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Pentair Inc.$66.48($.50)(.75%)

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 Pentair Reports Third Quarter 2016 Results
   Tuesday, October 25, 2016 7:00:50 AM ET

-- Third quarter sales of $1.2 billion.

-- Third quarter GAAP EPS of $0.64 and adjusted EPS of $0.78.

-- Net cash provided by operating activities of continuing operations of $139 million and free cash flow from continuing operations of $125 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 guidance to approximately $2.50 and on an adjusted basis to approximately $3.00.

-- Pentair previously announced that it entered into a Share Purchase Agreement to sell its Valves & Controls business to Emerson Electric Co. for a purchase price of $3.15 billion in cash, subject to certain customary adjustments. The results of the Valves & Controls business, which was previously disclosed as a stand-alone reporting segment, have been presented as discontinued operations for all periods presented.

Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.

MANCHESTER, United Kingdom - October 25, 2016- Pentair plc (PNR ) today announced third quarter 2016 sales of $1.2 billion. Sales were up 9 percent compared to sales for the same period last year. Excluding currency translation ("FX") and contribution from acquisitions, core sales declined 2 percent in the third quarter. Third quarter 2016 earnings per diluted share from continuing operations ("EPS") were $0.64 compared to $0.52 in the third quarter of 2015. On an adjusted basis, the company reported EPS of $0.78 compared to $0.70 in the third quarter of 2015. Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.

Third quarter 2016 operating income was $183 million, up 20 percent compared to operating income for third quarter of 2015, and return on sales ("ROS") was 15.1 percent, an increase of 140 basis points when compared to the third quarter of 2015. On an adjusted basis, the company reported segment income of $216 million for the third quarter, up 15 percent compared to segment income for the third quarter of 2015, and ROS was 17.9 percent, an increase of 110 basis points when compared to the third quarter of 2015.

Net cash provided by operating activities of continuing operations was $139 million and free cash flow from continuing operations was $125 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 $0.34 per share in the third 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 delivered third quarter earnings in line with our expectations on the back of strong cost and cash flow execution," said Randall J. Hogan, Pentair Chairman and Chief Executive Officer. "We are updating our fourth quarter guidance to reflect the ongoing sluggish industrial environment, and we no longer expect to see the typical end of year push on capital spending. We do not believe it is prudent to enter our planning cycle for next year expecting any dramatic recovery in growth and therefore we are aggressively aligning our cost structure with the reality of a continued slow growth world. We remain on track for the sale of our Valves & Controls business to be completed at the end of this year or early next year, at which point we expect to have a dramatically stronger balance sheet and be positioned to allocate resources in a disciplined manner."

