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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 | |
---|---|---|---|---|---|---|---|---|
0.76 | 0.96% | 79.61 | 80.77 | 79.485 | 79.91 | 1,639,365 | 01:00:00 |
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 2, 2016 announcing earnings results for the fourth quarter of 2015. |
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 2, 2016 announcing earnings results for the fourth quarter of 2015. |
• | Fourth quarter sales of $1.8 billion. |
• | Fourth quarter adjusted EPS declined 3 percent to $1.13. |
• | Full year free cash flow of $643 million was approximately 90 percent of adjusted net income. |
• | The company anticipates a pre-tax non-cash goodwill and intangible asset impairment charge of $400 million to $600 million. |
• | The company confirms adjusted 2016 EPS guidance of $4.05 - $4.25. |
• | Core sales in the Energy vertical, which accounted for approximately 60 percent of Valves & Controls revenue in the quarter, decreased 16 percent. Core sales to the oil & gas industry decreased 20 percent while core sales to the power and mining industries were down 10 percent. |
• | Core sales in the Industrial vertical, which accounted for approximately 40 percent of Valves & Controls revenue in the quarter, decreased 12 percent. |
• | Core sales in the Residential & Commercial vertical, which accounted for approximately 30 percent of Flow & Filtration Solutions revenue in the quarter, decreased 7 percent. |
• | Core sales in the Food & Beverage vertical, which accounted for approximately 25 percent of Flow & Filtration Solutions revenue in the quarter, decreased 2 percent. |
• | Core sales in the Infrastructure vertical, which accounted for approximately 20 percent of Flow & Filtration Solutions revenue in the quarter, decreased 3 percent. |
• | Core sales in the Residential & Commercial vertical, which accounted for approximately 80 percent of Water Quality Systems revenue in the quarter, increased 7 percent. |
• | Core sales in the Food & Beverage vertical, which accounted for approximately 20 percent of Water Quality Systems revenue in the quarter, increased 9 percent. |
• | Core sales in the Industrial vertical, which accounted for approximately 35 percent of Technical Solutions revenue in the quarter, decreased 2 percent. |
• | Core sales in the Residential & Commercial vertical, which accounted for approximately 25 percent of Technical Solutions revenue in the quarter, increased 7 percent. |
• | Core sales in the Energy vertical, which accounted for approximately 20 percent of Technical Solutions revenue in the quarter, decreased 3 percent. |
• | Core sales in the Infrastructure vertical, which accounted for approximately 15 percent of Technical Solutions revenue in the quarter, increased 2 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, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||
Net sales | $ | 1,760.7 | $ | 1,802.5 | $ | 6,449.0 | $ | 7,039.0 | |||||
Cost of goods sold | 1,191.4 | 1,174.6 | 4,263.2 | 4,576.0 | |||||||||
Gross profit | 569.3 | 627.9 | 2,185.8 | 2,463.0 | |||||||||
% of net sales | 32.3 | % | 34.9 | % | 33.9 | % | 35.0 | % | |||||
