Pentair Reports First Quarter 2013 Results - First quarter adjusted EPS of $0.58 per share and sales of $1.8 billion.

- The company raises synergy expectations to $100 million for 2013.

- Integration, standardization, and repositioning activities continue to gain momentum.

- The company reaffirms 2013 adjusted EPS guidance of $3.10-$3.30.

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

SCHAFFHAUSEN, Switzerland, April 23, 2013 /PRNewswire/ -- Pentair Ltd. (NYSE: PNR) today announced first quarter 2013 sales of $1.8 billion.  Sales were flat compared to pro forma sales for the same period last year excluding the unfavorable impact from foreign exchange.  Adjusted first quarter 2013 earnings per diluted share ("EPS") were $0.58, up 7 percent from adjusted pro forma EPS of $0.54 in the first quarter of last year.  On a GAAP basis, the company reported EPS of $0.25 compared to EPS of $0.62 in the first quarter last year.  Adjusted EPS and operating income exclude acquisition-related expenses, repositioning costs, gain on sale of business, and certain tax items.

(Logo: http://photos.prnewswire.com/prnh/20120307/CG65728LOGO)

First quarter 2013 adjusted operating income was $179 million, up 4 percent compared to adjusted pro forma operating income for first quarter 2012, and adjusted operating margins were 10.1 percent, an expansion of 40 basis points when compared to adjusted pro forma 2012 operating margins.  On a GAAP basis, the company reported operating income of $74 million.

Free cash flow in the quarter was a usage of $29 million, reflecting normal seasonality and timing of cash flows.  The company expects to deliver full year free cash flow greater than 100 percent of net income.

The quarterly dividend effective for the first and second quarters of 2013 is $0.23 per share per quarter.  The company is seeking authorization from its shareholders at its 2013 annual general meeting of shareholders to increase the dividend to $0.25 per share per quarter for each of the third and fourth quarters of 2013 and the first and second quarters of 2014.  If approved by shareholders, the 2013 dividend increase will mark the 37th consecutive year in which Pentair has increased its dividend.

"We continue to see signs of a North American residential recovery and global energy remains strong, while infrastructure and industrial markets continue to be mixed," said Randall J. Hogan, Pentair chairman and chief executive officer. "Despite these varied market conditions, Pentair delivered another quarter of strong operating performance led by pricing and productivity, which demonstrates the power of the Pentair Integrated Management System, in addition to the benefits of integration and standardization synergies which are beginning to read through."

First Quarter Business Highlights
All year over year comparisons against 2012 adjusted results on a pro forma basis for the Flow Control acquisition.  See attached reconciliations of these Non-GAAP measures.

Water & Fluid Solutions first quarter sales grew to $782 million, up 5 percent versus the prior year quarter, excluding a 1 percent unfavorable impact from foreign exchange.  In fast growth regions, Water & Fluid Solutions sales grew 18 percent driven by strength in Latin America and the Middle East. 

  • Residential & Commercial sales, which accounted for roughly 45 percent of Water & Fluid Solution revenue, grew 10 percent.  The North American residential business continued to show signs of a recovery, which more than offset ongoing declines in western Europe.
  • Infrastructure sales, which includes the former Flow Control WES business, and which accounted for roughly 20 percent of Water & Fluid Solutions revenue, were down 12 percent.  North America backlog grew once again, but Europe remains challenged.
  • Food & Beverage sales, which accounted for nearly 20 percent of Water & Fluid Solutions revenue, grew 17 percent.  Agriculture once again showed strong double-digit gains and Beverage projects that were delayed last quarter were shipped.

Water & Fluid Solutions first quarter adjusted operating income of $83 million represented a 14 percent increase as compared to $73 million in the same period last year.  Adjusted operating margins increased by 90 basis points to 10.6 percent.  Price and productivity more than offset inflation in the quarter.  Including repositioning and other charges, Water & Fluid Solutions reported a GAAP operating income of $75 million.