OUTLOOK

The company updates its 2016 GAAP EPS to approximately $2.50 and on an adjusted basis to approximately $3.00. The company anticipates full year 2016 sales of $4.9 billion, or up approximately 7 percent on a reported basis and down approximately 1 percent on a core basis. The company expects to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, the company introduced fourth quarter 2016 GAAP EPS guidance of approximately $0.63 and on an adjusted basis approximately $0.73, down approximately17 percent on an adjusted basis versus the same quarter last year. The company expects fourth quarter revenue to be approximately $1.22 billion, which would be down approximately 6 percent on a reported basis and down approximately 6 percent on a core basis compared to fourth 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, third quarter and first nine months 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 the company’s ability to complete the sale of the Valves & Controls business on anticipated terms and timetable; 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; 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 $4.6 billion, Pentair employs approximately 28,000 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                                                              Nine months ended
In millions, except per-share data                           September 30,                          September 26,                            September 30,                          September 26,
                                                              2016                2015                                     2016                2015
Net sales                                                    $        1,210.7    $        1,112.8      $        3,701.9    $        3,327.4   
Cost of goods sold                                           769.8               718.1                 2,347.9             2,161.1            
Gross profit                                                 440.9               394.7                 1,354.0             1,166.3            
% of net sales                                               36.4              %                    35.5              %                      36.6              %                    35.1              %
Selling, general and administrative                          228.4               217.0                 728.2               649.6              
% of net sales                                               18.8              %                    19.6              %                      19.7              %                    19.5              %
Research and development                                     29.7                24.8                  86.9                72.3               
% of net sales                                               2.5               %                    2.2               %                      2.3               %                    2.2               %
Operating income                                             182.8               152.9                 538.9               444.4              
% of net sales                                               15.1              %                    13.7              %                      14.6              %                    13.4              %
Other (income) expense:                                                                                                     
Equity income of unconsolidated subsidiaries                 (1.2              )                    (0.2              )                      (2.7              )                    (1.3              )
Net interest expense                                         34.3                30.9                  105.9               67.5               
% of net sales                                               2.8               %                    2.8               %                      2.9               %                    2.0               %
Income from continuing operations before income taxes        149.7               122.2                 435.7               378.2              
Provision for income taxes                                   32.2                27.5                  93.7                85.1               
Effective tax rate                                           21.5              %                    22.5              %                      21.5              %                    22.5              %
Net income from continuing operations                        117.5               94.7                  342.0               293.1              
Income from discontinued operations, net of tax              22.9                20.5                  48.6                88.6               
Gain (loss) from sale of discontinued operations, net of tax 0.6                 -                     0.6                 (4.8              )
Net income                                                   $        141.0      $        115.2        $        391.2      $        376.9     
Earnings per ordinary share                                                                                                 
Basic                                                                                                                       
Continuing operations                                        $        0.65       $        0.53         $        1.89       $        1.63      
Discontinued operations                                      0.13                0.11                  0.27                0.46               
Basic earnings per ordinary share                            $        0.78       $        0.64         $        2.16       $        2.09      
Diluted                                                                                                                     
Continuing operations                                        $        0.64       $        0.52         $        1.87       $        1.61      
Discontinued operations                                      0.13                0.11                  0.27                0.45               
Diluted earnings per ordinary share                          $        0.77       $        0.63         $        2.14       $        2.06      
Weighted average ordinary shares outstanding                                                                                
Basic                                                        181.4               180.2                 181.1               180.1              
Diluted                                                      183.6               182.6                 183.0               182.6              
Cash dividends paid per ordinary share                       $        0.34       $        0.32         $        1.00       $        0.96      
                                                                                                                        
                                                                                                                        
                                                                                                                        
Pentair plc and Subsidiaries                                                                                                               
Condensed Consolidated Balance Sheets (Unaudited)                                                                                          
                                                                                  
                                         September 30,                          December 31,                            
                                                             2016                2015
In millions                                                                                                                                
Assets                                                                                                                                     
Current assets                                                                                       
Cash and cash equivalents                                   $        170.9      $        126.3       
Accounts and notes receivable, net                          689.5               773.2                
Inventories                                                 556.2               564.7                
Other current assets                                        287.7               220.0                
Current assets held for sale                                1,042.7             1,093.4              
Total current assets                                        2,747.0             2,777.6              
Property, plant and equipment, net                          547.3               539.8                
Other assets                                                                                         
Goodwill                                                    4,251.7             4,259.0              
Intangibles, net                                            1,683.0             1,747.4              
Other non-current assets                                    162.2               161.1                
Non-current assets held for sale                            2,287.8             2,348.6              
Total other assets                                          8,384.7             8,516.1              
Total assets                                                $        11,679.0   $        11,833.5    
Liabilities and Equity                                                                                                                     
Current liabilities                                                                                  
Accounts payable                                            348.2               403.8                
Employee compensation and benefits                          159.3               162.6                
Other current liabilities                                   416.7               487.1                
Current liabilities held for sale                           363.9               433.0                
Total current liabilities                                   1,288.1             1,486.5              
Other liabilities                                                                                    
Long-term debt                                              4,411.3             4,685.8              
Pension and other post-retirement compensation and benefits 248.5               244.6                
Deferred tax liabilities                                    636.4               670.2                
Other non-current liabilities                               199.5               192.4                
Non-current liabilities held for sale                       539.9               545.2                
Total liabilities                                           7,323.7             7,824.7              
Equity                                                      4,355.3             4,008.8              
Total liabilities and equity                                $        11,679.0   $        11,833.5    
 
 
 
