Pentair Reports Strong Fourth Quarter and Full Year 2025 Results
-
Fourth quarter sales of
$1 ,021 million, up 5 percent; full year 2025 sales of$4.2 billion , up 2 percent. -
Operating income in the fourth quarter increased 5 percent to $205 million reflecting ROS of 20.1 percent, flat compared to the fourth quarter of 2024; on an adjusted basis, ROS expanded 90 basis points to 24.7 percent. Full year operating income increased 7 percent to
$858 million reflecting ROS of 20.5 percent, an increase of 80 basis points from the prior year; on an adjusted basis, ROS expanded 170 basis points to 25.2 percent. -
Fourth quarter GAAP EPS of
$0.98 , down 1 percent and adjusted EPS of$1.18 , up 9 percent; full year 2025 GAAP EPS of$3.93 , up 5 percent and adjusted EPS of$4.92 , up 14 percent. -
Full year net cash provided by operating activities of continuing operations was
$815 million , an increase of$48 million compared to the prior year and free cash flow provided by continuing operations for the full year was$748 million , an increase of$55 million compared to full year 2024. -
The Company introduces 2026 GAAP EPS guidance of approximately
$4.94 to$5.09 ; and adjusted EPS guidance of approximately$5.25 to$5.40 . - 2026 will mark the 50th consecutive year of dividend increases.
Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.
Fourth quarter 2025 operating income was
“2025 was another remarkable year of performance at
Full year 2025 sales were
Full year 2025 operating income was
Flow sales were up 9 percent in the fourth quarter of 2025 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 4 percent in the fourth quarter. Reportable segment income of
Flow sales were up 3 percent for the full year of 2025 compared to sales for 2024. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in 2025. Reportable segment income of
Water Solutions sales were down 10 percent in the fourth quarter of 2025 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in the fourth quarter. Reportable segment income of
Water Solutions sales were down 6 percent for the full year of 2025 compared to sales for 2024. Excluding currency translation, acquisitions and divestitures, core sales declined 3 percent in 2025. Reportable segment income of
Pool sales were up 11 percent in the fourth quarter of 2025 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 9 percent in the fourth quarter. Reportable segment income of
Pool sales were up 9 percent for the full year of 2025 compared to sales for 2024. Excluding currency translation, acquisitions and divestitures, core sales grew 7 percent in 2025. Reportable segment income of
Full year net cash provided by operating activities of continuing operations was