Valves & Controls delivered first quarter 2013 sales of $586 million, down 3 percent versus the prior year quarter excluding a 1 percent unfavorable impact from foreign exchange.  Backlog increased 1 percent to $1.4 billion compared to fourth quarter 2012.

  • Energy sales, which accounted for roughly 60 percent of Valves & Controls revenue, declined 3 percent.  Sales to the oil & gas and mining industries both grew 2 percent while sales to the power industry declined 6 percent.
  • Industrial sales, which accounted for roughly 40 percent of Valves & Controls revenue, declined 9 percent on continued weakness in Asia. 

Valves & Controls delivered first quarter adjusted operating income of $59 million, down 2 percent compared to $61 million in the same quarter last year.  First quarter 2013 adjusted operating margins increased 10 basis points to 10.1 percent.  Price and productivity more than offset inflation during the quarter.  Including inventory step-up and customer backlog, repositioning and other charges, Valves & Controls reported a GAAP operating loss of $19 million in the first quarter.

Technical Solutions delivered first quarter 2013 sales of $410 million, down 2 percent versus the prior year quarter excluding a 1 percent unfavorable impact of foreign exchange.

  • Industrial sales, which accounted for roughly 45 percent of Technical Solutions revenue, declined 3 percent.
  • Energy sales, which accounted for roughly 25 percent of Technical Solutions revenue, grew 3 percent.
  • Residential & Commercial sales, which accounted for roughly 10 percent of Technical Solutions revenue, grew 3 percent.

Technical Solutions delivered first quarter adjusted operating income of $70 million, up 13 percent compared to $62 million in the same quarter last year.  First quarter 2013 adjusted operating margins increased 230 basis points to 17.0 percent.  Pricing and productivity gains driven by a better mix of standard products more than offset material and labor inflation.  Including inventory step-up and customer backlog, repositioning and other charges, Technical Solutions' first quarter reported GAAP operating income was $53 million.

Outlook

Pentair continues to expect full year 2013 adjusted EPS to be between $3.10 and $3.30, which represents an increase of approximately 22 to 30 percent from 2012 adjusted pro forma EPS of $2.54.  The company anticipates full year 2013 sales to approximate $7.6 billion, or up approximately 3 to 5 percent over 2012 adjusted pro forma sales.  The company expects to generate free cash flow in excess of 100 percent of net income once again.

"As the company enters its seasonally strongest quarters, we are seeing signs of top line acceleration," further commented Hogan.  "Based on our early success in integration and standardization, we have raised our targets on 2013 synergies, and margins in our core business should continue to expand."

Pentair is initiating second quarter 2013 adjusted EPS guidance of $0.88 to $0.91.  This compares to second quarter 2012 adjusted pro forma EPS of $0.77 and reported GAAP EPS of $0.72.  The company expects second quarter 2013 revenue to be approximately $1.9 billion, which is up slightly compared to second quarter 2012 adjusted pro forma revenue and up significantly versus historical second quarter 2012 revenue of $942 million.  Synergies driven by repositioning actions and functional standardization efforts are on track to deliver $100 million for the full year of 2013 and are expected to ramp to $35 million by fourth quarter 2013.

Earnings Conference Call
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company's performance and first quarter 2013 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 ability to successfully integrate Pentair, Inc. and the Flow Control business and achieve expected benefits from the Merger; overall global economic and business conditions; 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, including in Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 30, 2013, and our 2012 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this communication. Pentair Ltd. assumes no obligation, and disclaims any obligation, to update the information contained in this communication.

About Pentair Ltd.
Pentair Ltd. (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 pro forma revenues of $7.3 billion, Pentair employs more than 30,000 people worldwide.

