
767.7
Return on sales
Flow
14.6
%
15.7
%
16.9
%
17.4
%
16.1
%
Water Solutions
10.8
%
14.6
%
17.9
%
15.9
%
15.1
%
Pool
26.7
%
29.5
%
28.0
%
29.1
%
28.3
%
Consolidated
17.2
%
19.3
%
19.6
%
18.2
%
18.6
%
Pentair plc and
Subsidiaries
Reconciliation of GAAP to
Non-GAAP Financial Measures for the Year Ended December 31,
2023
Excluding the Effect of
Adjustments (Unaudited)
In millions, except per-share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
$
1,028.6
$
1,082.5
$
1,008.8
$
984.6
$
4,104.5
Operating income
183.6
208.5
180.1
167.0
739.2
Return on sales
17.8
%
19.3
%
17.9
%
17.0
%
18.0
%
Adjustments:
Restructuring and other
2.9
0.6
1.6
(1.7
)
3.4
Transformation costs
8.5
6.0
13.5
16.3
44.3
Intangible amortization
13.8
13.9
13.8
13.8
55.3
Legal accrual adjustments and
settlements
(1.9
)
4.1
—
—
2.2
Asset impairment and write-offs
3.9
0.5
1.8
1.7
7.9
Equity income of unconsolidated
subsidiaries
0.2
0.6
1.3
0.7
2.8
Segment income
211.0
234.2
212.1
197.8
855.1
Adjusted return on sales
20.5
%
21.6
%
21.0
%
20.1
%
20.8
%
Net income from continuing operations—as
reported
128.5
154.2
132.1
208.1
622.9
Pension and other post-retirement
mark-to-market loss
—
—
—
6.1
6.1
Other income
—
(5.1
)
—
—
(5.1
)
Adjustments to operating income
27.2
25.1
30.7
30.1
113.1
Income tax adjustments (1)
(4.6
)
(3.1
)
(6.6
)
(98.5
)
(112.8
)
Net income from continuing operations—as
adjusted
$
151.1
$
171.1
$
156.2
$
145.8
$
624.2
Continuing earnings per ordinary
share—diluted
Diluted earnings per ordinary share—as
reported
$
0.78
$
0.93
$
0.79
$
1.25
$
3.75
Adjustments
0.13
0.10
0.15
(0.38
)
—
Diluted earnings per ordinary share—as
adjusted
$
0.91
$
1.03
$
0.94
$
0.87
$
3.75
(1)
Income tax adjustments in the fourth
quarter include $74.3 million resulting from favorable impacts
of worthless stock deductions related to exiting certain businesses
in our Water Solutions segment and favorable discrete items
primarily related to the recognition of deferred tax assets.
Pentair plc and
Subsidiaries
Reconciliation of GAAP to
Non-GAAP Financial Measures for the Year Ending December 31,
2024
Excluding the Effect of
Adjustments (Unaudited)
Forecast
In millions, except per-share data
First
Quarter
Full
Year
Net sales
approx
Down 2% - 3%
approx
Up 2% - 3%
Operating income
approx
Up 3% - 7%
approx
Up 17% - 20%
Adjustments:
Intangible amortization
approx
$ 14
approx
$ 55
Equity income of unconsolidated
subsidiaries
approx
1
approx
4
Segment income
approx
Down 3% - flat
approx
Up 8% - 11%
Net income from continuing operations—as
reported
approx
$135 - $140
approx
$636 - $653
Adjustments to operating income
approx
14
approx
55
Income tax adjustments
approx
(2)
approx
—
Net income from continuing operations—as
adjusted
approx
$147 - $152
approx
$691 - $708
Continuing earnings per ordinary
share—diluted
Diluted earnings per ordinary share—as
reported
approx
$0.81 - $0.84
approx
$3.82 - $3.92
Adjustments
approx
0.07
approx
0.33
Diluted earnings per ordinary share—as
adjusted
approx
$0.88 - $0.91
approx
$4.15 - $4.25
Pentair plc and
Subsidiaries
Reconciliation of Net Sales
Growth to Core Net Sales Growth by Segment
For the Quarter and Year Ended
December 31, 2023 (Unaudited)
Q4 Net Sales Growth
Full Year Net Sales
Growth
Core
Currency
Acq. / Div.
Total
Core
Currency
Acq. / Div.
Total
Total Pentair
(2.3
)%
0.7
%
(0.2
)%
(1.8
)%
(4.9
)%
0.1
%
4.4
%
(0.4
)%
Flow
(0.9
)%
1.6
%
—
%
0.7
%
5.1
%
0.3
%
—
%
5.4
%
Water Solutions
(4.5
)%
0.4
%
(0.8
)%
(4.9
)%
1.1
%
(0.3
)%
18.5
%
19.3
%
Pool
(2.1
)%
—
%
—
%
(2.1
)%
(17.6
)%
(0.1
)%
—
%
(17.7
)%
Pentair plc and
Subsidiaries
Reconciliation of GAAP to
Non-GAAP Financial Measures for the Year Ended December 31,
2022
Excluding the Effect of
Adjustments (Unaudited)
In millions, except per-share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
$
999.6
$
1,064.2
$
1,055.1
$
1,002.9
$
4,121.8
Operating income
145.8
190.8
147.1
111.6
595.3
Return on sales
14.6
%
17.9
%
13.9
%
11.1
%
14.4
%
Adjustments:
Restructuring and other
2.1
1.1
12.5
16.7
32.4
Transformation costs
5.5
5.2
10.1
6.4
27.2
Intangible amortization
6.6
6.3
18.5
21.1
52.5
Legal accrual adjustments and
settlements
(0.7
)
0.5
—
0.4
0.2
Asset impairment and write-offs
—
—
—
25.6
25.6
Inventory step-up
—
—
5.8
—
5.8
Deal-related costs and expenses
6.4
1.6
13.4
0.8
22.2
Russia business exit impact
5.9
—
(0.8
)
(0.4
)
4.7
Equity income of unconsolidated
subsidiaries
0.5
0.4
0.3
0.6
1.8
Segment income
172.1
205.9
206.9
182.8
767.7
Adjusted return on sales
17.2
%
19.3
%
19.6
%
18.2
%
18.6
%
Net income from continuing operations—as
reported
118.5
153.0
115.4
96.3
483.2
Gain on sale of businesses
—
—
(0.2
)
—
(0.2
)
Pension and other post-retirement
mark-to-market gain
—
—
—
(17.5
)
(17.5
)
Amortization of bridge financing fees
2.6
5.1
1.3
—
9.0
Adjustments to operating income
25.8
14.7
59.5
70.6
170.6
Income tax adjustments
(5.4
)
(3.8
)
(12.3
)
(14.4
)
(35.9
)
Net income from continuing operations—as
adjusted
$
141.5
$
169.0
$
163.7
$
135.0
$
609.2
Continuing earnings per ordinary
share—diluted
Diluted earnings per ordinary share—as
reported
$
0.71
$
0.92
$
0.70
$
0.58
$
2.92
Adjustments
0.14
0.10
0.29
0.24
0.76
Diluted earnings per ordinary share—as
adjusted
$
0.85
$
1.02
$
0.99
$
0.82
$
3.68
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130856657/en/
PENTAIR CONTACTS: Shelly Hubbard Vice President, Investor
Relations Direct: 763-656-5575 Email:
shelly.hubbard@pentair.com
Rebecca Osborn Director, External Communications Direct:
763-656-5589 Email: rebecca.osborn@pentair.com
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