During the fourth quarter, the company repurchased 0.5 million shares for
OUTLOOK
The Company is introducing 2026 GAAP EPS guidance of approximately
In addition, the Company introduces first quarter 2026 GAAP EPS of approximately
EARNINGS CONFERENCE CALL
Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentations, each of which can be found on Pentair’s website. The webcast and presentations will be archived at the Company’s website following the conclusion of the event.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This 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,” “could,” “positioned,” “strategy,” or “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 overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to international hostilities; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program; the impact of raw material, logistics and labor costs and other inflation; volatility in currency exchange rates and interest rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; risks associated with operating foreign businesses; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit
ABOUT
At
|
|
|||||||||||||
|
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
||||||||
|
Three months ended |
Twelve months ended |
||||||||||||
|
In millions, except per-share data |
|
|
|
|
|||||||||
|
Net sales |
$ |
1,020.5 |
|
$ |
972.9 |
|
|
$ |
4,176.0 |
|
$ |
4,082.8 |
|
|
Cost of goods sold |
|
608.7 |
|
|
595.3 |
|
|
|
2,485.7 |
|
|
2,484.0 |
|
|
Gross profit |
|
411.8 |
|
|
377.6 |
|
|
|
1,690.3 |
|
|
1,598.8 |
|
|
% of net sales |
|
40.4 |
% |
|
38.8 |
% |
|
|
40.5 |
% |
|
39.2 |
% |
|
Selling, general and administrative |
|
184.3 |
|
|
160.7 |
|
|
|
736.9 |
|
|
701.4 |
|
|
% of net sales |
|
18.1 |
% |
|
16.5 |
% |
|
|
17.6 |
% |
|
17.2 |
% |
|
Research and development |
|
22.5 |
|
|
21.8 |
|
|
|
95.9 |
|
|
93.6 |
|
|
% of net sales |
|
2.2 |
% |
|
2.2 |
% |
|
|
2.3 |
% |
|
2.3 |
% |
|
Operating income |
|
205.0 |
|
|
195.1 |
|
|
|
857.5 |
|
|
803.8 |
|
|
% of net sales |
|
20.1 |
% |
|
20.1 |
% |
|
|
20.5 |
% |
|
19.7 |
% |
|
Other expense (income) |
|
|
|
|
|
||||||||
|
Loss on sale of business |
|
— |
|
|
— |
|
|
|
26.3 |
|
|
— |
|
|
Other expense (income) |
|
3.2 |
|
|
(4.5 |
) |
|
|
5.3 |
|
|
(3.7 |
) |
|
Net interest expense |
|
17.4 |
|
|
15.2 |
|
|
|
69.4 |
|
|
88.6 |
|
|
% of net sales |
|
1.7 |
% |
|
1.6 |
% |
|
|
1.7 |
% |
|
2.2 |
% |
|
Income from continuing operations before income taxes |
|
184.4 |
|
|
184.4 |
|
|
|
756.5 |
|
|
718.9 |
|
|
Provision for income taxes |
|
22.6 |
|
|
18.0 |
|
|
|
107.0 |
|
|
93.3 |
|
|
Effective tax rate |
|
12.3 |
% |
|
9.8 |
% |
|
|
14.1 |
% |
|
13.0 |
% |
|