Pentair Contacts:
Investors:
Jim Lucas, Vice President of Investor Relations
Direct:  763-656-5575
Email: jim.lucas@pentair.com

Media:
Betsy Day, Corporate Communications Manager
Direct:  763-656-5537
Email: betsy.day@pentair.com

 

 

Pentair Ltd. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)









Three months ended



March 30,

March 31,

In millions, except per-share data

2013

2012

Net sales

$

1,774

$

858

Cost of goods sold


1,250


577

Gross profit


524


281

% of net sales


29.5%


32.7%

Selling, general and administrative

416


174

% of net sales


23.4%


20.3%

Research and development


34


21

% of net sales


1.9%


2.4%

Operating income


74


86

% of net sales


4.2%


10.0%

Other (income) expense:





Equity income of unconsolidated subsidiaries



(2)

Gain on sale of business


(17)


Net interest expense


17


15

% of net sales


1.0%


1.7%

Income before income taxes and noncontrolling interest

74


73

Provision for income taxes


21


10

effective tax rate


28.4%


13.7%

Net income before noncontrolling interest


53


63

Noncontrolling interest 


1


1

Net income attributable to Pentair Ltd.

$

52

$

62













Earnings per common share attributable to Pentair Ltd.





Basic

$

0.25

$

0.63

Diluted

$

0.25

$

0.62







Weighted average common shares outstanding





Basic


204.8


98.6

Diluted


208.2


100.4







Cash dividends paid per common share

$

0.23

$

0.22

 

Pentair Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)







March 30,

December 31,

In millions

2013

2012

Assets

Current assets





Cash and cash equivalents

$

215

$

261

Accounts and notes receivable, net


1,404


1,295

Inventories


1,327


1,379

Other current assets


344


324

Total current assets


3,290


3,259






Property, plant and equipment, net


1,222


1,224






Other assets





Goodwill


4,867


4,895

Intangibles, net


1,859


1,910

Other non-current assets


483


487

Total other assets


7,209


7,292

Total assets

$

11,721

$

11,775






Liabilities and Equity

Current liabilities





Current maturities of long-term debt

$

6

$

3

Accounts payable


580


570

Employee compensation and benefits


264


294

Other current liabilities


633


672

Total current liabilities


1,483


1,539






Other liabilities





Long-term debt


2,592


2,454

Pension and other post-retirement compensation and benefits


370


378

Deferred tax liabilities


481


488

Other non-current liabilities


452


437

Total liabilities


5,378


5,296






Equity


6,343


6,479

Total liabilities and equity

$

11,721

$

11,775

 

Pentair Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)



Three months ended


March 30,

March 31,

In millions

2013

2012

Operating activities





Net income before noncontrolling interest

$

53

$

63

Adjustments to reconcile net income before noncontrolling interest to net cash provided by (used for) operating activities





Equity income of unconsolidated subsidiaries



(2)

Depreciation


38


16

Amortization


42


10

Deferred income taxes


2


Gain on sale of business


(17)


Share-based compensation


10


5

Excess tax benefits from share-based compensation



(1)

Gain on sale of assets



(1)

Changes in assets and liabilities, net of effects of business acquisitions






Accounts and notes receivable


(129)


(100)


Inventories


29


(20)


Other current assets


(22)


3


Accounts payable


21


(4)


Employee compensation and benefits


(24)


(24)


Other current liabilities


9


15


Other non-current assets and liabilities


8


(28)


Net cash provided by (used for) operating activities


20


(68)

Investing activities





Capital expenditures


(50)


(16)

Proceeds from sale of property and equipment


1


2

Proceeds from sale of business, net


30


Other



(3)


               Net cash provided by (used for) investing activities


(19)


(17)

Financing activities





Net receipts of short-term borrowings 


3


15

Net receipts of commercial paper and revolving long-term debt


140


102

Repayments of long-term debt


(2)


(13)

Debt issuance costs


(1)


Excess tax benefits from share-based compensation



1

Shares issued to employees, net of shares withheld


11


7

Repurchases of common shares


(140)


Dividends paid


(47)


(22)

Distribution to noncontrolling interest


(2)



Net cash provided by (used for) financing activities


(38)


90

Effect of exchange rate changes on cash and cash equivalents


(9)