Selling, general and administrative | 375.6 | 422.8 | 1,334.3 | 1,493.8 | |||||||||
% of net sales | 21.3 | % | 23.5 | % | 20.7 | % | 21.2 | % | |||||
Research and development | 30.9 | 29.1 | 119.6 | 117.3 | |||||||||
% of net sales | 1.8 | % | 1.6 | % | 1.9 | % | 1.7 | % | |||||
Operating income | 162.8 | 176.0 | 731.9 | 851.9 | |||||||||
% of net sales | 9.2 | % | 9.8 | % | 11.3 | % | 12.1 | % | |||||
Other (income) expense: | |||||||||||||
Equity income of unconsolidated subsidiaries | (0.8 | ) | (0.3 | ) | (2.8 | ) | (1.2 | ) | |||||
Loss on sale of businesses, net | 3.2 | — | 3.2 | 0.2 | |||||||||
Net interest expense | 34.6 | 17.5 | 102.7 | 68.6 | |||||||||
% of net sales | 2.0 | % | 1.0 | % | 1.6 | % | 1.0 | % | |||||
Income from continuing operations before income taxes | 125.8 | 158.8 | 628.8 | 784.3 | |||||||||
Provision for income taxes | 32.6 | 29.0 | 148.3 | 177.3 | |||||||||
Effective tax rate | 25.9 | % | 18.3 | % | 23.6 | % | 22.6 | % | |||||
Net income from continuing operations | 93.2 | 129.8 | 480.5 | 607.0 | |||||||||
Loss (income) from discontinued operations, net of tax | 0.9 | (9.0 | ) | (4.7 | ) | (6.4 | ) | ||||||
Loss from sale / impairment of discontinued operations, net of tax | (1.9 | ) | — | (6.7 | ) | (385.7 | ) | ||||||
Net income | $ | 92.2 | $ | 120.8 | $ | 469.1 | $ | 214.9 | |||||
Earnings (loss) per ordinary share | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | 0.52 | $ | 0.71 | $ | 2.66 | $ | 3.19 | |||||
Discontinued operations | (0.01 | ) | (0.05 | ) | (0.06 | ) | (2.06 | ) | |||||
Basic earnings per ordinary share | $ | 0.51 | $ | 0.66 | $ | 2.60 | $ | 1.13 | |||||
Diluted | |||||||||||||
Continuing operations | $ | 0.51 | $ | 0.70 | $ | 2.63 | $ | 3.14 | |||||
Discontinued operations | (0.01 | ) | (0.05 | ) | (0.06 | ) | (2.03 | ) | |||||
Diluted earnings per ordinary share | $ | 0.50 | $ | 0.65 | $ | 2.57 | $ | 1.11 | |||||
Weighted average ordinary shares outstanding | |||||||||||||
Basic | 180.5 | 183.1 | 180.3 | 190.6 | |||||||||
Diluted | 182.5 | 185.8 | 182.6 | 193.7 | |||||||||
Cash dividends paid per ordinary share | $ | 0.32 | $ | 0.30 | $ | 1.28 | $ | 1.10 | |||||
Note: 2015 excludes impairment charge |
Pentair plc and Subsidiaries | ||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||
December 31, 2015 | December 31, 2014 | |||||
In millions | ||||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 126.3 | $ | 110.4 | ||
Accounts and notes receivable, net | 1,167.7 | 1,205.9 | ||||
Inventories | 1,174.3 | 1,130.4 | ||||
Other current assets | 312.3 | 366.8 | ||||
Current assets held for sale | — | 80.6 | ||||
Total current assets | 2,780.6 | 2,894.1 | ||||
Property, plant and equipment, net | 942.8 | 950.0 | ||||
Other assets | ||||||
Goodwill | 5,770.6 | 4,741.9 | ||||
Intangibles, net | 2,529.6 | 1,608.1 | ||||
Other non-current assets | 388.1 | 436.2 | ||||
Non-current assets held for sale | — | 24.9 | ||||
Total other assets | 8,688.3 | 6,811.1 | ||||
Total assets | $ | 12,411.7 | $ | 10,655.2 | ||
Liabilities and Equity | ||||||
Current liabilities | ||||||
Current maturities of long-term debt and short-term borrowings | $ | 0.7 | $ | 6.7 | ||
Accounts payable | 578.8 | 583.1 | ||||
Employee compensation and benefits | 262.9 | 305.5 | ||||
