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Pentair Reports Second Quarter Sales Growth of 15 Percent and Net Income Per Share From Continuing Operations of $0.61
- Reports second quarter sales up 15 percent year-over-year to $796 million, with double digit growth in both Water and Technical Products
- Operating margins improved year-over-year to 12.6 percent
- Diluted earnings per share from continuing operations (EPS) of $0.61 up 85 percent year-over-year on GAAP basis; up 61 percent when compared to adjusted second quarter 2009 EPS
- Delivered strong free cash flow of $150 million in the second quarter
- Updated full-year 2010 EPS guidance to a range of $1.86 to $1.96 from previous guidance of $1.75 to $1.90 per share
All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations to discontinued operations as well as GAAP and Non-GAAP reconciliations are in the attached financial tables.
MINNEAPOLIS, July 29 /PRNewswire-FirstCall/ -- Pentair, Inc. (NYSE: PNR) today reported second quarter 2010 revenue of $796 million and net income from continuing operations attributable to Pentair, Inc. of $60 million, or $0.61 per share. This represents an increase of 85 percent as compared to the $0.33 of EPS in the second quarter last year. Adjusting second quarter 2009 for restructuring items, year-over-year adjusted EPS increased 61 percent.
Total company sales increased 15 percent to $796 million, compared with $694 million in the second quarter of 2009. Both Water and Technical Products posted double-digit sales gains, and growth was broad-based across end-markets served. The company delivered second quarter operating income of $100 million, up 58 percent year-over-year or up 51 percent compared to adjusted second quarter 2009 operating income. Overall, operating margins for the second quarter increased 300 basis points to 12.6 percent when compared to adjusted second quarter 2009 operating margins, driven by revenue growth and operational productivity.
The company generated strong free cash flow of $150 million for the quarter, with year-to-date free cash flow performance of $128 million, which is $29 million greater than the first half of 2009. The company said it is on track to achieve free cash flow of greater than $225 million for full year 2010.
"I am pleased with our second quarter performance, as strong execution of growth and productivity initiatives, along with improvement in market trends, enabled us to deliver double digit revenue gains and robust earnings growth. Pentair's strong market execution, innovation and growth in the U.S., Europe and China led the way in both Water and Technical Products," said Randall J. Hogan, Pentair chairman and chief executive officer.
"Our lean cost structure and continued productivity efforts enabled us to significantly expand operating margins, while making continued incremental growth investments in product and market innovation," Hogan continued. "Our strong second quarter performance underscores the strength of our brands, channels and geographies, as well as our focused execution."
SECOND QUARTER BUSINESS HIGHLIGHTS
Water delivered $549 million in sales, a 13 percent increase year-over-year. Foreign exchange was neutral to revenue in the quarter.
- Residential Flow sales were up 4 percent versus the year-ago quarter, reflecting share gains in the professional pump channel and strength in the agricultural business.
- Residential Filtration sales were up 7 percent as fast growth regions increased double digits, while the U.S. market continued its modest recovery.
- Pool sales were up 31 percent as the business continued to gain share with an expanded dealer base and healthy demand for energy-efficient Eco-Select products.
- Engineered Flow sales were up 14 percent driven by strong municipal sales, while North American commercial water systems remained down, reflecting a weak commercial construction market.
- Filtration Solutions sales were up 8 percent led by strong sales in Food Service along with growth in global systems in China and India, which helped offset timing delays of larger municipal project sales.
Water's second quarter reported operating income totaled $76 million, up 53 percent as compared to $50 million in the same period last year. When compared to second quarter 2009 adjusted operating income of $51 million, second quarter 2010 operating margins increased by 330 basis points to 13.8 percent. The benefits from higher volumes, modest pricing and strong productivity more than offset increased costs related to material inflation, reinstated employee benefits and growth investments.
Technical Products delivered second quarter 2010 sales of $247 million, an increase of 19 percent versus the year-earlier period. Sales grew 20 percent, excluding the impact of foreign exchange, driven by solid demand across all key markets and increased pricing of approximately 1 percentage point.