Change in cash and cash equivalents


(46)


5

Cash and cash equivalents, beginning of year


261


50

Cash and cash equivalents, end of year

$

215

$

55






Free cash flow





Net cash provided by (used for) operating activities

$

20

$

(68)

Capital expenditures


(50)


(16)

Proceeds from sale of property and equipment


1


2

Free cash flow

$

(29)

$

(82)

 

Pentair Ltd. and Subsidiaries

Supplemental Financial Information by Reportable Segment (Unaudited)







First Quarter

First Quarter

In millions

2013

2012

Net sales





Water & Fluid Solutions

$

782

$

587

Valves & Controls


586


Technical Solutions


410


273

Other


(4)


(2)

Consolidated

$

1,774

$

858






Operating income (loss)





Water & Fluid Solutions

$

75

$

64

Valves & Controls


(19)


Technical Solutions


53


50

Other


(35)


(28)

Consolidated

$

74

$

86






Operating income as a percent of net sales





Water & Fluid Solutions


9.6%


10.9%

Valves & Controls


(3.2%)


Technical Solutions


13.0%


18.3%

Consolidated


4.2%


10.0%

 

Pentair Ltd. 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)










First Quarter

Forecast

Second Quarter

Forecast

Year

In millions, except per-share data

2013

2013

2013

Total Pentair






Net sales



$            1,774

           approx        $1,900 

           approx        $7,600 







Operating income - as reported


74

     approx             257 

      approx             837 

   % of net sales



4.2%

             approx         13.5% 

             approx         11.0% 

Adjustments:






    Inventory step-up and customer backlog

77

     approx                 8 

     approx               85 

    Restructuring and other



28

     approx               28 

Operating income - as adjusted


179

     approx             265 

     approx             950 

   % of net sales



10.1%

             approx         13.6% 

             approx         12.5% 







Net income attributable to Pentair Ltd. - as reported

52

     approx             179 

     approx             581 

    Gain on sale of business, net of tax

(12)

     approx            (12) 

    Adjustments, net of tax



80

     approx                 6 

     approx               86 

Net income from attributable 






    to Pentair Ltd. - as adjusted



120

     approx             185 

     approx             655 







Earnings per common share attributable to Pentair Ltd. - diluted



Diluted earnings per common share - as reported

$              0.25

 $0.85-$0.88 

 $2.74-$2.94 

Adjustments



0.33

0.03

0.36

Diluted earnings per common share - as adjusted

$              0.58

 $0.88-$0.91 

 $3.10-$3.30 

 

Pentair Ltd. 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)











Forecast

Forecast


First Quarter

Second Quarter

Year

In millions

2013

2013

2013

Water & Fluid Solutions




Net sales

$  782

           approx           $940 

           approx        $3,412 





Operating income - as reported

75

     approx             147 

     approx             442 

   % of net sales

9.6%

             approx         15.6% 

            approx         13.0% 

Adjustments:




    Restructuring

7

     approx                 7 

    Inventory step-up and customer backlog

1

     approx                 1 

Operating income - as adjusted

83

     approx             147 

     approx             450 

   % of net sales

10.6%

             approx         15.6% 

            approx         13.2% 





Valves & Controls




Net sales

$ 586

           approx           $635 

           approx        $2,463 





Operating income (loss) - as reported

(19)

     approx               75 

     approx             206 

   % of net sales

(3.2%)

            approx         11.8% 

            approx          8.4% 

Adjustments:




    Restructuring

8

     approx                 8 

    Inventory step-up and customer backlog

70

     approx                 8 

     approx               78 

Operating income - as adjusted

59

     approx               83 

     approx             292 

   % of net sales

10.1%

             approx         13.1% 

             approx         11.9% 





Technical Solutions




Net sales

$  410

           approx           $409 

           approx        $1,715 





Operating income - as reported

53

     approx               71 

     approx             310 

   % of net sales

13.0%

            approx         17.4% 

            approx         18.1% 

Adjustments:




    Restructuring

11

     approx               11 

    Inventory step-up and customer backlog

6

     approx                 6 

Operating income - as adjusted

70

     approx               71 

     approx             327 

   % of net sales

17.0%

            approx         17.4% 

            approx         19.1% 

 

Pentair Ltd. and Subsidiaries

Reconciliation of the GAAP "As Reported" year ended December 31, 2012 to the "Adjusted" non-GAAP

excluding the effect of 2012 adjustments (Unaudited)






First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Year

In millions, except per-share data

2012

2012

2012

2012

2012

Total Pentair








Net sales



$       858

$         942

$       865

$      1,751

$  4,416









Operating income (loss) - as reported

86

119

55

(304)

(44)

   % of net sales



10.1%

12.7%

6.4%

(17.4%)

(1.0%)

Adjustments:








    Deal related costs and expenses

11

7

53

12

83

    Inventory step-up and customer backlog

180

180

    Restructuring



10

1

55

66

    Trade name impairment



61

61

    Change in accounting method - pension and post-retirement

(1)

(1)

(1)

145

142

Operating income - as adjusted


96

135

108

149

488

   % of net sales



11.2%

14.3%

12.4%

8.5%

11.1%









Net income (loss) attributable to Pentair Ltd. - as reported

62

73

31

(273)

(107)

    Bond redemption and interest expense

(1)

2

52

53

    Adjustments, net of tax



3

11

32

321

367

Net income from attributable 








    to Pentair Ltd. - as adjusted



64

84

65

100

313









Earnings per common share attributable to Pentair Ltd. - diluted





Diluted earnings (loss) per common share - as reported

$       0.62

$         0.72

$      0.31

$      (1.31)

$  (0.84)

Adjustments



0.02

0.11

0.33

1.78

3.23

Diluted earnings per common share - as adjusted

$       0.64

$         0.83

$      0.64

$       0.47

$    2.39

 

Pentair Ltd. and Subsidiaries

Reconciliation of the GAAP "As Reported" year ended December 31, 2012 to the "Adjusted" non-GAAP

excluding the effect of 2012 adjustments (Unaudited)








First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Year

In millions

2012

2012

2012

2012

2012

Water & Fluid Solutions






Net sales

$         587

$           675

$        605

$     772

$ 2,639







Operating income (loss) - as reported

64

$             92

$          69

$     (57)

$ 168.0

   % of net sales

10.9%

13.6%

11.4%

(7.4%)

6.4%

Adjustments:






    Restructuring

7

1

43

51

    Inventory step-up and customer backlog

23

23

    Trade name impairment

49

49

Operating income - as adjusted

64

99

70

58

291

   % of net sales

10.9%

14.8%

11.6%

7.5%

11.0%







Valves & Controls






Net sales

$         —

$             —

$          —

$     549

$ 549







Operating income (loss) - as reported

(77)

(77)

   % of net sales

0.0%

0.0%

0.0%

(14.0%)

(14.0%)

Adjustments:






    Restructuring

5

5

    Inventory step-up and customer backlog

114

114

Operating income - as adjusted

42

42

   % of net sales

0.0%

0.0%

0.0%

7.6%

7.6%







Technical Solutions






Net sales

$       273

$          268

$        261

$     434

$ 1,236







Operating income - as reported

51

51

52

11

165

   % of net sales

18.5%

18.8%

20.0%

2.7%

13.3%

Adjustments:






    Restructuring

3

10

13

    Inventory step-up and customer backlog

43

43

    Trade name impairment

11

11

Operating income - as adjusted

51

54

52

75

232

   % of net sales

18.5%

20.1%

20.0%

17.2%

18.9%

 

Pro Forma Reconciliation







Pro Forma Adjustments


2012 Total Pentair
(in millions, except EPS)

Historical Adjusted Results

Historical Flow Control Acquisition

Depreciation & Amortization

Other Adjustments

Adjusted Pro Forma Results

First Quarter






Sales

$        858

$               996

$                —

$             (74)

