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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pentair Inc | NYSE:PNR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 79.07 | 0 | 09:00:00 |
Ireland | 98-1141328 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification number) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Financial Statements of Businesses Acquired |
(b) | Pro Forma Financial Information |
(c) | Shell Company Transactions |
(d) | Exhibits |
Exhibit | Description | |
99.1 | Pentair plc press release dated February 3, 2015 announcing earnings results for the fourth quarter of 2014. |
PENTAIR PLC | ||
Registrant | ||
By | /s/ John L. Stauch | |
John L. Stauch | ||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Pentair plc press release dated February 3, 2015 announcing earnings results for the fourth quarter of 2014. |
• | Fourth quarter sales of $1.8 billion. |
• | Fourth quarter adjusted EPS grew 23 percent to $1.06. |
• | Full year free cash flow of $889 million exceeded 120 percent of adjusted net income. |
• | The company updates 2015 EPS guidance to a range of $4.10 - $4.25 from a range of $4.20 - $4.35. |
• | Core sales in the Energy vertical, which accounted for approximately 60 percent of Valves & Controls revenue in the quarter, decreased 3 percent. Core sales to the oil & gas industry decreased 5 percent while core sales to the power and mining industries were flat. |
• | Core sales in the Industrial vertical, which accounted for approximately 40 percent of Valves & Controls revenue in the quarter, increased 1 percent. |
• | Core sales in the Residential & Commercial vertical, which accounted for approximately 60 percent of Process Technologies revenue in the quarter, increased 5 percent. |
• | Core sales in the Food & Beverage vertical, which accounted for approximately 25 percent of Process Technologies revenue in the quarter, increased 7 percent. |
• | Core sales in the Residential & Commercial vertical, which accounted for approximately 50 percent of Flow Technologies revenue in the quarter, increased 1 percent. |
• | Core sales in the Food & Beverage vertical, which accounted for approximately 15 percent of Flow Technologies revenue in the quarter, decreased 6 percent. |
• | Core sales in the Industrial vertical, which accounted for approximately 15 percent of Flow Technologies revenue in the quarter, decreased 10 percent. |
• | Core sales in the Infrastructure vertical, which accounted for approximately 15 percent of Flow Technologies revenue in the quarter, decreased 13 percent. |
• | Core sales in the Industrial vertical, which accounted for approximately 45 percent of Technical Solutions revenue in the quarter, increased 6 percent. |
• | Core sales in the Energy vertical, which accounted for approximately 25 percent of Technical Solutions revenue in the quarter, increased 12 percent. |
• | Core sales in the Residential & Commercial vertical, which accounted for approximately 15 percent of Technical Solutions revenue in the quarter, increased 11 percent. |
Pentair plc and Subsidiaries | |||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||
Three months ended | Twelve months ended | ||||||||||||
In millions, except per-share data | December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||
Net sales | $ | 1,802.5 | $ | 1,831.0 | $ | 7,039.0 | $ | 6,999.7 | |||||
Cost of goods sold | 1,161.6 | 1,200.5 | 4,563.0 | 4,629.6 | |||||||||