- Industrial, general electronics, energy and infrastructure all posted strong double digit sales, with modest growth in communications and commercial markets.
- The U.S. and Western European geographies grew in the mid-teens, while emerging markets were up over 36 percent in total, led by robust growth in China.
Technical Products' second quarter reported operating income totaled $38 million, up 61 percent compared to $24 million in the same quarter last year. When compared to second quarter 2009 adjusted operating income of $25 million, second quarter 2010 operating margins increased 340 basis points to 15.4 percent. Higher volumes, increased pricing and continued productivity more than offset the negative impact from inflation, reinstated employee benefits, costs related to the completion of all previously announced plant closures, and growth investments.
OUTLOOK
The company provided its third quarter 2010 EPS guidance of $0.49 to $0.52, an increase of 17 to 24 percent year-over-year when compared to adjusted third quarter 2009 earnings. The company expects third quarter sales to be up over 10 percent compared to the same period last year.
The company updated its full year 2010 EPS guidance to a range of $1.86 to $1.96, an increase of 27 to 33 percent versus full year 2009 adjusted EPS. Full year 2010 sales are expected to be around $2.95 billion and full year free cash flow is expected to be greater than $225 million.
"Our raised full year 2010 guidance reflects our strong first half performance and a balanced market view for the remainder of the year," said Hogan. "We have a strong portfolio of products and systems today, along with an aligned global business structure with prioritized growth and productivity initiatives that we believe are yielding positive results and positioning us for accelerating performance in our served markets," he added.
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company's performance and second quarter 2010 results and 2010 outlook on a two-way conference call with investors and a live audio webcast at 9 a.m. Eastern today. Reconciliation of non-GAAP financial measures are set forth in the attachments to this second quarter 2010 earnings release and the second quarter 2010 earnings conference call presentation, both of which can be found at Pentair's web site (www.pentair.com). Related financial charts and certain other information to be discussed on the conference call will be available on the company's website shortly before the conference call. The webcast and presentation will be archived at the same site following the conclusion of the conference call.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as the magnitude, timing and scope of recovery from the global economic downturn; the strength of housing and related markets; the risk that expected benefits from our recent restructuring and other cost reduction plans may not be fully realized, or may take longer to realize than expected; foreign currency effects; material inflation outpacing our productivity and pricing actions; retail, commercial and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors set forth in our SEC filings. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
ABOUT PENTAIR, INC.
Pentair (www.pentair.com) is a global diversified industrial company headquartered in Minneapolis, Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that protect sensitive electronics and the people that use them. With 2009 revenues of $2.7 billion, Pentair employs approximately 13,500 people worldwide.