$           1,780

Operating Income

97

125

(17)

(32)

172

Net Income

64

94

(13)

(28)

117

Diluted EPS

0.64

0.44

(0.06)

(0.48)

0.54







Second Quarter






Sales

942

981

(33)

1,889

Operating Income

135

144

(17)

(24)

237

Net Income

84

108

(13)

(14)

164

Diluted EPS

0.83

0.50

(0.06)

(0.50)

0.77







Third Quarter






Sales

866

1,020

(16)

1,869

Operating Income

108

120

(17)

6

216

Net Income

66

90

(13)

6

149

Diluted EPS

0.64

0.42

(0.06)

(0.31)

0.69







Fourth Quarter






Sales

1,751

(7)

1,744

Operating Income

150

17

166

Net Income

100

13

112

Diluted EPS

0.47

0.06

0.53







Full Year






Sales

4,416

2,997

(130)

7,282

Operating Income

489

388

(52)

(34)

791

Net Income

313

291

(39)

(23)

542

Diluted EPS

2.39

1.36

(0.18)

(1.03)

2.54


Note: "Other adjustments represent the elimination of certain large projects and sales to sanctioned countries (which were terminated prior to the completion of the Flow Control acquisition), changes in corporate allocation assumptions, income taxes and share count.

 

Pro Forma Reconciliation







Pro Forma Adjustments


2012 Water & Fluid Solutions Segment
(in millions)

Historical Adjusted Results

Historical Flow Control Acquisition

Depreciation & Amortization

Other Adjustments

Adjusted Pro Forma Results

First Quarter






Sales

$      587

$               163

$                   —

$               —

$   750

Operating Income

64

11

(2)

73







Second Quarter






Sales

675

202

877

Operating Income

99

24

(2)

121







Third Quarter






Sales

605

202

808

Operating Income

70

15

1

86







Fourth Quarter






Sales

772

772

Operating Income

58

14

72







Full Year






Sales

2,639

568

3,207

Operating Income

291

50

11

352

Note: "Other" adjustments represent changes in corporate allocation assumptions

 

Pro Forma Reconciliation







Pro Forma Adjustments


2012 Valves & Controls Segment
(in millions)

Historical Adjusted Results

Historical Flow Control Acquisition

Depreciation & Amortization

Other Adjustments

Adjusted Pro Forma Results

First Quarter






Sales

$         —

$               621

$                —

$             (13)

$             609

Operating Income

84

(12)

(11)

61







Second Quarter






Sales

602

(5)

597

Operating Income

93

(12)

(10)

71







Third Quarter






Sales

630

(10)

620

Operating Income

71

(13)

11

70







Fourth Quarter






Sales

549

549

Operating Income

42

42







Full Year






Sales

549

1,853

(27)

2,375

Operating Income

42

248

(37)

(9)

244

Note: "Other adjustments represent the elimination of sales to sanctioned countries (which were terminated prior to the completion of the Flow Control acquisition), and changes in corporate allocation assumptions.

 

Pro Forma Reconciliation







Pro Forma Adjustments


2012 Technical Solutions Segment
(in millions)

Historical Adjusted Results

Historical Flow Control Acquisition

Depreciation & Amortization

Other Adjustments

Adjusted Pro Forma Results

First Quarter






Sales

$      273

$               211

$                —

$             (61)

$               423

Operating Income

51

36

(5)

(20)

62







Second Quarter






Sales

268

176

(28)

416

Operating Income

54

28

(5)

(12)

65







Third Quarter






Sales

261

188

(7)

443

Operating Income

52

39

(5)

(6)

80







Fourth Quarter






Sales

434

(7)

427

Operating Income

75

2

77







Full Year






Sales

1,236

575

(103)

1,708

Operating Income

232

103

(14)

(37)

284

Note: "Other" adjustments represent the elimination of certain large projects and changes in corporate allocation assumptions

SOURCE Pentair



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