Pentair plc and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
                                                                                                                             Nine months ended
In millions                                                                                                                                     September 30,                          September 26,
                                                                                                                                                 2016                2015
Operating activities                                                                                                                                                 
Net income                                                                                                                                      $        391.2      $        376.9     
Income from discontinued operations, net of tax                                                                                                 (48.6             )                    (88.6             )
(Gain) loss from sale of discontinued operations, net of tax                                                                                    (0.6              )                    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                                                                                                    (2.7              )                    (1.3              )
Depreciation                                                                                                                                    64.3                59.8               
Amortization                                                                                                                                    72.6                43.8               
Deferred income taxes                                                                                                                           (3.8              )                    (0.9              )
Share-based compensation                                                                                                                        28.7                27.5               
Excess tax benefits from share-based compensation                                                                                               (8.8              )                    (6.0              )
Amortization of bridge financing fees                                                                                                           -                   10.8               
Loss (gain) on sale of assets                                                                                                                   -                   (7.7              )
Changes in assets and liabilities, net of effects of business acquisitions                                                                                           
Accounts and notes receivable                                                                                                                   91.8                47.1               
Inventories                                                                                                                                     14.0                (32.7             )
Other current assets                                                                                                                            (62.5             )                    (36.3             )
Accounts payable                                                                                                                                (56.9             )                    (45.6             )
Employee compensation and benefits                                                                                                              (5.2              )                    (6.4              )
Other current liabilities                                                                                                                       13.6                25.8               
Other non-current assets and liabilities                                                                                                        (27.4             )                    (16.5             )
Net cash provided by (used for) operating activities of continuing operations                                                                   459.7               354.5              
Net cash provided by (used for) operating activities of discontinued operations                                                                 97.1                41.4               
Net cash provided by (used for) operating activities                                                                                            556.8               395.9              
Investing activities                                                                                                                                                 
Capital expenditures                                                                                                                            (94.5             )                    (66.3             )
Proceeds from sale of property and equipment                                                                                                    24.1                3.6                
Acquisitions, net of cash acquired                                                                                                              -                   (1,913.0          )
Other                                                                                                                                           (3.8              )                    -                  
Net cash provided by (used for) investing activities of continuing operations                                                                   (74.2             )                    (1,975.7          )
Net cash provided by (used for) investing activities of discontinued operations                                                                 (4.3              )                    45.1               
Net cash provided by (used for) investing activities                                                                                            (78.5             )                    (1,930.6          )
Financing activities                                                                                                                                                 
Net repayments of short-term borrowings                                                                                                         -                   (2.0              )
Net (repayments) receipts of commercial paper and revolving long-term debt                                                                      (291.1            )                    276.5              
Proceeds from long-term debt                                                                                                                    -                   1,714.8            
Repayment of long-term debt                                                                                                                     (0.7              )                    (4.6              )
Debt issuance costs                                                                                                                             -                   (26.8             )
Excess tax benefits from share-based compensation                                                                                               8.8                 6.0                
Shares issued to employees, net of shares withheld                                                                                              20.1                21.9               
Repurchases of ordinary shares                                                                                                                  -                   (200.0            )
Dividends paid                                                                                                                                  (181.6            )                    (173.3            )
Net cash provided by (used for) financing activities                                                                                            (444.5            )                    1,612.5            
Effect of exchange rate changes on cash and cash equivalents                                                                                    10.8                (43.3             )
Change in cash and cash equivalents                                                                                                             44.6                34.5               
Cash and cash equivalents, beginning of year                                                                                                    126.3               110.4              
Cash and cash equivalents, end of year                                                                                                          $        170.9      $        144.9     
                                                                                                                                                  
 
 
 
Pentair plc and Subsidiaries
Reconciliation of the GAAP operating activities cash flow to the non-GAAP free cash flow (Unaudited)
 
                                                             Nine months ended
In millions                                                                     September 30,                                      September 26,
                                                                                 2016                            2015
                                                                                              
Net cash provided by (used for) operating activities of continuing operations   $              459.7            $              354.5           
Capital expenditures                                                            (94.5                         )                    (66.3                         )
Proceeds from sale of property and equipment                                    24.1                            3.6                            
Free cash flow from continuing operations                                       $              389.3            $              291.8           
Net cash provided by (used for) operating activities of discontinued operations 97.1                            41.4                           
Capital expenditures of discontinued operations                                 (15.4                         )                    (34.3                         )
Proceeds from sale of property and equipment of discontinued operations         3.2                             21.2                           
Free cash flow                                                                  $              474.2            $              320.1           
 