Other current liabilities | 644.1 | 709.1 | ||||
Current liabilities held for sale | — | 35.1 | ||||
Total current liabilities | 1,486.5 | 1,639.5 | ||||
Other liabilities | ||||||
Long-term debt | 4,709.3 | 2,997.4 | ||||
Pension and other post-retirement compensation and benefits | 287.2 | 322.0 | ||||
Deferred tax liabilities | 847.8 | 528.3 | ||||
Other non-current liabilities | 526.6 | 497.7 | ||||
Non-current liabilities held for sale | — | 6.5 | ||||
Total liabilities | 7,857.4 | 5,991.4 | ||||
Equity | 4,554.3 | 4,663.8 | ||||
Total liabilities and equity | $ | 12,411.7 | $ | 10,655.2 | ||
Note: 2015 excludes impairment charge |
Pentair plc and Subsidiaries | ||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||
Twelve months ended | ||||||
In millions | December 31, 2015 | December 31, 2014 | ||||
Operating activities | ||||||
Net income | $ | 469.1 | $ | 214.9 | ||
Loss from discontinued operations, net of tax | 4.7 | 6.4 | ||||
Loss from sale / impairment of discontinued operations, net of tax | 6.7 | 385.7 | ||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities of continuing operations | ||||||
Equity income of unconsolidated subsidiaries | (2.8 | ) | (1.2 | ) | ||
Depreciation | 139.5 | 138.7 | ||||
Amortization | 121.4 | 114.0 | ||||
Loss on sale of businesses, net | 3.2 | 0.2 | ||||
Deferred income taxes | 40.3 | 2.0 | ||||
Share-based compensation | 33.0 | 33.6 | ||||
Excess tax benefits from share-based compensation | (6.0 | ) | (12.6 | ) | ||
Amortization of bridge financing debt issuance costs | 10.8 | — | ||||
Pension and other post-retirement expense (benefit) | 9.1 | 76.2 | ||||
Pension and other post-retirement contributions | (24.7 | ) | (27.7 | ) | ||
Changes in assets and liabilities, net of effects of business acquisitions | ||||||
Accounts and notes receivable | 48.8 | 9.0 | ||||
Inventories | 1.4 | (3.7 | ) | |||
Other current assets | (21.7 | ) | (22.0 | ) | ||
Accounts payable | (8.1 | ) | 34.5 | |||
Employee compensation and benefits | (41.1 | ) | 13.2 | |||
Other current liabilities | (31.2 | ) | 58.5 | |||
Other non-current assets and liabilities | (2.4 | ) | (14.7 | ) | ||
Net cash provided by (used for) operating activities of continuing operations | 750.0 | 1,005.0 | ||||
Net cash provided by (used for) operating activities of discontinued operations | (10.7 | ) | 3.4 | |||
Net cash provided by (used for) operating activities | 739.3 | 1,008.4 | ||||
Investing activities | ||||||
Capital expenditures | (134.3 | ) | (129.6 | ) | ||
Proceeds from sale of property and equipment | 27.3 | 13.1 | ||||
Acquisitions, net of cash acquired | (1,913.9 | ) | (12.3 | ) | ||
Other | (3.6 | ) | 0.5 | |||
Net cash provided by (used for) investing activities of continuing operations | (2,024.5 | ) | (128.3 | ) | ||
Net cash provided by (used for) investing activities of discontinued operations | 59.0 | — | ||||
Net cash provided by (used for) investing activities | (1,965.5 | ) | (128.3 | ) | ||
Financing activities | ||||||
Net receipts (repayments) of short-term borrowings | (2.3 | ) | 0.5 | |||
Net receipts of commercial paper and revolving long-term debt | 363.5 | 468.6 | ||||
Proceeds from long-term debt | 1,714.8 | 2.2 | ||||