Gross profit | 640.9 | 630.5 | 2,476.0 | 2,370.1 | |||||||||
% of net sales | 35.6 | % | 34.4 | % | 35.2 | % | 33.9 | % | |||||
Selling, general and administrative | 422.8 | 350.2 | 1,493.8 | 1,493.7 | |||||||||
% of net sales | 23.5 | % | 19.2 | % | 21.2 | % | 21.3 | % | |||||
Research and development | 29.1 | 28.0 | 117.3 | 122.8 | |||||||||
% of net sales | 1.6 | % | 1.5 | % | 1.7 | % | 1.8 | % | |||||
Impairment of trade names | — | 11.0 | — | 11.0 | |||||||||
% of net sales | — | % | 0.6 | % | — | % | 0.2 | % | |||||
Operating income | 189.0 | 241.3 | 864.9 | 742.6 | |||||||||
% of net sales | 10.5 | % | 13.2 | % | 12.3 | % | 10.6 | % | |||||
Other (income) expense: | |||||||||||||
Equity income of unconsolidated subsidiaries | (0.3 | ) | (0.3 | ) | (1.2 | ) | (2.0 | ) | |||||
Loss (gain) on sale of businesses, net | — | (4.0 | ) | 0.2 | (20.8 | ) | |||||||
Net interest expense | 17.5 | 17.1 | 68.6 | 70.9 | |||||||||
Income from continuing operations before income taxes and noncontrolling interest | 171.8 | 228.5 | 797.3 | 694.5 | |||||||||
Provision for income taxes | 34.0 | 64.1 | 182.3 | 177.0 | |||||||||
Effective tax rate | 19.8 | % | 28.1 | % | 22.9 | % | 25.5 | % | |||||
Net income from continuing operations before noncontrolling interest | 137.8 | 164.4 | 615.0 | 517.5 | |||||||||
Income (loss) from discontinued operations, net of tax | (9.0 | ) | (3.9 | ) | (6.4 | ) | 25.9 | ||||||
Loss from sale / impairment of discontinued operations, net of tax | — | (0.8 | ) | (385.7 | ) | (0.8 | ) | ||||||
Net income before noncontrolling interest | 128.8 | 159.7 | 222.9 | 542.6 | |||||||||
Noncontrolling interest | — | 1.5 | — | 5.8 | |||||||||
Net income attributable to Pentair plc | $ | 128.8 | $ | 158.2 | $ | 222.9 | $ | 536.8 | |||||
Earnings (loss) per ordinary share attributable to Pentair plc | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | 0.75 | $ | 0.82 | $ | 3.23 | $ | 2.54 | |||||
Discontinued operations | (0.05 | ) | (0.02 | ) | (2.06 | ) | 0.13 | ||||||
Basic earnings per ordinary share attributable to Pentair plc | $ | 0.70 | $ | 0.80 | $ | 1.17 | $ | 2.67 | |||||
Diluted | |||||||||||||
Continuing operations | $ | 0.74 | $ | 0.81 | $ | 3.18 | $ | 2.50 | |||||
Discontinued operations | (0.05 | ) | (0.03 | ) | (2.03 | ) | 0.12 | ||||||
Diluted earnings per ordinary share attributable to Pentair plc | $ | 0.69 | $ | 0.78 | $ | 1.15 | $ | 2.62 | |||||
Weighted average ordinary shares outstanding | |||||||||||||
Basic | 183.1 | 198.1 | 190.6 | 201.1 | |||||||||
Diluted | 185.8 | 201.6 | 193.7 | 204.6 | |||||||||
Cash dividends paid per ordinary share | $ | 0.30 | $ | 0.25 | $ | 1.10 | $ | 0.96 |
Pentair plc and Subsidiaries | ||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||
December 31, 2014 | December 31, 2013 | |||||
In millions | ||||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 110.4 | $ | 256.0 | ||
Accounts and notes receivable, net | 1,205.9 | 1,285.0 | ||||
Inventories | 1,130.4 | 1,195.1 | ||||
Other current assets | 361.8 | 361.6 | ||||
Current assets held for sale | 93.6 | 134.4 | ||||
Total current assets | 2,902.1 | 3,232.1 | ||||
Property, plant and equipment, net | 950.0 | 1,044.3 | ||||
Other assets | ||||||
Goodwill | 4,741.9 | 4,860.7 | ||||
Intangibles, net | 1,608.1 | 1,749.9 | ||||
Other non-current assets | 436.2 | 390.0 | ||||
Non-current assets held for sale | 11.9 | 466.3 | ||||
Total other assets | 6,798.1 | 7,466.9 | ||||
Total assets | $ | 10,650.2 | $ | 11,743.3 | ||
Liabilities and Equity | ||||||