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| PENTAIR CONTACT: | |
| Sara Zawoyski | |
| Vice President, Investor Relations | |
| Tel.: (763) 656-5575 | |
| E-mail: sara.zawoyski@pentair.com | |
Pentair, Inc. and Subsidiaries | ||||||||||
Condensed Consolidated Statements of Income (Unaudited) | ||||||||||
Three months ended | Six months ended | |||||||||
July 3, | June 27, | July 3, | June 27, | |||||||
| In thousands, except per-share data | 2010 | 2009 | 2010 | 2009 | ||||||
| Net sales | $ | 796,167 | $ | 693,712 | $ | 1,503,180 | $ | 1,327,552 | ||
| Cost of goods sold | 547,999 | 497,233 | 1,041,310 | 961,841 | ||||||
| Gross profit | 248,168 | 196,479 | 461,870 | 365,711 | ||||||
| % of net sales | 31.2% | 28.3% | 30.7% | 27.6% | ||||||
| Selling, general and administrative | 131,043 | 119,104 | 263,933 | 236,379 | ||||||
| % of net sales | 16.5% | 17.1% | 17.6% | 17.8% | ||||||
| Research and development | 16,999 | 13,815 | 34,210 | 28,558 | ||||||
| % of net sales | 2.1% | 2.0% | 2.2% | 2.2% | ||||||
| Operating income | 100,126 | 63,560 | 163,727 | 100,774 | ||||||
| % of net sales | 12.6% | 9.2% | 10.9% | 7.6% | ||||||
| Other (income) expense: | ||||||||||
| Equity (income) losses of unconsolidated subsidiaries | (1,375) | 279 | (1,459) | 556 | ||||||
| Loss on early extinguishment of debt | — | 4,804 | — | 4,804 | ||||||
| Net interest expense | 8,569 | 9,833 | 18,096 | 21,617 | ||||||
| % of net sales | 1.1% | 1.4% | 1.2% | 1.6% | ||||||
| Income from continuing operations before income taxes | ||||||||||
| and noncontrolling interest | 92,932 | 48,644 | 147,090 | 73,797 | ||||||
| Provision for income taxes | 31,320 | 16,217 | 49,449 | 23,649 | ||||||
| effective tax rate | 33.7% | 33.3% | 33.6% | 32.0% | ||||||
| Income from continuing operations | 61,612 | 32,427 | 97,641 | 50,148 | ||||||
| Gain (loss) on disposal of discontinued operations, net of tax | 593 | (78) | 1,117 | (68) | ||||||
| Net income before noncontrolling interest | 62,205 | 32,349 | 98,758 | 50,080 | ||||||
| Noncontrolling interest | 1,124 | 421 | 2,356 | 887 | ||||||
| Net income attributable to Pentair, Inc. | $ | 61,081 | $ | 31,928 | $ | 96,402 | $ | 49,193 | ||
| Net income from continuing operations attributable to Pentair, Inc. | $ | 60,488 | $ | 32,006 | $ | 95,285 | $ | 49,261 | ||
| Earnings per common share attributable to Pentair, Inc. | ||||||||||
| Basic | ||||||||||
| Continuing operations | $ | 0.61 | $ | 0.33 | $ | 0.96 | $ | 0.51 | ||
| Discontinued operations | 0.01 | — | 0.01 | — | ||||||
| Basic earnings per common share | $ | 0.62 | $ | 0.33 | $ | 0.97 | $ | 0.51 | ||
| Diluted | ||||||||||
| Continuing operations | $ | 0.61 | $ | 0.33 | $ | 0.96 | $ | 0.50 | ||
| Discontinued operations | — | — | 0.01 | — | ||||||
| Diluted earnings per common share | $ | 0.61 | $ | 0.33 | $ | 0.97 | $ | 0.50 | ||
| Weighted average common shares outstanding | ||||||||||
| Basic | 98,208 | 97,507 | 98,081 | 97,445 | ||||||
| Diluted | 99,638 | 98,422 | 99,435 | 98,145 | ||||||
| Cash dividends declared per common share | $ | 0.19 | $ | 0.18 | $ | 0.38 | $ | 0.36 | ||
Pentair, Inc. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
July 3, | December 31, | June 27, | |||||
| In thousands | 2010 | 2009 | 2009 | ||||
Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 38,580 | $ | 33,396 | $ | 38,118 | |