Repayment of long-term debt | (356.6 | ) | (16.8 | ) | ||
Debt issuance costs | (26.8 | ) | (3.1 | ) | ||
Excess tax benefits from share-based compensation | 6.0 | 12.6 | ||||
Shares issued to employees, net of shares withheld | 19.4 | 37.0 | ||||
Repurchases of ordinary shares | (200.0 | ) | (1,150.0 | ) | ||
Dividends paid | (231.7 | ) | (211.4 | ) | ||
Purchase of noncontrolling interest | — | (134.7 | ) | |||
Net cash provided by (used for) financing activities | 1,286.3 | (995.1 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (44.2 | ) | (30.6 | ) | ||
Change in cash and cash equivalents | 15.9 | (145.6 | ) | |||
Cash and cash equivalents, beginning of year | 110.4 | 256.0 | ||||
Cash and cash equivalents, end of year | $ | 126.3 | $ | 110.4 | ||
Note: 2015 excludes impairment charge |
Pentair plc and Subsidiaries | ||||||
Free Cash Flow (Unaudited) | ||||||
Twelve months ended | ||||||
In millions | December 31, 2015 | December 31, 2014 | ||||
Free cash flow | ||||||
Net cash provided by (used for) operating activities of continuing operations | $ | 750.0 | $ | 1,005.0 | ||
Capital expenditures | (134.3 | ) | (129.6 | ) | ||
Proceeds from sale of property and equipment | 27.3 | 13.1 | ||||
Free cash flow | $ | 643.0 | $ | 888.5 |
Pentair plc and Subsidiaries | |||||||||||||||
Supplemental Financial Information by Reportable Segment (Unaudited) | |||||||||||||||
2015 | |||||||||||||||
In millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||
Net sales | |||||||||||||||
Valves & Controls | $ | 429.2 | $ | 496.4 | $ | 440.9 | $ | 473.6 | $ | 1,840.1 | |||||
Flow & Filtration Solutions | 350.1 | 374.6 | 362.7 | 354.2 | 1,441.6 | ||||||||||
Water Quality Systems | 306.9 | 387.7 | 322.0 | 364.9 | 1,381.5 | ||||||||||
Technical Solutions | 395.8 | 407.1 | 432.3 | 574.1 | 1,809.3 | ||||||||||
Other | (7.0 | ) | (4.6 | ) | (5.8 | ) | (6.1 | ) | (23.5 | ) | |||||
Consolidated | $ | 1,475.0 | $ | 1,661.2 | $ | 1,552.1 | $ | 1,760.7 | $ | 6,449.0 | |||||
Segment income (loss) | |||||||||||||||
Valves & Controls | $ | 55.4 | $ | 64.4 | $ | 55.7 | $ | 47.5 | $ | 223.0 | |||||
Flow & Filtration Solutions | 35.9 | 56.3 | 52.8 | 40.1 | 185.1 | ||||||||||
Water Quality Systems | 51.8 | 88.2 | 60.5 | 81.3 | 281.8 | ||||||||||
Technical Solutions | 77.6 | 86.4 | 101.0 | 130.0 | 395.0 | ||||||||||
Other | (21.9 | ) | (22.4 | ) | (20.8 | ) | (18.6 | ) | (83.7 | ) | |||||
Consolidated | $ | 198.8 | $ | 272.9 | $ | 249.2 | $ | 280.3 | $ | 1,001.2 | |||||
Return on sales | |||||||||||||||
Valves & Controls | 12.9 | % | 13.0 | % | 12.6 | % | 10.0 | % | 12.1 | % | |||||
Flow & Filtration Solutions | 10.2 | % | 15.0 | % | 14.6 | % | 11.3 | % | 12.8 | % | |||||
Water Quality Systems | 16.9 | % | 22.8 | % | 18.8 | % | 22.3 | % | 20.4 | % | |||||
Technical Solutions | 19.6 | % | 21.2 | % | 23.4 | % | 22.6 | % | 21.8 | % | |||||
Consolidated | 13.5 | % | 16.4 | % | 16.1 | % | 15.9 | % | 15.5 | % |
2014 | |||||||||||||||
In millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||
Net sales | |||||||||||||||
Valves & Controls | $ | 531.0 | $ | 628.6 | $ | 607.9 | $ | 609.8 | $ | 2,377.3 | |||||
Flow & Filtration Solutions | 401.1 | 424.5 | 394.1 | 383.4 | 1,603.1 | ||||||||||