Current liabilities | ||||||
Current maturities of long-term debt and short-term borrowings | $ | 6.7 | $ | 2.5 | ||
Accounts payable | 583.1 | 576.9 | ||||
Employee compensation and benefits | 305.5 | 312.4 | ||||
Other current liabilities | 696.1 | 645.9 | ||||
Current liabilities held for sale | 35.1 | 72.5 | ||||
Total current liabilities | 1,626.5 | 1,610.2 | ||||
Other liabilities | ||||||
Long-term debt | 2,997.4 | 2,547.9 | ||||
Pension and other post-retirement compensation and benefits | 322.0 | 320.2 | ||||
Deferred tax liabilities | 528.3 | 557.0 | ||||
Other non-current liabilities | 497.7 | 456.4 | ||||
Non-current liabilities held for sale | 6.5 | 33.9 | ||||
Total liabilities | 5,978.4 | 5,525.6 | ||||
Equity | 4,671.8 | 6,217.7 | ||||
Total liabilities and equity | $ | 10,650.2 | $ | 11,743.3 |
Pentair plc and Subsidiaries | ||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||
Twelve months ended | ||||||
In millions | December 31, 2014 | December 31, 2013 | ||||
Operating activities | ||||||
Net income loss before noncontrolling interest | $ | 222.9 | $ | 542.6 | ||
(Income) loss from discontinued operations, net of tax | 6.4 | (25.9 | ) | |||
Loss from sale / impairment of discontinued operations, net of tax | 385.7 | 0.8 | ||||
Adjustments to reconcile net income (loss) from continuing operations before noncontrolling interest to net cash provided by (used for) operating activities of continuing operations | ||||||
Equity income of unconsolidated subsidiaries | (1.2 | ) | (2.0 | ) | ||
Depreciation | 138.7 | 141.3 | ||||
Amortization | 114.0 | 134.1 | ||||
Gain (loss) on sale of businesses, net | 0.2 | (20.8 | ) | |||
Deferred income taxes | 1.7 | 54.0 | ||||
Share-based compensation | 33.6 | 31.1 | ||||
Impairment of trade names | — | 11.0 | ||||
Excess tax benefits from share-based compensation | (12.6 | ) | (16.8 | ) | ||
Pension and other post-retirement expense (benefit) | 76.2 | (31.3 | ) | |||
Pension and other post-retirement contributions | (27.7 | ) | (34.0 | ) | ||
Loss (gain) on sale of assets | (1.5 | ) | 3.9 | |||
Changes in assets and liabilities, net of effects of business acquisitions | ||||||
Accounts and notes receivable | 9.0 | (106.3 | ) | |||
Inventories | (3.7 | ) | 58.1 | |||
Other current assets | (22.0 | ) | (5.7 | ) | ||
Accounts payable | 34.5 | 41.1 | ||||
Employee compensation and benefits | 13.2 | 66.3 | ||||
Other current liabilities | 45.5 | 41.2 | ||||
Other non-current assets and liabilities | (7.9 | ) | 48.6 | |||
Net cash provided by (used for) operating activities of continuing operations | 1,005.0 | 931.3 | ||||
Net cash provided by (used for) operating activities of discontinued operations | 3.4 | (3.4 | ) | |||
Net cash provided by (used for) operating activities | 1,008.4 | 927.9 | ||||
Investing activities | ||||||
Capital expenditures | (129.6 | ) | (170.0 | ) | ||
Proceeds from sale of property and equipment | 13.1 | 6.0 | ||||
Proceeds from sale of businesses, net | 0.3 | 43.5 | ||||
Acquisitions, net of cash acquired | (12.3 | ) | (92.4 | ) | ||
Other | 0.2 | 1.7 | ||||
Net cash provided by (used for) investing activities | (128.3 | ) | (211.2 | ) | ||
Financing activities | ||||||
Net receipts (repayments) of short-term borrowings | 0.5 | — | ||||
Net receipts of commercial paper and revolving long-term debt | 468.6 | 104.2 | ||||
Proceeds from long-term debt | 2.2 | 0.7 | ||||
Repayment of long-term debt | (16.8 | ) | (7.4 | ) | ||