| Accounts and notes receivable, net | 475,679 | 455,090 | 462,106 | ||||
| Inventories | 389,428 | 360,627 | 362,743 | ||||
| Deferred tax assets | 49,058 | 49,609 | 51,465 | ||||
| Prepaid expenses and other current assets | 42,878 | 47,576 | 50,111 | ||||
| Total current assets | 995,623 | 946,298 | 964,543 | ||||
| Property, plant and equipment, net | 318,124 | 333,688 | 340,884 | ||||
| Other assets | |||||||
| Goodwill | 2,033,064 | 2,088,797 | 2,106,026 | ||||
| Intangibles, net | 451,806 | 486,407 | 504,674 | ||||
| Other | 54,083 | 56,144 | 61,118 | ||||
| Total other assets | 2,538,953 | 2,631,348 | 2,671,818 | ||||
| Total assets | $ | 3,852,700 | $ | 3,911,334 | $ | 3,977,245 | |
Liabilities and Shareholders' Equity | |||||||
| Current liabilities | |||||||
| Short-term borrowings | $ | 2,320 | $ | 2,205 | $ | 6,143 | |
| Current maturities of long-term debt | 163 | 81 | 122 | ||||
| Accounts payable | 248,679 | 207,661 | 212,973 | ||||
| Employee compensation and benefits | 86,471 | 74,254 | 71,674 | ||||
| Current pension and post-retirement benefits | 8,948 | 8,948 | 8,890 | ||||
| Accrued product claims and warranties | 42,981 | 34,288 | 36,780 | ||||
| Income taxes | 23,252 | 5,659 | 14,668 | ||||
| Accrued rebates and sales incentives | 34,418 | 27,554 | 26,286 | ||||
| Other current liabilities | 78,496 | 85,629 | 84,491 | ||||
| Total current liabilities | 525,728 | 446,279 | 462,027 | ||||
| Other liabilities | |||||||
| Long-term debt | 734,472 | 803,351 | 883,281 | ||||
| Pension and other retirement compensation | 213,142 | 234,948 | 270,588 | ||||
| Post-retirement medical and other benefits | 29,819 | 31,790 | 32,847 | ||||
| Long-term income taxes payable | 24,821 | 26,936 | 26,906 | ||||
| Deferred tax liabilities | 139,977 | 146,630 | 150,167 | ||||
| Other non-current liabilities | 92,926 | 95,060 | 96,016 | ||||
| Total liabilities | 1,760,885 | 1,784,994 | 1,921,832 | ||||
| Shareholders' equity | 2,091,815 | 2,126,340 | 2,055,413 | ||||
| Total liabilities and shareholders' equity | $ | 3,852,700 | $ | 3,911,334 | $ | 3,977,245 | |
| Days sales in accounts receivable (13 month moving average) | 60 | 62 | 61 | ||||
| Days inventory on hand (13 month moving average) | 83 | 90 | 89 | ||||
| Days in accounts payable (13 month moving average) | 69 | 66 | 62 | ||||
Pentair, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
Six months ended | ||||||||
July 3, | June 27, | |||||||
| In thousands | 2010 | 2009 | ||||||
| Operating activities | ||||||||
| Net income before noncontrolling interest | $ | 98,758 | $ | 50,080 | ||||
| Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||
| (Gain) loss on disposal of discontinued operations | (1,117) | 68 | ||||||
| Equity (income) losses of unconsolidated subsidiaries | (1,459) | 556 | ||||||
| Depreciation | 28,876 | 29,634 | ||||||
| Amortization | 13,357 | 14,601 | ||||||
| Deferred income taxes | 2,396 | 464 | ||||||
| Stock compensation | 12,365 | 9,087 | ||||||
| Excess tax benefits from stock-based compensation | (1,322) | (582) | ||||||
| Gain on sale of assets | (57) | (286) | ||||||
| Changes in assets and liabilities, net of effects of business acquisitions and dispositions | ||||||||
| Accounts and notes receivable | (33,438) | 1,556 | ||||||
| Inventories | (38,651) | 55,703 | ||||||
| Prepaid expenses and other current assets | 1,877 | 13,532 | ||||||
| Accounts payable | 46,938 | (3,436) | ||||||