 
 
Pentair plc and Subsidiaries
Supplemental Financial Information by Reportable Segment (Unaudited)
                                                             
         2016
In millions                 First                               Second                              Third                               Nine
                            Quarter                             Quarter                             Quarter                             Months
Net sales                                                                       
Water Quality Systems       $      331.5     $      397.1     $      328.6     $      1,057.2  
Flow & Filtration Solutions 337.7            368.7            342.7            1,049.1         
Technical Solutions         524.6            540.6            543.1            1,608.3         
Other                       (3.8           )                    (5.2           )                    (3.7           )                    (12.7          )
Consolidated                $      1,190.0   $      1,301.2   $      1,210.7   $      3,701.9  
Segment income (loss)                                                           
Water Quality Systems       $      61.7      $      98.2      $      69.6      $      229.5    
Flow & Filtration Solutions 39.5             55.5             49.5             144.5           
Technical Solutions         112.8            111.6            119.6            344.0           
Other                       (36.1          )                    (24.3          )                    (22.5          )                    (82.9          )
Consolidated                $      177.9     $      241.0     $      216.2     $      635.1    
Return on sales                                                                 
Water Quality Systems       18.6           %                    24.7           %                    21.2           %                    21.7           %
Flow & Filtration Solutions 11.7           %                    15.0           %                    14.4           %                    13.8           %
Technical Solutions         21.5           %                    20.6           %                    22.0           %                    21.4           %
Consolidated                14.9           %                    18.5           %                    17.9           %                    17.2           %
         2015
In millions                 First                               Second                              Third                               Nine
                            Quarter                             Quarter                             Quarter                             Months
Net sales                                                                       
Water Quality Systems       $      306.9     $      387.7     $      322.0     $      1,016.6  
Flow & Filtration Solutions 350.1            374.6            362.7            1,087.4         
Technical Solutions         395.8            407.1            432.3            1,235.2         
Other                       (5.3           )                    (2.3           )                    (4.2           )                    (11.8          )
Consolidated                $      1,047.5   $      1,167.1   $      1,112.8   $      3,327.4  
Segment income (loss)                                                          -               
Water Quality Systems       $      51.8      $      88.2      $      60.5      $      200.5    
Flow & Filtration Solutions 36.4             57.1             53.2             146.7           
Technical Solutions         77.6             86.4             101.0            265.0           
Other                       (30.3          )                    (27.9          )                    (27.2          )                    (85.4          )
Consolidated                $      135.5     $      203.8     $      187.5     $      526.8    
Return on sales                                                                 
Water Quality Systems       16.9           %                    22.7           %                    18.8           %                    19.7           %
Flow & Filtration Solutions 10.4           %                    15.2           %                    14.7           %                    13.5           %
Technical Solutions         19.6           %                    21.2           %                    23.4           %                    21.5           %
Consolidated                12.9           %                    17.5           %                    16.8           %                    15.8           %
 
 
 
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                               Second                              Third Quarter                         Fourth                                                  Full
                                                  Quarter                             Quarter                                                                                      Quarter                                                 Year
Total Pentair                                                                                                               
Net sales                                         $      1,190.0   $      1,301.2   $      1,210.7     approx               $      1,220    approx               $      4,920   
Operating income                                  152.7            203.4            182.8              approx               181             approx               719            
% of net sales                                    12.8           %                    15.6           %                    15.1           %                      approx               14.8          %                    approx               14.6          %
Adjustments:                                                                                                                
Restructuring and other                           0.6              12.2             8.1                approx               -               approx               21             
Intangible amortization                           24.2             24.3             24.1               approx               24              approx               97             
Equity income of unconsolidated subsidiaries      0.4              1.1              1.2                approx               1               approx               4              
Segment income                                    177.9            241.0            216.2              approx               206             approx               841            
% of net sales                                    15.0           %                    18.5           %                    17.9           %                      approx               17.0          %                    approx               17.1          %
Net income from continuing operations-as reported 91.8             132.7            117.5              approx               115             approx               458            
Adjustments to operating income                   24.8             36.5             32.2               approx               24              approx               118            
Income tax adjustments                            (5.4           )                    (7.9           )                    (7.0           )                      approx               (5            )                    approx               (26           )
Net income from continuing operations-as adjusted $      111.2     $      161.3     $      142.7       approx               $      134      approx               $      550     
Continuing earnings per ordinary share-diluted                                                                              
Diluted earnings per ordinary share-as reported   $      0.50      $      0.73      $      0.64        approx               $      0.63     approx               $      2.50    
Adjustments                                       0.11             0.15             0.14               approx               0.10            approx               0.50           
Diluted earnings per ordinary share-as adjusted   $      0.61      $      0.88      $      0.78        approx               $      0.73     approx               $      3.00    
 