Debt issuance costs | (3.1 | ) | (1.4 | ) | ||
Excess tax benefits from share-based compensation | 12.6 | 16.8 | ||||
Shares issued to employees, net of shares withheld | 37.0 | 80.0 | ||||
Repurchases of ordinary shares | (1,150.0 | ) | (715.8 | ) | ||
Dividends paid | (211.4 | ) | (194.2 | ) | ||
Purchase of / distribution to noncontrolling interest | (134.7 | ) | (2.0 | ) | ||
Net cash provided by (used for) financing activities | (995.1 | ) | (719.1 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | (30.6 | ) | 21.0 | |||
Change in cash and cash equivalents | (145.6 | ) | 18.6 | |||
Cash and cash equivalents, beginning of year | 256.0 | 237.4 | ||||
Cash and cash equivalents, end of year | $ | 110.4 | $ | 256.0 | ||
Pentair plc and Subsidiaries | ||||||
Free Cash Flow (Unaudited) | ||||||
Twelve months ended | ||||||
In millions | December 31, 2014 | December 31, 2013 | ||||
Free cash flow | ||||||
Net cash provided by (used for) operating activities of continuing operations | $ | 1,005.0 | $ | 931.3 | ||
Capital expenditures | (129.6 | ) | (170.0 | ) | ||
Proceeds from sale of property and equipment | 13.1 | 6.0 | ||||
Free cash flow | $ | 888.5 | $ | 767.3 |
Pentair plc and Subsidiaries | |||||||||||||||
Supplemental Financial Information by Reportable Segment (Unaudited) | |||||||||||||||
2014 | |||||||||||||||
In millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||
Net sales | |||||||||||||||
Valves & Controls | $ | 534.8 | $ | 633.9 | $ | 613.4 | $ | 612.7 | $ | 2,394.8 | |||||
Process Technologies | 418.3 | 496.8 | 437.8 | 480.3 | 1,833.2 | ||||||||||
Flow Technologies | 282.0 | 300.3 | 274.5 | 249.8 | 1,106.6 | ||||||||||
Technical Solutions | 415.3 | 408.6 | 438.8 | 465.4 | 1,728.1 | ||||||||||
Other | (6.4 | ) | (5.5 | ) | (6.1 | ) | (5.7 | ) | (23.7 | ) | |||||
Consolidated | $ | 1,644.0 | $ | 1,834.1 | $ | 1,758.4 | $ | 1,802.5 | $ | 7,039.0 | |||||
Segment income (loss) | |||||||||||||||
Valves & Controls | $ | 61.7 | $ | 89.4 | $ | 96.4 | $ | 103.3 | $ | 350.8 | |||||
Process Technologies | 49.1 | 92.6 | 58.1 | 67.4 | 267.2 | ||||||||||
Flow Technologies | 32.3 | 41.6 | 38.8 | 25.8 | 138.5 | ||||||||||
Technical Solutions | 79.1 | 76.8 | 96.5 | 106.4 | 358.8 | ||||||||||
Other | (21.6 | ) | (21.1 | ) | (22.4 | ) | (28.5 | ) | (93.6 | ) | |||||
Consolidated | $ | 200.6 | $ | 279.3 | $ | 267.4 | $ | 274.4 | $ | 1,021.7 | |||||
Segment income as a percent of net sales | |||||||||||||||
Valves & Controls | 11.5 | % | 14.1 | % | 15.7 | % | 16.9 | % | 14.6 | % | |||||
Process Technologies | 11.7 | % | 18.6 | % | 13.3 | % | 14.0 | % | 14.6 | % | |||||
Flow Technologies | 11.5 | % | 13.9 | % | 14.1 | % | 10.3 | % | 12.5 | % | |||||
Technical Solutions | 19.1 | % | 18.8 | % | 22.0 | % | 22.9 | % | 20.8 | % | |||||
Consolidated | 12.2 | % | 15.2 | % | 15.2 | % | 15.2 | % | 14.5 | % |
2013 | |||||||||||||||
In millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||
Net sales | |||||||||||||||
Valves & Controls | $ | 585.8 | $ | 619.9 | $ | 611.5 | $ | 652.0 | $ | 2,469.2 | |||||
Process Technologies | 396.6 | 477.6 | 421.2 | 470.5 | 1,765.9 | ||||||||||
Flow Technologies | 279.1 | 305.0 | 281.5 | 266.0 | 1,131.6 | ||||||||||
Technical Solutions | 410.0 | 397.4 | 405.9 | 450.1 | 1,663.4 | ||||||||||
Other | (7.8 | ) | (8.2 | ) | (6.8 | ) | (7.6 | ) | (30.4 | ) | |||||
Consolidated | $ | 1,663.7 | $ | 1,791.7 | $ | 1,713.3 | $ | 1,831.0 | $ | 6,999.7 | |||||
Segment income (loss) | |||||||||||||||