Water Quality Systems | 304.0 | 377.9 | 324.1 | 350.4 | 1,356.4 | ||||||||||
Technical Solutions | 415.3 | 408.6 | 438.8 | 465.4 | 1,728.1 | ||||||||||
Other | (7.4 | ) | (5.5 | ) | (6.5 | ) | (6.5 | ) | (25.9 | ) | |||||
Consolidated | $ | 1,644.0 | $ | 1,834.1 | $ | 1,758.4 | $ | 1,802.5 | $ | 7,039.0 | |||||
Segment income (loss) | |||||||||||||||
Valves & Controls | $ | 74.3 | $ | 100.9 | $ | 107.6 | $ | 115.7 | $ | 398.5 | |||||
Flow & Filtration Solutions | 42.3 | 61.8 | 53.5 | 41.9 | 199.5 | ||||||||||
Water Quality Systems | 50.3 | 84.7 | 56.0 | 62.3 | 253.3 | ||||||||||
Technical Solutions | 83.9 | 81.9 | 101.1 | 111.2 | 378.1 | ||||||||||
Other | (21.7 | ) | (21.0 | ) | (22.4 | ) | (28.6 | ) | (93.7 | ) | |||||
Consolidated | $ | 229.1 | $ | 308.3 | $ | 295.8 | $ | 302.5 | $ | 1,135.7 | |||||
Return on sales | |||||||||||||||
Valves & Controls | 14.0 | % | 16.1 | % | 17.7 | % | 19.0 | % | 16.8 | % | |||||
Flow & Filtration Solutions | 10.6 | % | 14.6 | % | 13.6 | % | 10.9 | % | 12.3 | % | |||||
Water Quality Systems | 16.6 | % | 22.4 | % | 17.3 | % | 17.8 | % | 18.7 | % | |||||
Technical Solutions | 20.2 | % | 20.0 | % | 23.1 | % | 23.9 | % | 21.9 | % | |||||
Consolidated | 13.9 | % | 16.8 | % | 16.8 | % | 16.8 | % | 16.1 | % |
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 | 171.2 | 217.9 | 180.0 | 162.8 | 731.9 | |||||||||||
% of net sales | 11.6 | % | 13.1 | % | 11.6 | % | 9.2 | % | 11.3 | % | ||||||
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 | |||||||||||
Segment income | 198.8 | 272.9 | 249.2 | 280.3 | 1,001.2 | |||||||||||
% of net sales | 13.5 | % | 16.4 | % | 16.1 | % | 15.9 | % | 15.5 | % | ||||||
Net income from continuing operations—as reported | 118.2 | 153.9 | 115.2 | 93.2 | 480.5 | |||||||||||
Loss on sale of businesses, net of tax | — | — | — | 2.7 | 2.7 | |||||||||||
Amortization of bridge financing fees, net of tax | — | — | 8.3 | — | 8.3 | |||||||||||
Adjustments, net of tax | 21.2 | 42.4 | 53.2 | 110.5 | 227.3 | |||||||||||
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 per ordinary share—as reported | $ | 0.65 | $ | 0.84 | $ | 0.63 | $ | 0.51 | $ | 2.63 | ||||||
Adjustments | 0.11 | 0.24 | 0.34 | 0.62 | 1.31 | |||||||||||
Diluted earnings per ordinary share—as adjusted | $ | 0.76 | $ | 1.08 | $ | 0.97 | $ | 1.13 | $ | 3.94 | ||||||
Note: Fourth quarter and full year excludes impairment charge |
Pentair plc and Subsidiaries | |||||||||||||||||
Reconciliation of Net Sales Growth to Core Net Sales Growth by Vertical | |||||||||||||||||
for the quarter and year ended December 31, 2015 (Unaudited) | |||||||||||||||||
Q4 Net Sales Growth | Full Year Net Sales Growth | ||||||||||||||||
Core | Currency | Acq. / Div. | Total | Core | Currency | Acq. / Div. | Total | ||||||||||
Valves & Controls | (14.9 | )% | (7.4 | )% | — | % | (22.3 | )% | (13.7 | )% | (8.9 | )% | — | % | (22.6 | )% | |
Industrial | (11.5 | )% | (6.0 | )% | — | % | (17.5 | )% | (13.4 | )% | (6.9 | )% | — | % | (20.3 | )% | |
Energy | (16.4 | )% | (8.9 | )% | — | % | (25.3 | )% | (13.9 | )% | (10.1 | )% | — | % | (24.0 | )% | |
Flow & Filtration Solutions | (1.7 | )% | (5.9 | )% | — | % | (7.6 | )% | (3.6 | )% | (6.5 | )% | — | % | (10.1 | )% | |