Net income from continuing operations |
|
161.8 |
|
|
166.4 |
|
|
|
649.5 |
|
|
625.6 |
|
|
Income (loss) from discontinued operations, net of tax |
|
4.3 |
|
|
— |
|
|
|
4.3 |
|
|
(0.2 |
) |
|
Net income |
$ |
166.1 |
|
$ |
166.4 |
|
|
$ |
653.8 |
|
$ |
625.4 |
|
|
Earnings per ordinary share |
|
|
|
|
|
||||||||
|
Basic |
|
|
|
|
|
||||||||
|
Continuing operations |
$ |
0.99 |
|
$ |
1.01 |
|
|
$ |
3.96 |
|
$ |
3.78 |
|
|
Discontinued operations |
|
0.03 |
|
|
— |
|
|
|
0.03 |
|
|
— |
|
|
Basic earnings per ordinary share |
$ |
1.02 |
|
$ |
1.01 |
|
|
$ |
3.99 |
|
$ |
3.78 |
|
|
Diluted |
|
|
|
|
|
||||||||
|
Continuing operations |
$ |
0.98 |
|
$ |
0.99 |
|
|
$ |
3.93 |
|
$ |
3.74 |
|
|
Discontinued operations |
|
0.03 |
|
|
— |
|
|
|
0.03 |
|
|
— |
|
|
Diluted earnings per ordinary share |
$ |
1.01 |
|
$ |
0.99 |
|
|
$ |
3.96 |
|
$ |
3.74 |
|
|
Weighted average ordinary shares outstanding |
|
|
|
|
|
||||||||
|
Basic |
|
163.4 |
|
|
165.2 |
|
|
|
164.1 |
|
|
165.6 |
|
|
Diluted |
|
164.7 |
|
|
166.8 |
|
|
|
165.5 |
|
|
167.1 |
|
|
Cash dividends paid per ordinary share |
$ |
0.25 |
|
$ |
0.23 |
|
|
$ |
1.00 |
|
$ |
0.92 |
|
|
|
||||
|
Condensed Consolidated Balance Sheets (Unaudited) |
||||
|
|
|
|
||
|
|
|
|
||
|
In millions |
||||
|
Assets |
||||
|
Current assets |
|
|
||
|
Cash and cash equivalents |
$ |
101.6 |
$ |
118.7 |
|
Accounts receivable, net |
|
673.2 |
|
565.2 |
|
Inventories |
|
632.6 |
|
610.9 |
|
Other current assets |
|
134.4 |
|
141.3 |
|
Total current assets |
|
1,541.8 |
|
1,436.1 |
|
Property, plant and equipment, net |
|
376.8 |
|
358.8 |
|
Other assets |
|
|
||
|
|
|
3,538.1 |
|
3,286.6 |
|
Intangibles, net |
|
1,073.3 |
|
1,033.8 |
|
Other non-current assets |
|
338.8 |
|
331.2 |
|
Total other assets |
|
4,950.2 |
|
4,651.6 |
|
Total assets |
$ |
6,868.8 |
$ |
6,446.5 |
|
Liabilities and Equity |
||||
|
Current liabilities |
|
|
||
|
Current maturities of short-term borrowings |
$ |
— |
$ |
9.3 |
|
Accounts payable |
|
301.5 |
|
272.8 |
|
Employee compensation and benefits |
|
120.1 |
|
116.2 |
|
Other current liabilities |
|
537.7 |
|
496.8 |
|
Total current liabilities |
|
959.3 |
|
895.1 |
|
Other liabilities |
|
|
||
|
Long-term debt |
|
1,638.6 |
|
1,638.7 |
|
Pension and other post-retirement compensation and benefits |
|
58.8 |
|
61.6 |
|
Deferred tax liabilities |
|
47.5 |
|
44.4 |
|
Other non-current liabilities |
|
295.4 |
|
243.8 |
|
Total liabilities |
|
2,999.6 |
|
2,883.6 |
|
Equity |
|
3,869.2 |
|
3,562.9 |
|
Total liabilities and equity |
$ |
6,868.8 |
$ |
6,446.5 |
|
|
||||||
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||
|
|
||||||
|
|
Years ended |
|||||
|
In millions |
|
2025 |
|
|
2024 |
|
|
Operating activities |
|
|