Valves & Controls | $ | 59.3 | $ | 83.9 | $ | 80.3 | $ | 79.3 | $ | 302.8 | |||||
Process Technologies | 46.2 | 79.5 | 59.9 | 67.6 | 253.2 | ||||||||||
Flow Technologies | 27.7 | 41.3 | 38.7 | 24.6 | 132.3 | ||||||||||
Technical Solutions | 69.7 | 70.0 | 83.7 | 99.0 | 322.4 | ||||||||||
Other | (33.3 | ) | (28.5 | ) | (24.7 | ) | (21.9 | ) | (108.4 | ) | |||||
Consolidated | $ | 169.6 | $ | 246.2 | $ | 237.9 | $ | 248.6 | $ | 902.3 | |||||
Segment income as a percent of net sales | |||||||||||||||
Valves & Controls | 10.1 | % | 13.5 | % | 13.1 | % | 12.2 | % | 12.3 | % | |||||
Process Technologies | 11.6 | % | 16.6 | % | 14.2 | % | 14.4 | % | 14.2 | % | |||||
Flow Technologies | 9.9 | % | 13.5 | % | 13.8 | % | 9.2 | % | 11.7 | % | |||||
Technical Solutions | 17.0 | % | 17.6 | % | 20.6 | % | 22.0 | % | 19.4 | % | |||||
Consolidated | 10.2 | % | 13.7 | % | 13.9 | % | 13.6 | % | 12.9 | % |
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 | 189.0 | 864.9 | |||||||||||
% of net sales | 11.1 | % | 12.3 | % | 15.2 | % | 10.5 | % | 12.3 | % | ||||||
Adjustments: | ||||||||||||||||
Restructuring and other | 17.0 | 44.1 | — | 35.5 | 96.6 | |||||||||||
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 attributable to Pentair plc—as reported | 125.5 | 159.2 | 192.5 | 137.8 | 615.0 | |||||||||||
Adjustments, net of tax | 16.4 | 41.5 | — | 58.8 | 116.7 | |||||||||||
Net income from continuing operations attributable to Pentair plc—as adjusted | $ | 141.9 | $ | 200.7 | $ | 192.5 | $ | 196.6 | $ | 731.7 | ||||||
Continuing earnings per ordinary share attributable to Pentair plc—diluted | ||||||||||||||||
Diluted earnings per ordinary share—as reported | $ | 0.63 | $ | 0.81 | $ | 1.00 | $ | 0.74 | $ | 3.18 | ||||||
Adjustments | 0.08 | 0.21 | — | 0.32 | 0.60 | |||||||||||
Diluted earnings per ordinary share—as adjusted | $ | 0.71 | $ | 1.02 | $ | 1.00 | $ | 1.06 | $ | 3.78 |
Pentair plc and Subsidiaries | |||||||||||||||||
Reconciliation of Net Sales Growth to Core Net Sales Growth by Vertical | |||||||||||||||||
for the quarter and year ended December 31, 2014 (Unaudited) | |||||||||||||||||
Q4 Net Sales Growth | Full Year Net Sales Growth | ||||||||||||||||
Core | Currency | Acq. / Div. | Total | Core | Currency | Acq. / Div. | Total | ||||||||||
Valves & Controls | (1 | )% | (5 | )% | — | % | (6 | )% | (2 | )% | (1 | )% | — | % | (3 | )% | |
Industrial | 1 | % | (4 | )% | — | % | (3 | )% | 2 | % | (1 | )% | — | % | 1 | % | |
Residential & Commercial | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Energy | (3 | )% | (5 | )% | — | % | (8 | )% | (4 | )% | (2 | )% | — | % | (6 | )% | |
Food & Beverage | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Infrastructure | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Process Technologies | 5 | % | (3 | )% | — | % | 2 | % | 5 | % | (1 | )% | — | % | 4 | % | |
Industrial | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Residential & Commercial | 5 | % | (2 | )% | — | % | 4 | % | 8 | % | — | % | — | % | 7 | % | |
Energy | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Food & Beverage | 7 | % | (5 | )% | — | % | 2 | % | 6 | % | (2 | )% | — | % | 5 | % | |
Infrastructure | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Flow Technologies | (4 | )% | (2 | )% | — | % | (6 | )% | (2 | )% | (1 | )% | — | % | (2 | )% | |
Industrial | (10 | )% | (4 | )% | — | % | (14 | )% | (3 | )% | (1 | )% | — | % | (4 | )% | |
Residential & Commercial | 1 | % | (2 | )% | — | % | (1 | )% | — | % | (1 | )% | — | % | (1 | )% | |