| Employee compensation and benefits | 11,275 | (21,821) | ||||||
| Accrued product claims and warranties | 9,196 | (4,792) | ||||||
| Income taxes | 18,872 | 9,066 | ||||||
| Other current liabilities | 1,043 | (23,234) | ||||||
| Pension and post-retirement benefits | (12,943) | (1,433) | ||||||
| Other assets and liabilities | 448 | (2,205) | ||||||
| Net cash provided by (used for) continuing operations | 156,414 | 126,558 | ||||||
| Net cash provided by (used for) operating activities of discontinued operations | — | (1,408) | ||||||
| Net cash provided by (used for) operating activities | 156,414 | 125,150 | ||||||
| Investing activities | ||||||||
| Capital expenditures | (28,937) | (28,850) | ||||||
| Proceeds from sale of property and equipment | 243 | 563 | ||||||
| Divestitures | — | 920 | ||||||
| Other | (1,286) | (10) | ||||||
| Net cash provided by (used for) investing activities | (29,980) | (27,377) | ||||||
| Financing activities | ||||||||
| Net short-term borrowings | 115 | 6,024 | ||||||
| Proceeds from long-term debt | 335,021 | 400,000 | ||||||
| Repayment of long-term debt | (403,742) | (470,187) | ||||||
| Debt issuance costs | (50) | (50) | ||||||
| Excess tax benefits from stock-based compensation | 1,322 | 582 | ||||||
| Stock issued to employees, net of shares withheld | (817) | 996 | ||||||
| Dividends paid | (37,700) | (35,433) | ||||||
| Net cash provided by (used for) financing activities | (105,851) | (98,068) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (15,399) | (931) | ||||||
| Change in cash and cash equivalents | 5,184 | (1,226) | ||||||
| Cash and cash equivalents, beginning of period | 33,396 | 39,344 | ||||||
| Cash and cash equivalents, end of period | $ | 38,580 | $ | 38,118 | ||||
| Free cash flow | ||||||||
| Net cash provided by (used for) continuing operations | $ | 156,414 | $ | 126,558 | ||||
| Capital expenditures | (28,937) | (28,850) | ||||||
| Proceeds from sale of property and equipment | 243 | 563 | ||||||
| Free cash flow | $ | 127,720 | $ | 98,271 | ||||
Pentair, Inc. and Subsidiaries | |||||||||||||
Supplemental Financial Information by Reportable Business Segment (Unaudited) | |||||||||||||
First Qtr | Second Qtr | Six Months | First Qtr | Second Qtr | Six Months | ||||||||
| In thousands | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | |||||||
| Net sales to external customers | |||||||||||||
| Water Group | $ | 478,038 | $ | 549,318 | $ | 1,027,356 | $ | 423,932 | $ | 486,990 | $ | 910,922 | |
| Technical Products Group | 228,975 | 246,849 | 475,824 | 209,908 | 206,722 | 416,630 | |||||||
| Consolidated | $ | 707,013 | $ | 796,167 | $ | 1,503,180 | $ | 633,840 | $ | 693,712 | $ | 1,327,552 | |
| Intersegment sales | |||||||||||||
| Water Group | $ | 517 | $ | 427 | $ | 944 | $ | 289 | $ | 198 | $ | 487 | |
| Technical Products Group | 703 | 1,047 | 1,750 | 233 | 600 | 833 | |||||||
| Intercompany sales eliminations | (1,220) | (1,474) | (2,694) | (522) | (798) | (1,320) | |||||||
| Consolidated | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |
| Operating income (loss) | |||||||||||||
| Water Group | $ | 42,138 | $ | 75,954 | $ | 118,092 | $ | 26,976 | $ | 49,781 | $ | 76,757 | |
| Technical Products Group | 33,098 | 37,990 | 71,088 | 20,462 | 23,578 | 44,040 | |||||||
| Unallocated corporate expenses and | |||||||||||||
| intercompany eliminations | (11,635) | (13,818) | (25,453) | (10,224) | (9,799) | (20,023) | |||||||