||||
|
Net income |
$ |
653.8 |
|
$ |
625.4 |
|
|
(Income) loss from discontinued operations, net of tax |
|
(4.3 |
) |
|
0.2 |
|
|
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities of continuing operations |
|
|
||||
|
Equity income of unconsolidated subsidiaries |
|
(1.0 |
) |
|
(1.9 |
) |
|
Depreciation |
|
59.6 |
|
|
60.3 |
|
|
Amortization |
|
58.1 |
|
|
54.3 |
|
|
Deferred income taxes |
|
(4.3 |
) |
|
(11.4 |
) |
|
Loss on sale of business |
|
26.3 |
|
|
— |
|
|
Share-based compensation |
|
37.0 |
|
|
39.7 |
|
|
Asset impairment and write-offs |
|
49.1 |
|
|
17.6 |
|
|
Pension and other post-retirement expense |
|
6.9 |
|
|
0.1 |
|
|
Pension and other post-retirement contributions |
|
(10.6 |
) |
|
(12.0 |
) |
|
Changes in assets and liabilities, net of effects of business acquisitions |
|
|
||||
|
Accounts receivable |
|
(93.1 |
) |
|
(11.2 |
) |
|
Inventories |
|
(36.9 |
) |
|
53.6 |
|
|
Other current assets |
|
(0.7 |
) |
|
14.1 |
|
|
Accounts payable |
|
20.5 |
|
|
(3.7 |
) |
|
Employee compensation and benefits |
|
(3.7 |
) |
|
(5.0 |
) |
|
Other current liabilities |
|
26.1 |
|
|
(48.7 |
) |
|
Other non-current assets and liabilities |
|
32.0 |
|
|
(4.5 |
) |
|
Net cash provided by operating activities of continuing operations |
|
814.8 |
|
|
766.9 |
|
|
Net cash used for operating activities of discontinued operations |
|
— |
|
|
(0.2 |
) |
|
Net cash provided by operating activities |
|
814.8 |
|
|
766.7 |
|
|
Investing activities |
|
|
||||
|
Capital expenditures |
|
(68.8 |
) |
|
(74.4 |
) |
|
Purchase of investments |
|
(18.0 |
) |
|
— |
|
|
Proceeds from sale of property and equipment |
|
2.4 |
|
|
0.6 |
|
|
Payments upon the settlement of net investment hedges |
|
(28.9 |
) |
|
(5.8 |
) |
|
Acquisitions, net of cash acquired |
|
(292.1 |
) |
|
(108.0 |
) |
|
Other |
|
0.9 |
|
|
— |
|
|
Net cash used for investing activities |
|
(404.5 |
) |
|
(187.6 |
) |
|
Financing activities |
|
|
||||
|
Net (repayments) receipts of short-term borrowings |
|
(9.3 |
) |
|
9.3 |
|
|
Net borrowings of revolving long-term debt |
|
268.2 |
|
|
9.5 |
|
|
Repayments of long-term debt |
|
(269.3 |
) |
|
(362.5 |
) |
|
Debt issuance costs |
|
(2.2 |
) |
|
— |
|
|
Shares issued to employees, net of shares withheld |
|
(0.6 |
) |
|
18.4 |
|
|
Repurchases of ordinary shares |
|
(225.0 |
) |
|
(150.0 |
) |
|
Dividends paid |
|
(164.3 |
) |
|
(152.3 |
) |
|
Payments upon the settlement of cross currency swaps |
|
— |
|
|
(9.1 |
) |
|
Net cash used for financing activities |
|
(402.5 |
) |
|
(636.7 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(24.9 |
) |
|
6.0 |
|
|
Change in cash and cash equivalents |
|
(17.1 |
) |
|
(51.6 |
) |
|