Energy | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Food & Beverage | (6 | )% | (2 | )% | — | % | (8 | )% | — | % | (1 | )% | — | % | (1 | )% | |
Infrastructure | (13 | )% | (1 | )% | — | % | (14 | )% | (6 | )% | — | % | — | % | (6 | )% | |
Technical Solutions | 7 | % | (4 | )% | — | % | 3 | % | 5 | % | (1 | )% | — | % | 4 | % | |
Industrial | 6 | % | (4 | )% | — | % | 3 | % | 3 | % | (1 | )% | — | % | 2 | % | |
Residential & Commercial | 11 | % | (5 | )% | — | % | 6 | % | 12 | % | (2 | )% | — | % | 10 | % | |
Energy | 12 | % | (4 | )% | — | % | 8 | % | 2 | % | (2 | )% | — | % | — | % | |
Food & Beverage | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | N.M. | |||||||||
Infrastructure | (1 | )% | (3 | )% | — | % | (4 | )% | 12 | % | (1 | )% | — | % | 11 | % | |
Total Pentair | 2 | % | (4 | )% | — | % | (2 | )% | 2 | % | (1 | )% | — | % | 1 | % | |
Industrial | — | % | (3 | )% | — | % | (3 | )% | 1 | % | (1 | )% | — | % | — | % | |
Residential & Commercial | 5 | % | (2 | )% | — | % | 3 | % | 6 | % | (1 | )% | — | % | 5 | % | |
Energy | 1 | % | (5 | )% | — | % | (4 | )% | (3 | )% | (2 | )% | — | % | (4 | )% | |
Food & Beverage | 4 | % | (4 | )% | — | % | — | % | 4 | % | (1 | )% | — | % | 3 | % | |
Infrastructure | (1 | )% | (3 | )% | — | % | (4 | )% | 3 | % | (1 | )% | — | % | 3 | % |
Pentair plc and Subsidiaries | ||||||||||||||||
Reconciliation of the GAAP “As Reported” year ended December 31, 2013 to the “Adjusted” non-GAAP | ||||||||||||||||
excluding the effect of 2013 adjustments (Unaudited) | ||||||||||||||||
In millions, except per-share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||
Total Pentair | ||||||||||||||||
Net sales | $ | 1,663.7 | $ | 1,791.7 | $ | 1,713.3 | $ | 1,831.0 | $ | 6,999.7 | ||||||
Operating income—as reported | 66.4 | 204.9 | 230.0 | 241.3 | 742.6 | |||||||||||
% of net sales | 4.0 | % | 11.4 | % | 13.4 | % | 13.2 | % | 10.6 | % | ||||||
Adjustments: | ||||||||||||||||
Inventory step-up and customer backlog | 76.6 | 10.0 | — | — | 86.6 | |||||||||||
Restructuring and other | 26.6 | 31.3 | 7.9 | 54.1 | 119.9 | |||||||||||
Pension and other post-retirement mark-to-market gain | — | — | — | (63.2 | ) | (63.2 | ) | |||||||||
Trade name impairment | — | — | — | 11.0 | 11.0 | |||||||||||
Redomicile related expenses | — | — | — | 5.4 | 5.4 | |||||||||||
Operating income—as adjusted | 169.6 | 246.2 | 237.9 | 248.6 | 902.3 | |||||||||||
% of net sales | 10.2 | % | 13.7 | % | 13.9 | % | 13.6 | % | 12.9 | % | ||||||
Net income from continuing operations attributable to Pentair plc—as reported | 45.2 | 138.6 | 165.0 | 162.9 | 511.7 | |||||||||||
Gain on sale of businesses, net of tax | (12.5 | ) | — | — | (3.0 | ) | (15.5 | ) | ||||||||
Interest expense, net of tax | — | 1.6 | — | — | 1.6 | |||||||||||
Adjustments, net of tax | 79.8 | 33.0 | 0.5 | 13.4 | 126.7 | |||||||||||
Net income from continuing operations attributable to Pentair plc—as adjusted | $ | 112.5 | $ | 173.2 | $ | 165.5 | $ | 173.3 | $ | 624.5 | ||||||
Continuing earnings per ordinary share attributable to Pentair plc—diluted | ||||||||||||||||
Diluted earnings per ordinary share—as reported | $ | 0.22 | $ | 0.67 | $ | 0.81 | $ | 0.81 | $ | 2.50 | ||||||
Adjustments | 0.32 | 0.17 | 0.01 | 0.05 | 0.55 | |||||||||||
Diluted earnings per ordinary share—as adjusted | $ | 0.54 | $ | 0.84 | $ | 0.82 | $ | 0.86 | $ | 3.05 | ||||||
1 Year Pentair Chart |
1 Month Pentair Chart |
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