Pentair Reports Solid Third Quarter 2011 Results
- Third quarter sales increased 15 percent to $891 million
- Reported EPS of $0.51; Adjusted EPS of $0.58, up 5 percent
- Generated free cash flow of $70 million in the quarter
- Updated full year reported EPS outlook to a range of $2.26 to $2.29; adjusted EPS outlook of $2.44 to 2.47, up 22 to 24 percent
All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.
MINNEAPOLIS, Oct. 26, 2011 /PRNewswire/ -- Pentair, Inc. (NYSE: PNR) announced third quarter 2011 sales of $891 million, an increase of 15 percent from the same quarter last year. These results reflected growth across both segments, Water and Technical Products, including 11 percentage points from the acquisition of Norit's Clean Process Technologies (CPT) and 2 percentage points from favorable foreign currency. Earnings per diluted share from continuing operations (EPS) were $0.51 in the third quarter 2011. Third quarter 2011 results included restructuring charges of $2 million, or approximately $0.02 of EPS, related to repositioning actions in its Water business. Adjusting to exclude acquisition related costs and restructuring charges, third quarter 2011 EPS was $0.58, an increase of 5 percent over the same quarter last year.
"We had another solid quarter with balanced top-line growth and good margin performance across our businesses," said Randall J. Hogan, Pentair chairman and chief executive officer. "Growth investments continued to yield positive results with fast growth regions up 22 percent in the quarter, before including the CPT acquisition. Innovation, expanded distribution and improved operating performance helped to drive solid global demand across our end markets. The CPT results reflected strong double digit sales growth from a year ago, demonstrating the strength of its membrane technology and systems expertise in water and beverage solutions."
"Solid price realization of 2 percent in the quarter combined with productivity more than offset inflation. The year-over-year margin decline reflected the negative impact of the CPT acquisition and related intangible amortization and acquisition related costs, as we anticipated. We expect to drive sequential CPT margin improvement through a combination of volume leverage, lean-driven efficiencies, as well as repositioning efforts that are already underway," added Hogan.
The company reported third quarter operating income of $93 million compared to $91 million in the prior year quarter. Adjusting to exclude acquisition related costs and restructuring charges, operating income increased 11 percent to $101 million and the company achieved operating margins of 11.3 percent compared to 11.7 percent of a year ago, reflecting the impact of the CPT acquisition. Pricing combined with productivity gains more than offset inflation across both Water and Technical Products. Third quarter 2011 results included the benefit of a lower effective tax rate, largely resulting from the CPT acquisition and a favorable geographic mix.
Free cash flow was $70 million in the third quarter, resulting in $188 million through the first three quarters of 2011. The company said it expects to achieve free cash flow of approximately $250 million for the full year 2011.
THIRD QUARTER BUSINESS HIGHLIGHTS
Water sales grew 20 percent year-over-year to $615 million, including 17 percentage points from the CPT acquisition and a two-percentage point favorable impact from foreign currency. Year-over-year sales growth was negatively impacted by approximately 6 percentage points due to sales in 2010 related to the Gulf Intracoastal Waterway (GIWW) project. Within the five Water global businesses, the third quarter sales performances were as follows:
- Residential Flow sales were up 15 percent versus the prior year quarter, led by double-digit growth in U.S. residential de-watering products and the agricultural business.
- Residential Filtration sales were up 5 percent, as the benefit from new products and increased penetration in fast growth regions offset softness in the U.S. market.
- Pool sales were up 14 percent driven by strong demand for energy efficient pool products and expanded distribution.
- Engineered Flow sales were down 32 percent due to lower U.S. municipal sales largely related to the prior year benefit from GIWW, while commercial and industrial pumps sales increased year-over-year. The year-over-year impact of GIWW resulted in 28 percentage points of the decline.
- Filtration Solutions sales increased 141 percent year-over-year, reflecting a 133-percentage point or $89 million benefit from the CPT acquisition. The remaining 8 percentage points of growth mainly reflected increased sales in foodservice and desalination.
Water's third quarter reported operating income totaled $60 million. Excluding the acquisition related costs and restructuring charges included in the Water segment, third quarter operating income increased 15 percent to $67 million while operating margins decreased 40 basis points to 11 percent, reflecting the negative 100 basis point impact from the CPT acquisition. Pricing and productivity improvements more than offset the negative impact from inflation and continued growth investments.
Technical Products delivered third quarter 2011 sales of $276 million, an increase of 6 percent versus the prior year quarter, including a three-percentage point favorable impact from foreign currency.
- Solid global demand drove double-digit growth across many of the end markets served, including industrial, commercial, general electronics and energy, partially offset by an expected decline in communications.
- Sales in the U.S were relatively flat year-over-year, reflecting the softness in communications. Fast growth regions were up 29 percent, led by China and Latin America, due to distribution gains and expanded product offerings.
Technical Products' third quarter reported operating income totaled $49 million, up 14 percent compared to $43 million in the same quarter last year. Third quarter 2011 operating margins increased to 17.6 percent, an increase of 130 basis points when compared to the prior year quarter. Strong pricing and productivity gains, more than offset the negative impact from inflation and continued growth investments.
OUTLOOK
The company provided its fourth quarter 2011 EPS guidance of $0.57 to $0.60. Excluding the acquisition related costs and restructuring charges, the company expects an adjusted fourth quarter 2011 EPS in the range of $0.59 to $0.62, an increase of 20 to 27 percent from the prior year quarter, on an estimated sales growth of 17 to 19 percent.
The company expects full year 2011 reported EPS to be in the $2.26 to $2.29 range, including approximately $0.18 of acquisition related costs and restructuring charges. Excluding these costs, the company expects full year 2011 adjusted EPS in the range of $2.44 to $2.47. This represents an increase of 22 to 24 percent compared to 2010 EPS on expected full year 2011 sales of approximately $3.5 billion, up approximately 15 percent compared to the prior year.
"I'm pleased with the performance and progress we've made in 2011," added Hogan. "We enter the fourth quarter with solid price realization, fast growth region momentum and accelerated productivity efforts. Despite challenges in a few end markets, we continue to grow the top-line, expand margins and position Pentair for continued success in 2012 and beyond."
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company's performance and third quarter 2011 results and 2011 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 third quarter 2011 earnings release and the third quarter 2011 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 our ability to integrate the CPT acquisition successfully; the magnitude, timing and scope of recovery from the global economic downturn or any potential future downturn; the strength of housing and related markets; the risk that expected benefits from 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; increased risks associated with operating foreign businesses; product introductions; pricing and other competitive pressures; and the company's ability to achieve its long-term strategic operating goals, 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 2010 revenues of $3.0 billion, Pentair employs over 15,000 people worldwide.
Pentair Contacts: |
|
Sara Zawoyski |
|
Vice President, Investor Relations |
|
Tel.: (763) 656-5575 |
|
E-mail: [email protected] |
|
Betsy Day |
|
Corporate Communications Manager |
|
Tel.: (763) 656-5537 |
|
E-mail: [email protected] |
|
Pentair, Inc. and Subsidiaries |
||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||
Three months ended |
Nine months ended |
|||||||||
October 1, |
October 2, |
October 1, |
October 2, |
|||||||
In thousands, except per-share data |
2011 |
2010 |
2011 |
2010 |
||||||
Net sales |
$ |
890,546 |
$ |
773,735 |
$ |
2,590,994 |
$ |
2,276,915 |
||
Cost of goods sold |
618,484 |
537,193 |
1,782,137 |
1,578,503 |
||||||
Gross profit |
272,062 |
236,542 |
808,857 |
698,412 |
||||||
% of net sales |
30.6% |
30.6% |
31.2% |
30.7% |
||||||
Selling, general and administrative |
159,068 |
128,854 |
462,260 |
392,787 |
||||||
% of net sales |
17.9% |
16.7% |
17.8% |
17.3% |
||||||
Research and development |
20,091 |
16,865 |
58,095 |
51,075 |
||||||
% of net sales |
2.3% |
2.2% |
2.3% |
2.2% |
||||||
Operating income |
92,903 |
90,823 |
288,502 |
254,550 |
||||||
% of net sales |
10.4% |
11.7% |
11.1% |
11.2% |
||||||
Other (income) expense: |
||||||||||
Equity income of unconsolidated subsidiaries |
(574) |
(347) |
(1,481) |
(1,806) |
||||||
Net interest expense |
17,373 |
8,953 |
41,311 |
27,049 |
||||||
% of net sales |
2.0% |
1.2% |
1.6% |
1.2% |
||||||
Income from continuing operations before income taxes |
||||||||||
and noncontrolling interest |
76,104 |
82,217 |
248,672 |
229,307 |
||||||
Provision for income taxes |
24,050 |
26,488 |
76,447 |
75,937 |
||||||
effective tax rate |
31.6% |
32.2% |
30.7% |
33.1% |
||||||
Income from continuing operations |
52,054 |
55,729 |
172,225 |
153,370 |
||||||
Gain on disposal of discontinued operations, net of tax |
— |
549 |
— |
1,666 |
||||||
Net income before noncontrolling interest |
52,054 |
56,278 |
172,225 |
155,036 |
||||||
Noncontrolling interest |
962 |
1,228 |
3,880 |
3,584 |
||||||
Net income attributable to Pentair, Inc. |
$ |
51,092 |
$ |
55,050 |
$ |
168,345 |
$ |
151,452 |
||
Net income from continuing operations attributable to Pentair, Inc. |
$ |
51,092 |
$ |
54,501 |
$ |
168,345 |
$ |
149,786 |
||
Earnings per common share attributable to Pentair, Inc. |
||||||||||
Basic |
||||||||||
Continuing operations |
$ |
0.52 |
$ |
0.55 |
$ |
1.71 |
$ |
1.53 |
||
Discontinued operations |
— |
0.01 |
— |
0.01 |
||||||
Basic earnings per common share |
$ |
0.52 |
$ |
0.56 |
$ |
1.71 |
$ |
1.54 |
||
Diluted |
||||||||||
Continuing operations |
$ |
0.51 |
$ |
0.55 |
$ |
1.69 |
$ |
1.51 |
||
Discontinued operations |
— |
— |
— |
0.01 |
||||||
Diluted earnings per common share |
$ |
0.51 |
$ |
0.55 |
$ |
1.69 |
$ |
1.52 |
||
Weighted average common shares outstanding |
||||||||||
Basic |
98,472 |
98,298 |
98,228 |
98,105 |
||||||
Diluted |
99,802 |
99,514 |
99,759 |
99,326 |
||||||
Cash dividends declared per common share |
$ |
0.20 |
$ |
0.19 |
$ |
0.60 |
$ |
0.57 |
||
Pentair, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
October 1, |
December 31, |
October 2, |
|||||
In thousands |
2011 |
2010 |
2010 |
||||
Assets |
|||||||
Current assets |
|||||||
Cash and cash equivalents |
$ |
52,665 |
$ |
46,056 |
$ |
56,995 |
|
Accounts and notes receivable, net |
556,688 |
516,905 |
490,221 |
||||
Inventories |
459,916 |
405,356 |
410,072 |
||||
Deferred tax assets |
61,411 |
56,349 |
50,991 |
||||
Prepaid expenses and other current assets |
147,568 |
44,631 |
48,555 |
||||
Total current assets |
1,278,248 |
1,069,297 |
1,056,834 |
||||
Property, plant and equipment, net |
394,922 |
329,435 |
327,602 |
||||
Other assets |
|||||||
Goodwill |
2,516,692 |
2,066,044 |
2,070,911 |
||||
Intangibles, net |
619,262 |
453,570 |
461,378 |
||||
Other |
73,319 |
55,187 |
56,033 |
||||
Total other assets |
3,209,273 |
2,574,801 |
2,588,322 |
||||
Total assets |
$ |
4,882,443 |
$ |
3,973,533 |
$ |
3,972,758 |
|
Liabilities and Shareholders' Equity |
|||||||
Current liabilities |
|||||||
Short-term borrowings |
$ |
29,705 |
$ |
4,933 |
$ |
4,180 |
|
Current maturities of long-term debt |
1,194 |
18 |
37 |
||||
Accounts payable |
281,448 |
262,357 |
266,416 |
||||
Employee compensation and benefits |
117,538 |
107,995 |
100,626 |
||||
Current pension and post-retirement benefits |
8,733 |
8,733 |
8,948 |
||||
Accrued product claims and warranties |
43,920 |
42,295 |
40,783 |
||||
Income taxes |
26,283 |
5,964 |
22,202 |
||||
Accrued rebates and sales incentives |
45,231 |
33,559 |
39,066 |
||||
Other current liabilities |
163,550 |
80,942 |
90,286 |
||||
Total current liabilities |
717,602 |
546,796 |
572,544 |
||||
Other liabilities |
|||||||
Long-term debt |
1,317,454 |
702,521 |
673,265 |
||||
Pension and other retirement compensation |
190,221 |
209,859 |
219,463 |
||||
Post-retirement medical and other benefits |
26,933 |
30,325 |
28,506 |
||||
Long-term income taxes payable |
23,891 |
23,507 |
23,857 |
||||
Deferred tax liabilities |
228,737 |
169,198 |
147,772 |
||||
Other non-current liabilities |
79,489 |
86,295 |
93,681 |
||||
Total liabilities |
2,584,327 |
1,768,501 |
1,759,088 |
||||
Shareholders' equity |
2,298,116 |
2,205,032 |
2,213,670 |
||||
Total liabilities and shareholders' equity |
$ |
4,882,443 |
$ |
3,973,533 |
$ |
3,972,758 |
|
Days sales in accounts receivable (13 month moving average) |
61 |
60 |
59 |
||||
Days inventory on hand (13 month moving average) |
83 |
82 |
82 |
||||
Days in accounts payable (13 month moving average) |
72 |
71 |
68 |
||||
Pentair, Inc. and Subsidiaries |
||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||
Nine months ended |
||||||||
October 1, |
October 2, |
|||||||
In thousands |
2011 |
2010 |
||||||
Operating activities |
||||||||
Net income before noncontrolling interest |
$ |
172,225 |
$ |
155,036 |
||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities |
||||||||
Gain on disposal of discontinued operations |
— |
(1,666) |
||||||
Equity income of unconsolidated subsidiaries |
(1,481) |
(1,806) |
||||||
Depreciation |
49,079 |
43,141 |
||||||
Amortization |
29,807 |
19,742 |
||||||
Deferred income taxes |
4,445 |
4,866 |
||||||
Stock compensation |
14,695 |
16,598 |
||||||
Excess tax benefits from stock-based compensation |
(3,137) |
(2,193) |
||||||
Loss on sale of assets |
702 |
166 |
||||||
Changes in assets and liabilities, net of effects of business acquisitions and dispositions |
||||||||
Accounts and notes receivable |
22,657 |
(36,216) |
||||||
Inventories |
15,633 |
(49,822) |
||||||
Prepaid expenses and other current assets |
(26,380) |
(1,476) |
||||||
Accounts payable |
(45,759) |
60,162 |
||||||
Employee compensation and benefits |
(12,334) |
21,600 |
||||||
Accrued product claims and warranties |
115 |
6,556 |
||||||
Income taxes |
18,045 |
18,013 |
||||||
Other current liabilities |
46,924 |
15,493 |
||||||
Pension and post-retirement benefits |
(23,636) |
(15,197) |
||||||
Other assets and liabilities |
(21,041) |
(3,754) |
||||||
Net cash provided by (used for) operating activities |
240,559 |
249,243 |
||||||
Investing activities |
||||||||
Capital expenditures |
(53,063) |
(42,981) |
||||||
Proceeds from sale of property and equipment |
139 |
340 |
||||||
Acquisitions, net of cash acquired |
(733,105) |
— |
||||||
Other |
(441) |
(1,232) |
||||||
Net cash provided by (used for) investing activities |
(786,470) |
(43,873) |
||||||
Financing activities |
||||||||
Net short-term borrowings |
24,772 |
1,975 |
||||||
Proceeds from long-term debt |
1,370,423 |
493,821 |
||||||
Repayment of long-term debt |
(771,793) |
(624,007) |
||||||
Debt issuance costs |
(8,973) |
(50) |
||||||
Excess tax benefits from stock-based compensation |
3,137 |
2,193 |
||||||
Stock issued to employees, net of shares withheld |
11,788 |
7,861 |
||||||
Repurchases of common stock |
(12,785) |
(2,786) |
||||||
Dividends paid |
(59,669) |
(56,584) |
||||||
Net cash provided by (used for) financing activities |
556,900 |
(177,577) |
||||||
Effect of exchange rate changes on cash and cash equivalents |
(4,380) |
(4,194) |
||||||
Change in cash and cash equivalents |
6,609 |
23,599 |
||||||
Cash and cash equivalents, beginning of period |
46,056 |
33,396 |
||||||
Cash and cash equivalents, end of period |
$ |
52,665 |
$ |
56,995 |
||||
Free cash flow |
||||||||
Net cash provided by (used for) operating activities |
$ |
240,559 |
$ |
249,243 |
||||
Capital expenditures |
(53,063) |
(42,981) |
||||||
Proceeds from sale of property and equipment |
139 |
340 |
||||||
Free cash flow |
$ |
187,635 |
$ |
206,602 |
||||
Pentair, Inc. and Subsidiaries |
|||||||||
Supplemental Financial Information by Reportable Business Segment (Unaudited) |
|||||||||
First Qtr |
Second Qtr |
Third Qtr |
Nine Months |
||||||
In thousands |
2011 |
2011 |
2011 |
2011 |
|||||
Net sales to external customers |
|||||||||
Water Group |
$ |
515,368 |
$ |
631,994 |
$ |
614,557 |
$ |
1,761,919 |
|
Technical Products Group |
274,905 |
278,181 |
275,989 |
829,075 |
|||||
Consolidated |
$ |
790,273 |
$ |
910,175 |
$ |
890,546 |
$ |
2,590,994 |
|
Intersegment sales |
|||||||||
Water Group |
$ |
455 |
$ |
316 |
$ |
426 |
$ |
1,197 |
|
Technical Products Group |
999 |
1,559 |
1,755 |
4,313 |
|||||
Other |
(1,454) |
(1,875) |
(2,181) |
(5,510) |
|||||
Consolidated |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
|
Operating income (loss) |
|||||||||
Water Group |
$ |
56,528 |
$ |
84,521 |
$ |
59,608 |
$ |
200,657 |
|
Technical Products Group |
48,087 |
48,261 |
48,611 |
144,959 |
|||||
Other |
(18,438) |
(23,360) |
(15,316) |
(57,114) |
|||||
Consolidated |
$ |
86,177 |
$ |
109,422 |
$ |
92,903 |
$ |
288,502 |
|
Operating income as a percent of net sales |
|||||||||
Water Group |
11.0% |
13.4% |
9.7% |
11.4% |
|||||
Technical Products Group |
17.5% |
17.3% |
17.6% |
17.5% |
|||||
Consolidated |
10.9% |
12.0% |
10.4% |
11.1% |
|||||
First Qtr |
Second Qtr |
Third Qtr |
Nine Months |
||||||
In thousands |
2010 |
2010 |
2010 |
2010 |
|||||
Net sales to external customers |
|||||||||
Water Group |
$ |
478,038 |
$ |
549,318 |
$ |
512,587 |
$ |
1,539,943 |
|
Technical Products Group |
228,975 |
246,849 |
261,148 |
736,972 |
|||||
Consolidated |
$ |
707,013 |
$ |
796,167 |
$ |
773,735 |
$ |
2,276,915 |
|
Intersegment sales |
|||||||||
Water Group |
$ |
517 |
$ |
427 |
$ |
442 |
$ |
1,386 |
|
Technical Products Group |
703 |
1,047 |
1,154 |
2,904 |
|||||
Other |
(1,220) |
(1,474) |
(1,596) |
(4,290) |
|||||
Consolidated |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
|
Operating income (loss) |
|||||||||
Water Group |
$ |
42,138 |
$ |
75,954 |
$ |
58,457 |
$ |
176,549 |
|
Technical Products Group |
33,098 |
37,990 |
42,605 |
113,693 |
|||||
Other |
(11,635) |
(13,818) |
(10,239) |
(35,692) |
|||||
Consolidated |
$ |
63,601 |
$ |
100,126 |
$ |
90,823 |
$ |
254,550 |
|
Operating income as a percent of net sales |
|||||||||
Water Group |
8.8% |
13.8% |
11.4% |
11.5% |
|||||
Technical Products Group |
14.5% |
15.4% |
16.3% |
15.4% |
|||||
Consolidated |
9.0% |
12.6% |
11.7% |
11.2% |
|||||
Pentair, Inc. and Subsidiaries |
||||||||
Reconciliation of the GAAP "As Reported" year ending December 31, 2011 to the "Adjusted" non-GAAP |
||||||||
excluding the effect of 2011 adjustments (Unaudited) |
||||||||
Total Pentair |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year |
|||
In thousands, except per-share data |
2011 |
2011 |
2011 |
2011 |
2011 |
|||
Net sales |
$ 790,273 |
$ 910,175 |
$ 890,546 |
$880,000 - $900,000 |
approx $ 3.5B |
|||
Operating income - as reported |
86,177 |
109,422 |
92,903 |
98,000 - 102,000 |
approx 386 - 390M |
|||
% of net sales |
10.9% |
12.0% |
10.4% |
11% - 11.5% |
approx 11%+ |
|||
Adjustments: |
||||||||
CPT deal related costs |
1,709 |
6,136 |
— |
|||||
Restructuring |
— |
— |
2,079 |
|||||
Inventory step-up and customer backlog |
197 |
5,256 |
5,798 |
approx 2,000 |
approx 23M |
|||
Operating income - as adjusted |
88,083 |
120,814 |
100,780 |
100,000 - 104,000 |
approx 409 - 413M |
|||
% of net sales |
11.1% |
13.3% |
11.3% |
11% - 11.5% |
approx 12% |
|||
Net income from continuing operations attributable |
||||||||
to Pentair, Inc. - as reported |
50,541 |
66,712 |
51,092 |
56,000 - 60,000 |
approx 225 - 229M |
|||
Adjusments net of tax |
1,287 |
8,803 |
6,561 |
approx 2,000 |
approx 18M |
|||
Net income from continuing operations attributable |
||||||||
to Pentair, Inc. - as adjusted |
51,828 |
75,515 |
57,653 |
58,000 - 62,000 |
approx 243 - 247M |
|||
Continuing earnings per common share attributable to Pentair, Inc. - diluted |
||||||||
Diluted earnings per common share - as reported |
$ 0.51 |
$ 0.67 |
$ 0.51 |
$0.57 - $0.60 |
$2.26 - $2.29 |
|||
Adjustments |
0.01 |
0.08 |
0.07 |
0.02 |
0.18 |
|||
Diluted earnings per common share - as adjusted |
$ 0.52 |
$ 0.75 |
$ 0.58 |
$0.59 - $0.62 |
$2.44 - $2.47 |
|||
Pentair, Inc. and Subsidiaries |
||||||
Reconciliation of the GAAP "As Reported" year ending December 31, 2011 to the "Adjusted" non-GAAP |
||||||
excluding the effect of 2011 adjustments (Unaudited) |
||||||
Water |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year |
|
In thousands |
2011 |
2011 |
2011 |
2011 |
2011 |
|
Net sales |
$ 515,368 |
$ 631,944 |
$ 614,557 |
$620,000 - $635,000 |
approx $2.4B |
|
Operating income - as reported |
56,528 |
84,521 |
59,608 |
68,000 - 73,000 |
269 - 274M |
|
% of net sales |
11.0% |
13.4% |
9.7% |
approx 11-11.5% |
approx 11-11.5% |
|
Adjustments: |
||||||
Restructuring |
— |
— |
1,955 |
|||
Inventory step-up and customer backlog |
197 |
5,256 |
5,798 |
approx 2,000 |
approx 15M |
|
Operating income - as adjusted |
56,725 |
89,777 |
67,361 |
70,000 - 75,000 |
284 - 289M |
|
% of net sales |
11.0% |
14.2% |
11.0% |
approx 11.5% |
approx 11.5-12% |
|
SOURCE Pentair, Inc.
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