| Consolidated | $ | 63,601 | $ | 100,126 | $ | 163,727 | $ | 37,214 | $ | 63,560 | $ | 100,774 | |
| Operating income as a percent of net sales | |||||||||||||
| Water | 8.8% | 13.8% | 11.5% | 6.4% | 10.2% | 8.4% | |||||||
| Technical Products | 14.5% | 15.4% | 14.9% | 9.7% | 11.4% | 10.6% | |||||||
| Consolidated | 9.0% | 12.6% | 10.9% | 5.9% | 9.2% | 7.6% | |||||||
Pentair, Inc. and Subsidiaries | ||||||
Reconciliation of the GAAP "As Reported" year ending December 31, 2009 to the "Adjusted" non-GAAP | ||||||
excluding the effect of 2009 adjustments (Unaudited) | ||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||
| In thousands, except per-share data | 2009 | 2009 | 2009 | 2009 | 2009 | |
| Net sales | $ 633,840 | $ 693,712 | $ 662,665 | $ 702,251 | $ 2,692,468 | |
| Operating income - as reported | 37,214 | 63,560 | 66,682 | 52,492 | 219,948 | |
| % of net sales | 5.9% | 9.2% | 10.1% | 7.5% | 8.2% | |
| Adjustments: | ||||||
| Restructuring and asset impairment | 2,824 | 2,944 | 7,295 | 24,881 | 37,944 | |
| Operating income - as adjusted | 40,038 | 66,504 | 73,977 | 77,373 | 257,892 | |
| % of net sales | 6.3% | 9.6% | 11.2% | 11.0% | 9.6% | |
| Net income from continuing operations attributable | ||||||
| to Pentair, Inc. - as reported | 17,255 | 32,006 | 37,033 | 29,218 | 115,512 | |
| Adjustments - tax affected | ||||||
| Restructuring and asset impairment, net of | ||||||
| minority interest | 1,864 | 1,943 | 4,815 | 17,549 | 26,171 | |
| Bond tender | — | 3,171 | — | — | 3,171 | |
| Net income from continuing operations attributable | ||||||
| to Pentair, Inc. - as adjusted | 19,119 | 37,120 | 41,848 | 46,767 | 144,854 | |
| Continuing earnings per common share attributable to Pentair, Inc. - diluted | ||||||
| Diluted earnings per common share - as reported | $ 0.18 | $ 0.33 | $ 0.38 | $ 0.29 | $ 1.17 | |
| Adjustments | 0.02 | 0.05 | 0.04 | 0.18 | 0.30 | |
| Diluted earnings per common share - as adjusted | $ 0.20 | $ 0.38 | $ 0.42 | $ 0.47 | $ 1.47 | |
| Weighted average common shares outstanding - Diluted | 97,966 | 98,422 | 98,641 | 99,226 | 98,522 | |
Pentair, Inc. and Subsidiaries | ||||||
Reconciliation of the GAAP "As Reported" year ending December 31, 2009 to the "Adjusted" non-GAAP | ||||||
excluding the effect of 2009 adjustments (Unaudited) | ||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||
| In thousands | 2009 | 2009 | 2009 | 2009 | 2009 | |
| Water | ||||||
| Net sales | $ 423,932 | $ 486,990 | $ 461,570 | $ 475,272 | $ 1,847,764 | |
| Operating income - as reported | 26,976 | 49,781 | 53,085 | 33,903 | 163,745 | |
| % of net sales | 6.4% | 10.2% | 11.5% | 7.1% | 8.9% | |
| Adjustments - restructuring and asset impairment | 1,464 | 1,460 | 2,639 | 21,336 | 26,899 | |
| Operating income - as adjusted | 28,440 | 51,241 | 55,724 | 55,239 | 190,644 | |
| % of net sales | 6.7% | 10.5% | 12.1% | 11.6% | 10.3% | |
| Technical Products | ||||||
| Net sales | $ 209,908 | $ 206,722 | $ 201,095 | $ 226,979 | $ 844,704 | |
| Operating income - as reported | 20,462 | 23,578 | 24,356 | 31,959 | 100,355 | |
| % of net sales | 9.7% | 11.4% | 12.1% | 14.1% | 11.9% | |
| Adjustments - restructuring and asset impairment | 792 | 1,139 | 4,557 | 2,729 | 9,217 | |
| Operating income - as adjusted | 21,254 | 24,717 | 28,913 | 34,688 | 109,572 | |
| % of net sales | 10.1% | 12.0% | 14.4% | 15.3% | 13.0% | |
SOURCE Pentair, Inc.
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