Cash and cash equivalents, beginning of year |
|
118.7 |
|
|
170.3 |
|
|
Cash and cash equivalents, end of year |
$ |
101.6 |
|
$ |
118.7 |
|
|
|
||||||
|
Reconciliation of the GAAP Operating Activities Cash Flow to the Non-GAAP Free Cash Flow (Unaudited) |
||||||
|
|
|
|||||
|
|
Years ended |
|||||
|
In millions |
|
2025 |
|
|
2024 |
|
|
Net cash provided by operating activities of continuing operations |
$ |
814.8 |
|
$ |
766.9 |
|
|
Capital expenditures |
|
(68.8 |
) |
|
(74.4 |
) |
|
Proceeds from sale of property and equipment |
|
2.4 |
|
|
0.6 |
|
|
Free cash flow from continuing operations |
$ |
748.4 |
|
$ |
693.1 |
|
|
Net cash used for operating activities of discontinued operations |
|
— |
|
|
(0.2 |
) |
|
Free cash flow |
$ |
748.4 |
|
$ |
692.9 |
|
|
|
|||||||||||||||
|
Supplemental Financial Information by Reportable Segment (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
2025 |
|
|||||||||||||
|
In millions |
First
|
Second
|
Third
|
Fourth
|
Full
|
||||||||||
|
Net sales |
|
|
|
|
|
||||||||||
|
Flow |
$ |
367.9 |
|
$ |
397.3 |
|
$ |
394.0 |
|
$ |
394.4 |
|
$ |
1,553.6 |
|
|
Water Solutions |
|
258.2 |
|
|
298.3 |
|
|
273.3 |
|
|
232.3 |
|
|
1,062.1 |
|
|
Pool |
|
383.9 |
|
|
427.2 |
|
|
354.3 |
|
|
393.4 |
|
|
1,558.8 |
|
|
Reportable segment net sales |
|
1,010.0 |
|
|
1,122.8 |
|
|
1,021.6 |
|
|
1,020.1 |
|
|
4,174.5 |
|
|
Corporate and other |
|
0.4 |
|
|
0.3 |
|
|
0.4 |
|
|
0.4 |
|
|
1.5 |
|
|
|
$ |
1,010.4 |
|
$ |
1,123.1 |
|
$ |
1,022.0 |
|
$ |
1,020.5 |
|
$ |
4,176.0 |
|
|
Reportable segment income (loss) |
|
|
|
|
|
||||||||||
|
Flow |
$ |
83.6 |
|
$ |
93.1 |
|
$ |
95.3 |
|
$ |
90.1 |
|
$ |
362.1 |
|
|
Water Solutions |
|
60.7 |
|
|
70.2 |
|
|
68.4 |
|
|
54.6 |
|
|
253.9 |
|
|
Pool |
|
126.0 |
|
|
152.7 |
|
|
116.2 |
|
|
132.2 |
|
|
527.1 |
|
|
Reportable segment income |
|
270.3 |
|
|
316.0 |
|
|
279.9 |
|
|
276.9 |
|
|
1,143.1 |
|
|
Corporate and other |
|
(27.8 |
) |
|
(19.3 |
) |
|
(17.3 |
) |
|
(25.2 |
) |
|
(89.6 |
) |
|
Adjusted operating income |
$ |
242.5 |
|
$ |
296.7 |
|
$ |
262.6 |
|
$ |
251.7 |
|
$ |
1,053.5 |
|
|
Return on sales |
|
|
|
|
|
||||||||||
|
Flow |
|
22.7 |
% |
|
23.4 |
% |
|
24.2 |
% |
|
22.8 |
% |
|
23.3 |
% |
|
Water Solutions |
|
23.5 |
% |
|
23.5 |
% |
|
25.0 |
% |
|
23.5 |
% |
|
23.9 |
% |
|
Pool |
|
32.8 |
% |
|
35.7 |
% |
|
32.8 |
% |
|
33.6 |
% |
|
33.8 |
% |
|
Adjusted return on sales |
|
24.0 |
% |
|
26.4 |
% |
|
25.7 |
% |
|
24.7 |
% |
|
25.2 |
% |
|
|
|
|
|
|
|
||||||||||
|
|
2024 |
|
|||||||||||||
|
In millions |
First
|
Second
|
Third
|
Fourth
|
Full
|
||||||||||
|
Net sales |
|
|
|
|
|
||||||||||
|
Flow |
$ |
384.3 |
|
$ |
396.8 |
|
$ |
372.2 |
|
$ |
360.7 |
|
$ |
1,514.0 |
|
|
Water Solutions |
|
273.1 |