Residential & Commercial | (6.8 | )% | (4.9 | )% | — | % | (11.7 | )% | (8.2 | )% | (6.9 | )% | — | % | (15.1 | )% | |
Food & Beverage | (2.3 | )% | (8.7 | )% | — | % | (11.0 | )% | 2.3 | % | (8.9 | )% | — | % | (6.6 | )% | |
Infrastructure | (2.5 | )% | (5.6 | )% | — | % | (8.1 | )% | (3.6 | )% | (6.3 | )% | — | % | (9.9 | )% | |
Water Quality Systems | 7.0 | % | (2.9 | )% | — | % | 4.1 | % | 5.0 | % | (3.1 | )% | — | % | 1.9 | % | |
Residential & Commercial | 7.0 | % | (2.8 | )% | — | % | 4.2 | % | 4.8 | % | (2.9 | )% | — | % | 1.9 | % | |
Food & Beverage | 9.1 | % | (3.0 | )% | — | % | 6.1 | % | 7.6 | % | (3.9 | )% | — | % | 3.7 | % | |
Technical Solutions | — | % | (5.5 | )% | 28.9 | % | 23.4 | % | 2.3 | % | (6.1 | )% | 8.5 | % | 4.7 | % | |
Industrial | (1.5 | )% | (5.3 | )% | 9.4 | % | 2.6 | % | 0.5 | % | (6.5 | )% | 2.7 | % | (3.3 | )% | |
Residential & Commercial | 6.5 | % | (5.7 | )% | 96.2 | % | 97.0 | % | 8.4 | % | (7.1 | )% | 30.2 | % | 31.5 | % | |
Energy | (2.5 | )% | (6.3 | )% | 10.1 | % | 1.3 | % | 5.5 | % | (5.6 | )% | 3.5 | % | 3.4 | % | |
Infrastructure | 1.5 | % | (4.1 | )% | 51.3 | % | 48.7 | % | (4.9 | )% | (5.6 | )% | 12.8 | % | 2.3 | % | |
Total Pentair | (3.9 | )% | (5.4 | )% | 7.0 | % | (2.3 | )% | (3.9 | )% | (6.6 | )% | 2.1 | % | (8.4 | )% | |
Industrial | (7.7 | )% | (5.3 | )% | 3.8 | % | (9.2 | )% | (7.4 | )% | (6.0 | )% | 1.0 | % | (12.4 | )% | |
Residential & Commercial | 3.4 | % | (3.8 | )% | 15.1 | % | 14.7 | % | 1.6 | % | (4.7 | )% | 4.2 | % | 1.1 | % | |
Energy | (10.4 | )% | (8.3 | )% | 2.5 | % | (16.2 | )% | (8.6 | )% | (8.9 | )% | 0.7 | % | (16.8 | )% | |
Food & Beverage | 1.6 | % | (6.5 | )% | — | % | (4.9 | )% | 4.2 | % | (7.1 | )% | — | % | (2.9 | )% | |
Infrastructure | (0.3 | )% | (5.1 | )% | 22.4 | % | 17.0 | % | (3.6 | )% | (6.0 | )% | 6.1 | % | (3.5 | )% |
Pentair plc and Subsidiaries | ||||||||||||||||
Reconciliation of the GAAP year ended December 31, 2014 to the 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 | 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 | |||||||||||
Intangible asset amortization | 28.5 | 29.0 | 28.4 | 28.1 | 114.0 | |||||||||||
Pension and other post-retirement mark-to-market loss | — | — | — | 49.9 | 49.9 | |||||||||||
Redomicile related expenses | 1.5 | 8.8 | — | — | 10.3 | |||||||||||
Segment income | 229.1 | 308.3 | 295.8 | 302.5 | 1,135.7 | |||||||||||
% of net sales | 13.9 | % | 16.8 | % | 16.8 | % | 16.8 | % | 16.1 | % | ||||||
Net income from continuing operations—as reported | 125.5 | 159.2 | 192.5 | 129.8 | 607.0 | |||||||||||
Adjustments, net of tax | 38.1 | 63.5 | 21.5 | 87.6 | 210.7 | |||||||||||
Net income from continuing operations—as adjusted | $ | 163.6 | $ | 222.7 | $ | 214.0 | $ | 217.4 | $ | 817.7 | ||||||
Continuing earnings per ordinary share—diluted | ||||||||||||||||
Diluted earnings per ordinary share—as reported | $ | 0.63 | $ | 0.81 | $ | 1.00 | $ | 0.70 | $ | 3.14 | ||||||
Adjustments | 0.19 | 0.32 | 0.11 | 0.47 | $ | 1.09 | ||||||||||
Diluted earnings per ordinary share—as adjusted | $ | 0.82 | $ | 1.13 | $ | 1.11 | $ | 1.17 | $ | 4.23 |
1 Year Pentair Chart |
1 Month Pentair Chart |
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