 
 
Pentair plc and Subsidiaries
Reconciliation of Net Sales Growth to Core Net Sales Growth by Strategic Business Group
For the Quarter Ending September 30, 2016
 
             Q3 Net Sales Growth
             Core                Currency            Acq. / Div. Total
Water Quality Systems           1.9       %         0.1       %         -         % 2.0       %
Aquatic & Environmental Systems 6.0       %         0.2       %         -         % 6.2       %
Water Filtration                (2.6      )%        (0.1      )%        -         % (2.7      )%
Flow & Filtration Solutions     (5.5      )%        -         %         -         % (5.5      )%
Water Technologies              (3.1      )%        0.1       %         -         % (3.0      )%
Fluid Solutions                 (0.6      )%        (0.1      )%        -         % (0.7      )%
Process Filtration              (21.8     )%        (0.1      )%        -         % (21.9     )%
Technical Solutions             (1.0      )%        -         %         26.6      % 25.6      %
Enclosures                      (0.5      )%        0.5       %         -         % -         %
Thermal Management              (4.6      )%        (0.7      )%        -         % (5.3      )%
Engineered Fastening Solutions  -         %         -         %         100.0     % 100.0     %
Total Pentair                   (1.7      )%        -         %         10.5      % 8.8       %
 
 
 
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                               Second                              Third                               Fourth                                Full
                                                      Quarter                             Quarter                             Quarter                             Quarter                                                  Year
Total Pentair                                                                                                                
Net sales                                             $      1,047.5   $      1,167.1   $      1,112.8   $      1,289.0     $      4,616.4  
Operating income                                      120.7            170.8            152.9            171.7              616.1           
% of net sales                                        11.5           %                    14.6           %                    13.7           %                    13.3           %                      13.3           %
Adjustments:                                                                                                                 
Restructuring and other                               0.1              16.1             3.9              22.3               42.4            
Pension and other post-retirement mark-to-market gain -                -                -                (23.0          )                      (23.0          )
Intangible amortization                               14.2             14.8             14.8             24.3               68.1            
Inventory step-up                                     -                1.5              1.4              32.8               35.7            
Deal related costs and expenses                       -                -                14.3             -                  14.3            
Equity income of unconsolidated subsidiaries          0.5              0.6              0.2              0.3                1.6             
Segment income                                        135.5            203.8            187.5            228.4              755.2           
% of net sales                                        12.9           %                    17.5           %                    16.8           %                    17.7           %                      16.4           %
Net income from continuing operations-as reported     80.0             118.4            94.7             104.0              397.1           
Loss on sale of businesses                            -                -                -                3.2                3.2             
Amortization of bridge financing fees                 -                -                10.7             -                  10.7            
Adjustments to operating income                       14.3             32.4             34.4             56.4               137.5           
Income tax adjustments                                (5.0           )                    (10.0          )                    (12.7          )                    (3.2           )                      (30.9          )
Net income from continuing operations-as adjusted     $      89.3      $      140.8     $      127.1     $      160.4       $      517.6    
Continuing earnings per ordinary share-diluted                                                                               
Diluted earnings per ordinary share-as reported       $      0.44      $      0.65      $      0.52      $      0.57        $      2.17     
Adjustments                                           0.05             0.12             0.18             0.31               0.66            
Diluted earnings per ordinary share-as adjusted       $      0.49      $      0.77      $      0.70      $      0.88        $      2.83     

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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



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