|
|
310.5 |
|
|
289.5 |
|
|
257.9 |
|
|
1,131.0 |
|
|
Pool |
|
359.5 |
|
|
391.5 |
|
|
331.4 |
|
|
353.7 |
|
|
1,436.1 |
|
|
Reportable segment net sales |
|
1,016.9 |
|
|
1,098.8 |
|
|
993.1 |
|
|
972.3 |
|
|
4,081.1 |
|
|
Corporate and other |
|
0.3 |
|
|
0.5 |
|
|
0.3 |
|
|
0.6 |
|
|
1.7 |
|
|
|
$ |
1,017.2 |
|
$ |
1,099.3 |
|
$ |
993.4 |
|
$ |
972.9 |
|
$ |
4,082.8 |
|
|
Reportable segment income (loss) |
|
|
|
|
|
||||||||||
|
Flow |
$ |
77.3 |
|
$ |
84.4 |
|
$ |
82.8 |
|
$ |
73.6 |
|
$ |
318.1 |
|
|
Water Solutions |
|
55.6 |
|
|
72.9 |
|
|
64.4 |
|
|
62.2 |
|
|
255.1 |
|
|
Pool |
|
110.8 |
|
|
133.6 |
|
|
112.7 |
|
|
119.4 |
|
|
476.5 |
|
|
Reportable segment income |
|
243.7 |
|
|
290.9 |
|
|
259.9 |
|
|
255.2 |
|
|
1,049.7 |
|
|
Corporate and other |
|
(26.4 |
) |
|
(19.5 |
) |
|
(20.7 |
) |
|
(23.9 |
) |
|
(90.5 |
) |
|
Adjusted operating income |
$ |
217.3 |
|
$ |
271.4 |
|
$ |
239.2 |
|
$ |
231.3 |
|
$ |
959.2 |
|
|
Return on sales |
|
|
|
|
|
||||||||||
|
Flow |
|
20.1 |
% |
|
21.3 |
% |
|
22.2 |
% |
|
20.4 |
% |
|
21.0 |
% |
|
Water Solutions |
|
20.4 |
% |
|
23.5 |
% |
|
22.2 |
% |
|
24.1 |
% |
|
22.6 |
% |
|
Pool |
|
30.8 |
% |
|
34.1 |
% |
|
34.0 |
% |
|
33.8 |
% |
|
33.2 |
% |
|
Adjusted return on sales |
|
21.4 |
% |
|
24.7 |
% |
|
24.1 |
% |
|
23.8 |
% |
|
23.5 |
% |
|
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ended |
|||||||||||||||
|
Excluding the Effect of Adjustments (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
In millions, except per-share data |
First
|
Second
|
Third
|
Fourth
|
Full
|
||||||||||
|
Net sales |
$ |
1,010.4 |
|
$ |
1,123.1 |
|
$ |
1,022.0 |
|
$ |
1,020.5 |
|
$ |
4,176.0 |
|
|
Operating income |
|
203.1 |
|
|
217.7 |
|
|
231.7 |
|
|
205.0 |
|
|
857.5 |
|
|
Return on sales |
|
20.1 |
% |
|
19.4 |
% |
|
22.7 |
% |
|
20.1 |
% |
|
20.5 |
% |
|
Adjustments: |
|
|
|
|
|||||||||||
|
Restructuring and other |
|
10.5 |
|
|
10.4 |
|
|
0.2 |
|
|
10.2 |
|
|
31.3 |
|
|
Transformation costs |
|
9.1 |
|
|
12.5 |
|
|
10.8 |
|
|
8.4 |
|
|
40.8 |
|
|
Intangible amortization |
|
14.2 |
|
|
14.3 |
|
|
13.9 |
|
|
15.7 |
|
|
58.1 |
|
|
Legal accrual adjustments and settlements |
|
— |
|
|
— |
|
|
— |
|
|
11.6 |
|
|
11.6 |
|
|
Asset impairment and write-offs |
|
5.2 |
|
|
41.8 |
|
|
1.5 |
|
|
0.6 |
|
|
49.1 |
|
|
Deal-related costs and expenses |
|
— |
|
|
— |
|
|
4.1 |
|
|
— |
|
|
4.1 |
|
|
Equity income of unconsolidated subsidiaries |
|
0.4 |
|
|
— |
|
|
0.4 |
|
|
0.2 |
|
|
1.0 |
|
|
Adjusted operating income |
|
242.5 |
|
|
296.7 |
|
|
262.6 |
|
|
251.7 |
|
|
1,053.5 |
|
|
Adjusted return on sales |
|
24.0 |
% |
|
26.4 |
% |
|
25.7 |
% |
|
24.7 |
% |
|
25.2 |
% |
|
Net income from continuing operations—as reported |
|
154.9 |
|
|
148.5 |
|
|
184.3 |
|
|
161.8 |
|
|
649.5 |
|
|
Loss on sale of business |
|
— |
|
|
26.3 |
|
|
— |
|
|
— |
|
|
26.3 |
|
|
Pension and other post-retirement mark-to-market loss |
|
— |
|
|
— |
|
|
— |
|
|
2.4 |
|
|
2.4 |
|
|
Adjustments to operating income |
|
39.0 |
|
|
79.0 |
|
|
30.5 |
|
|
46.5 |
|
|
195.0 |
|
|
Income tax adjustments |
|
(9.7 |
) |
|
(23.3 |
) |
|
(9.5 |
) |
|
(16.0 |
) |
|
(58.5 |
) |
|
Net income from continuing operations—as adjusted |
$ |
184.2 |
|
$ |
230.5 |
|
$ |
205.3 |
|
$ |
194.7 |
|
$ |
814.7 |
|
|
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
||||||||||
|
Diluted earnings per ordinary share—as reported |
$ |
0.93 |
|
$ |
0.90 |
|
$ |
1.12 |
|
$ |
0.98 |
|
$ |
3.93 |
|
|
Adjustments |
|
0.18 |
|
|
0.49 |
|
|
0.12 |
|
|
0.20 |
|
|
0.99 |
|
|
Diluted earnings per ordinary share—as adjusted |
$ |
1.11 |
|
$ |
1.39 |
|
$ |
1.24 |
|
$ |
1.18 |
|
$ |
4.92 |
|
|
|
|||||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending |
|||||||
|
Excluding the Effect of Adjustments (Unaudited) |
|||||||
|
|
|
|
|
|
|
||
|
|
Forecast |
||||||
|
In millions, except per-share data |
|
First
|
Full
|
||||
|
Net sales |
|
approx |
Up 1% - 2% |
approx |
Up 3% - 4% |
||
|
Operating income |
|
approx |
Up 13% - 17% |
approx |
Up 21% - 25% |
||
|
Adjustments: |
|
|
|
|
|||
|
Intangible amortization |
|
approx |
|
approx |
|
||
|
Equity income of unconsolidated subsidiaries |
|
approx |
1 |
approx |
4 |
||
|
Adjusted operating income |
|
approx |
Up 2% - 5% |
approx |
Up 5% - 8% |
||
|
|
|
|
|
|
|
||
|
Net income from continuing operations—as reported |
|
approx |
|
approx |
|
||
|
Adjustments to operating income |
|
approx |
16 |
|
approx |
62 |
|
|
Income tax adjustments |
|
approx |
(3 |
) |
approx |
(11 |
) |
|
Net income from continuing operations—as adjusted |
|
approx |
|
approx |
|
||
|
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
||
|
Diluted earnings per ordinary share—as reported |
|
approx |
|
approx |
|
||
|
Adjustments |
|
approx |
0.08 |
|
approx |
0.31 |
|
|
Diluted earnings per ordinary share—as adjusted |
|
approx |
|
approx |
|
||
|
|
|||||||||||||||||
|
Reconciliation of Net Sales Growth to Core Net Sales Growth by Reportable Segment |
|||||||||||||||||
|
For the Quarter and Year Ended |
|||||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
Q4 Net Sales Growth |
|
Full Year Net Sales Growth |
||||||||||||||
|
|
Core |
Currency |
Acq. / Div. |
Total |
|
Core |
Currency |
Acq. / Div. |
Total |
||||||||
|
Total |
3.7 |
% |
1.4 |
% |
(0.2 |
)% |
4.9 |
% |
|
1.9 |
% |
0.5 |
% |
(0.1 |
)% |
2.3 |
% |
|
Flow |
4.0 |
% |
2.9 |
% |
2.4 |
% |
9.3 |
% |
|
0.8 |
% |
1.1 |
% |
0.7 |
% |
2.6 |
% |
|
Water Solutions |
(3.7 |
)% |
1.1 |
% |
(7.3 |
)% |
(9.9 |
)% |
|
(2.6 |
)% |
0.5 |
% |
(4.0 |
)% |
(6.1 |
)% |
|
Pool |
8.9 |
% |
0.1 |
% |
2.2 |
% |
11.2 |
% |
|
6.5 |
% |
— |
% |
2.0 |
% |
8.5 |
% |
|
|
|||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ended |
|||||||||||||||
|
Excluding the Effect of Adjustments (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
In millions, except per-share data |
First
|
Second
|
Third
|
Fourth
|
Full
|
||||||||||
|
Net sales |
$ |
1,017.2 |
|
$ |
1,099.3 |
|
$ |
993.4 |
|
$ |
972.9 |
|
$ |
4,082.8 |
|
|
Operating income |
|
180.8 |
|
|
248.0 |
|
|
179.9 |
|
|
195.1 |
|
|
803.8 |
|
|
Return on sales |
|
17.8 |
% |
|
22.6 |
% |
|
18.1 |
% |
|
20.1 |
% |
|
19.7 |
% |
|
Adjustments: |
|
|
|
|
|
||||||||||
|
Restructuring and other |
|
4.6 |
|
|
5.9 |
|
|
23.4 |
|
|
3.1 |
|
|
37.0 |
|
|
Transformation costs |
|
17.0 |
|
|
11.8 |
|
|
12.6 |
|
|
10.7 |
|
|
52.1 |
|
|
Intangible amortization |
|
13.5 |
|
|
13.4 |
|
|
13.5 |
|
|
13.9 |
|
|
54.3 |
|
|
Legal accrual adjustments and settlements |
|
(0.3 |
) |
|
(7.9 |
) |
|
0.7 |
|
|
— |
|
|
(7.5 |
) |
|
Asset impairment and write-offs |
|
0.8 |
|
|
— |
|
|
8.5 |
|
|
8.3 |
|
|
17.6 |
|
|
Equity income of unconsolidated subsidiaries |
|
0.9 |
|
|
0.2 |
|
|
0.6 |
|
|
0.2 |
|
|
1.9 |
|
|
Adjusted operating income |
|
217.3 |
|
|
271.4 |
|
|
239.2 |
|
|
231.3 |
|
|
959.2 |
|
|
Adjusted return on sales |
|
21.4 |
% |
|
24.7 |
% |
|
24.1 |
% |
|
23.8 |
% |
|
23.5 |
% |
|
Net income from continuing operations—as reported |
|
133.5 |
|
|
186.1 |
|
|
139.6 |
|
|
166.4 |
|
|
625.6 |
|
|
Pension and other post-retirement mark-to-market gain |
|
— |
|
|
— |
|
|
— |
|
|
(5.3 |
) |
|
(5.3 |
) |
|
Other (income) expense |
|
— |
|
|
— |
|
|
(0.5 |
) |
|
0.1 |
|
|
(0.4 |
) |
|
Adjustments to operating income |
|
35.6 |
|
|
23.2 |
|
|
58.7 |
|
|
36.0 |
|
|
153.5 |
|
|
Income tax adjustments |
|
(11.3 |
) |
|
(5.4 |
) |
|
(15.4 |
) |
|
(17.6 |
) |
|
(49.7 |
) |
|
Net income from continuing operations—as adjusted |
$ |
157.8 |
|
$ |
203.9 |
|
$ |
182.4 |
|
$ |
179.6 |
|
$ |
723.7 |
|
|
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
||||||||||
|
Diluted earnings per ordinary share—as reported |
$ |
0.80 |
|
$ |
1.11 |
|
$ |
0.84 |
|
$ |
0.99 |
|
$ |
3.74 |
|
|
Adjustments |
|
0.14 |
|
|
0.11 |
|
|
0.25 |
|
|
0.09 |
|
|
0.59 |
|
|
Diluted earnings per ordinary share—as adjusted |
$ |
0.94 |
|
$ |
1.22 |
|
$ |
1.09 |
|
$ |
1.08 |
|
$ |
4.33 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203960993/en/
PENTAIR CONTACTS:
Vice President, Investor Relations
Direct: 763-656-5575
Email: shelly.hubbard@pentair.com
Vice President, Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com
Source:
