Pentair Reports Second Quarter 2021 Results
Pentair plc (NYSE: PNR) reported strong second quarter 2021 results with sales of $941 million, a 32% increase year-over-year. Core sales rose 28%, while adjusted earnings per share reached $0.84, up from $0.59 in Q2 2020. Operating income was $162 million, a 46% improvement, and return on sales increased to 17.2%. The company anticipates full-year sales growth of 21-23% and updated EPS guidance to $3.13-$3.23. Despite material shortages and inflation, Pentair's order backlog is at record levels, reflecting confidence in continued growth.
- Sales increased 32% to $941 million in Q2 2021.
- Adjusted EPS rose to $0.84, up from $0.59 in Q2 2020.
- Operating income improved by 46% to $162 million.
- Full-year EPS guidance updated to $3.13-$3.23.
- Sales guidance for 2021 projected to rise 21-23%.
- Record order backlog indicates strong future growth.
- Net cash from operating activities decreased to $380 million from $429 million in Q2 2020.
- Free cash flow fell to $369 million compared to $417 million in Q2 2020.
Pentair plc (NYSE: PNR) today announced second quarter 2021 sales of
Second quarter 2021 operating income was
Consumer Solutions sales were up 44 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 39 percent in the second quarter. Segment income of
Industrial & Flow Technologies sales were up 17 percent compared to sales for the same period last year. Excluding currency translation, core sales grew 12 percent in the second quarter. Segment income of
Net cash provided by operating activities of continuing operations was
Net cash provided by operating activities of continuing operations in the six months ended June 30, 2021 was
Pentair paid a regular cash dividend of
John L. Stauch, Pentair’s President and Chief Executive Officer commented: “We were pleased to deliver a strong second quarter with sales up over 30 percent, adjusted EPS growth greater than 40 percent, and free cash flow up over
“Our orders continued to grow and our backlog ended the quarter at record levels. We believe our order trajectory gives us increased confidence not only in our ability to keep growing in the second half, but it also gives us comfort that the top line momentum we have built the past several quarters will carry over into next year. Our Transformation work is on track and we have built a strong pipeline of initiatives across the enterprise. Regarding the current inflationary environment, we have implemented further price increases and we expect the price/cost gap to further narrow in the second half.”
“Our cash flow remained robust and our balance sheet is in a very solid position. We have a strong M&A pipeline tied to our strategic growth initiatives and we plan to remain disciplined with our capital allocation.”
Outlook
The company updates its estimated 2021 GAAP EPS from continuing operations to approximately
In addition, the company introduces third quarter 2021 GAAP EPS from continuing operations guidance of
EARNINGS CONFERENCE CALL
Pentair President and Chief Executive Officer John L. Stauch and Chief Financial Officer Robert P. Fishman will discuss the company’s second quarter 2021 results on a two-way conference call with investors at 9:00 a.m. Eastern Daylight Time today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investor Relations 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, each 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 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,” “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 impact of the COVID-19 pandemic on our business; the duration and severity of the COVID-19 pandemic, the impact of virus variants and the rate of vaccinations; actions that may be taken by us, other businesses and governments to address or otherwise mitigate the impact of the COVID-19 pandemic, including those that may impact our ability to operate our facilities, meet production demands, and deliver products to our customers; the negative impacts of the COVID-19 pandemic on the global economy, our customers and suppliers, and customer demand; overall global economic and business conditions impacting our business, including the strength of housing and related markets; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; volatility in currency exchange rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and transformation program; risks associated with operating foreign businesses; the impact of raw material costs, labor costs and other inflation; 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 U.S. tax benefits or impact trade agreements and tariffs; 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 Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our quarterly reports on Form 10-Q. All forward-looking statements, including all financial forecasts, speak only as of the date of this release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this release.
ABOUT PENTAIR PLC
Pentair makes the most of life’s essential resources. From our residential and business solutions that help people move, improve and enjoy their water, to our sustainable innovations and applications, we deliver smart, sustainable solutions for life.
Pentair had revenue in 2020 of
Pentair plc and Subsidiaries |
|||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||
|
|
|
|
|
|
||||||||
|
Three months ended |
|
Six months ended |
||||||||||
In millions, except per-share data |
June 30,
|
June 30,
|
|
June 30,
|
June 30,
|
||||||||
Net sales |
$ |
941.1 |
|
$ |
713.3 |
|
|
$ |
1,807.0 |
|
$ |
1,423.3 |
|
Cost of goods sold |
600.1 |
|
468.2 |
|
|
1,150.8 |
|
926.6 |
|
||||
Gross profit |
341.0 |
|
245.1 |
|
|
656.2 |
|
496.7 |
|
||||
% of net sales |
36.2 |
% |
34.4 |
% |
|
36.3 |
% |
34.9 |
% |
||||
Selling, general and administrative |
158.2 |
|
116.7 |
|
|
294.8 |
|
248.6 |
|
||||
% of net sales |
16.8 |
% |
16.4 |
% |
|
16.3 |
% |
17.5 |
% |
||||
Research and development |
21.0 |
|
17.3 |
|
|
42.5 |
|
36.3 |
|
||||
% of net sales |
2.2 |
% |
2.4 |
% |
|
2.4 |
% |
2.6 |
% |
||||
Operating income |
161.8 |
|
111.1 |
|
|
318.9 |
|
211.8 |
|
||||
% of net sales |
17.2 |
% |
15.6 |
% |
|
17.6 |
% |
14.9 |
% |
||||
Other expense: |
|
|
|
|
|
||||||||
Loss on sale of businesses |
— |
|
0.1 |
|
|
— |
|
0.1 |
|
||||
Other expense (income) |
0.3 |
|
(0.3 |
) |
|
0.7 |
|
0.9 |
|
||||
Net interest expense |
3.8 |
|
7.7 |
|
|
8.9 |
|
14.6 |
|
||||
% of net sales |
0.4 |
% |
1.1 |
% |
|
0.5 |
% |
1.0 |
% |
||||
Income from continuing operations before income taxes |
157.7 |
|
103.6 |
|
|
309.3 |
|
196.2 |
|
||||
Provision for income taxes |
25.1 |
|
29.8 |
|
|
45.6 |
|
49.7 |
|
||||
Effective tax rate |
15.9 |
% |
28.8 |
% |
|
14.7 |
% |
25.3 |
% |
||||
Net income from continuing operations |
132.6 |
|
73.8 |
|
|
263.7 |
|
146.5 |
|
||||
Loss from discontinued operations, net of tax |
(0.5 |
) |
(1.7 |
) |
|
(3.0 |
) |
(1.7 |
) |
||||
Net income |
$ |
132.1 |
|
$ |
72.1 |
|
|
$ |
260.7 |
|
$ |
144.8 |
|
Earnings (loss) per ordinary share |
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.80 |
|
$ |
0.44 |
|
|
$ |
1.59 |
|
$ |
0.88 |
|
Discontinued operations |
— |
|
(0.01 |
) |
|
(0.02 |
) |
(0.01 |
) |
||||
Basic earnings per ordinary share |
$ |
0.80 |
|
$ |
0.43 |
|
|
$ |
1.57 |
|
$ |
0.87 |
|
Diluted |
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.79 |
|
$ |
0.44 |
|
|
$ |
1.57 |
|
$ |
0.87 |
|
Discontinued operations |
— |
|
(0.01 |
) |
|
(0.02 |
) |
(0.01 |
) |
||||
Diluted earnings per ordinary share |
$ |
0.79 |
|
$ |
0.43 |
|
|
$ |
1.55 |
|
$ |
0.86 |
|
Weighted average ordinary shares outstanding |
|
|
|
|
|
||||||||
Basic |
166.0 |
|
165.8 |
|
|
166.1 |
|
166.8 |
|
||||
Diluted |
167.8 |
|
166.4 |
|
|
167.7 |
|
167.5 |
|
||||
Cash dividends paid per ordinary share |
$ |
0.20 |
|
$ |
0.19 |
|
|
$ |
0.40 |
|
$ |
0.38 |
|
|
|
|
|
Pentair plc and Subsidiaries |
||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||
|
|
|
||||
|
June 30,
|
December 31,
|
||||
In millions |
||||||
Assets |
||||||
Current assets |
|
|
||||
Cash and cash equivalents |
$ |
95.9 |
|
$ |
82.1 |
|
Accounts and notes receivable, net |
435.3 |
|
367.5 |
|
||
Inventories |
463.4 |
|
420.0 |
|
||
Other current assets |
112.7 |
|
105.5 |
|
||
Total current assets |
1,107.3 |
|
975.1 |
|
||
Property, plant and equipment, net |
297.1 |
|
301.2 |
|
||
Other assets |
|
|
||||
Goodwill |
2,402.1 |
|
2,392.2 |
|
||
Intangibles, net |
348.4 |
|
325.9 |
|
||
Other non-current assets |
199.8 |
|
202.8 |
|
||
Total other assets |
2,950.3 |
|
2,920.9 |
|
||
Total assets |
$ |
4,354.7 |
|
$ |
4,197.2 |
|
Liabilities and Equity |
||||||
Current liabilities |
|
|
||||
Accounts payable |
$ |
315.3 |
|
$ |
245.1 |
|
Employee compensation and benefits |
126.1 |
|
117.0 |
|
||
Other current liabilities |
489.7 |
|
410.4 |
|
||
Total current liabilities |
931.1 |
|
772.5 |
|
||
Other liabilities |
|
|
||||
Long-term debt |
716.6 |
|
839.6 |
|
||
Pension and other post-retirement compensation and benefits |
100.0 |
|
102.0 |
|
||
Deferred tax liabilities |
96.3 |
|
107.4 |
|
||
Other non-current liabilities |
239.1 |
|
269.4 |
|
||
Total liabilities |
2,083.1 |
|
2,090.9 |
|
||
Equity |
2,271.6 |
|
2,106.3 |
|
||
Total liabilities and equity |
$ |
4,354.7 |
|
$ |
4,197.2 |
|
Pentair plc and Subsidiaries |
||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||
|
||||||
|
Six months ended |
|||||
In millions |
June 30,
|
June 30,
|
||||
Operating activities |
|
|
||||
Net income |
$ |
260.7 |
|
$ |
144.8 |
|
Loss from discontinued operations, net of tax |
3.0 |
|
1.7 |
|
||
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations |
|
|
||||
Equity income of unconsolidated subsidiaries |
(0.1 |
) |
(0.3 |
) |
||
Depreciation |
25.5 |
|
22.8 |
|
||
Amortization |
13.4 |
|
14.6 |
|
||
Deferred income taxes |
(4.3 |
) |
13.4 |
|
||
Loss on sale of businesses |
— |
|
0.1 |
|
||
Share-based compensation |
16.6 |
|
10.4 |
|
||
Changes in assets and liabilities, net of effects of business acquisitions |
|
|
||||
Accounts receivable |
(49.8 |
) |
103.1 |
|
||
Inventories |
(31.9 |
) |
(17.7 |
) |
||
Other current assets |
(10.5 |
) |
(14.5 |
) |
||
Accounts payable |
51.3 |
|
(64.2 |
) |
||
Employee compensation and benefits |
9.4 |
|
7.5 |
|
||
Other current liabilities |
78.7 |
|
44.9 |
|
||
Other non-current assets and liabilities |
(1.0 |
) |
(0.1 |
) |
||
Net cash provided by operating activities of continuing operations |
361.0 |
|
266.5 |
|
||
Net cash used for operating activities of discontinued operations |
(0.2 |
) |
(0.5 |
) |
||
Net cash provided by operating activities |
360.8 |
|
266.0 |
|
||
Investing activities |
|
|
||||
Capital expenditures |
(24.3 |
) |
(30.5 |
) |
||
Proceeds from sale of property and equipment |
3.5 |
|
0.1 |
|
||
Acquisitions, net of cash acquired |
(82.8 |
) |
(28.5 |
) |
||
Other |
2.7 |
|
— |
|
||
Net cash used for investing activities |
(100.9 |
) |
(58.9 |
) |
||
Financing activities |
|
|
||||
Net borrowings of commercial paper and revolving long-term debt |
(20.0 |
) |
(17.1 |
) |
||
Repayments of long-term debt |
(103.8 |
) |
— |
|
||
Shares issued to employees, net of shares withheld |
4.0 |
|
7.3 |
|
||
Repurchases of ordinary shares |
(50.0 |
) |
(115.2 |
) |
||
Dividends paid |
(66.7 |
) |
(63.7 |
) |
||
Payments upon the maturity of cross currency swaps |
(14.7 |
) |
— |
|
||
Net cash used for financing activities |
(251.2 |
) |
(188.7 |
) |
||
Effect of exchange rate changes on cash and cash equivalents |
5.1 |
|
(10.3 |
) |
||
Change in cash and cash equivalents |
13.8 |
|
8.1 |
|
||
Cash and cash equivalents, beginning of period |
82.1 |
|
82.5 |
|
||
Cash and cash equivalents, end of period |
$ |
95.9 |
|
$ |
90.6 |
|
|
|
|
Pentair plc and Subsidiaries |
|||||||||
Reconciliation of the GAAP operating activities cash flow to the non-GAAP free cash flow (Unaudited) |
|||||||||
|
|||||||||
|
Three months
|
Three months
|
Six months
|
||||||
In millions |
March 31,
|
June 30,
|
June 30,
|
||||||
Net cash (used for) provided by operating activities of continuing operations |
$ |
(18.8 |
) |
$ |
379.8 |
|
$ |
361.0 |
|
Capital expenditures |
(13.2 |
) |
(11.1 |
) |
(24.3 |
) |
|||
Proceeds from sale of property and equipment |
3.4 |
|
0.1 |
|
3.5 |
|
|||
Free cash flow from continuing operations |
$ |
(28.6 |
) |
$ |
368.8 |
|
$ |
340.2 |
|
Net cash used for discontinued operations |
(0.2 |
) |
— |
|
(0.2 |
) |
|||
Free cash flow |
$ |
(28.8 |
) |
$ |
368.8 |
|
$ |
340.0 |
|
Pentair plc and Subsidiaries |
|||||||||
Reconciliation of the GAAP operating activities cash flow to the non-GAAP free cash flow (Unaudited) |
|||||||||
|
|
||||||||
|
Three months
|
Three months
|
Six months
|
||||||
In millions |
March 31,
|
June 30,
|
June 30,
|
||||||
Net cash (used for) provided by operating activities of continuing operations |
$ |
(162.4 |
) |
$ |
428.9 |
|
$ |
266.5 |
|
Capital expenditures |
(18.7 |
) |
$ |
(11.8 |
) |
(30.5 |
) |
||
Proceeds from sale of property and equipment |
0.1 |
|
$ |
— |
|
0.1 |
|
||
Free cash flow from continuing operations |
$ |
(181.0 |
) |
$ |
417.1 |
|
$ |
236.1 |
|
Net cash used for discontinued operations |
— |
|
(0.5 |
) |
(0.5 |
) |
|||
Free cash flow |
$ |
(181.0 |
) |
$ |
416.6 |
|
$ |
235.6 |
|
Pentair plc and Subsidiaries |
|||||||||||||||||||
Supplemental Financial Information by Reportable Segment (Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
|
2021 |
|
2020 |
||||||||||||||||
In millions |
First Quarter |
Second Quarter |
Six Months |
|
First Quarter |
Second Quarter |
Six Months |
||||||||||||
Net sales |
|
|
|
|
|
|
|
||||||||||||
Consumer Solutions |
$ |
521.4 |
|
$ |
576.9 |
|
$ |
1,098.3 |
|
|
$ |
388.8 |
|
$ |
401.2 |
|
$ |
790.0 |
|
Industrial & Flow Technologies |
344.1 |
|
363.9 |
|
708.0 |
|
|
320.9 |
|
311.8 |
|
632.7 |
|
||||||
Other |
0.4 |
|
0.3 |
|
0.7 |
|
|
0.3 |
|
0.3 |
|
0.6 |
|
||||||
Consolidated |
$ |
865.9 |
|
$ |
941.1 |
|
$ |
1,807.0 |
|
|
$ |
710.0 |
|
$ |
713.3 |
|
$ |
1,423.3 |
|
Segment income (loss) |
|
|
|
|
|
|
|
||||||||||||
Consumer Solutions |
$ |
131.0 |
|
$ |
143.4 |
|
$ |
274.4 |
|
|
$ |
84.8 |
|
$ |
96.7 |
|
$ |
181.5 |
|
Industrial & Flow Technologies |
50.0 |
|
57.1 |
|
107.1 |
|
|
44.7 |
|
44.1 |
|
88.8 |
|
||||||
Other |
(16.6 |
) |
(25.6 |
) |
(42.2 |
) |
|
(18.0 |
) |
(16.1 |
) |
(34.1 |
) |
||||||
Consolidated |
$ |
164.4 |
|
$ |
174.9 |
|
$ |
339.3 |
|
|
$ |
111.5 |
|
$ |
124.7 |
|
$ |
236.2 |
|
Return on sales |
|
|
|
|
|
|
|
||||||||||||
Consumer Solutions |
25.1 |
% |
24.9 |
% |
25.0 |
% |
|
21.8 |
% |
24.1 |
% |
23.0 |
% |
||||||
Industrial & Flow Technologies |
14.5 |
% |
15.7 |
% |
15.1 |
% |
|
13.9 |
% |
14.1 |
% |
14.0 |
% |
||||||
Consolidated |
19.0 |
% |
18.6 |
% |
18.8 |
% |
|
15.7 |
% |
17.5 |
% |
16.6 |
% |
||||||
|
|
|
|
|
|
|
|
Pentair plc and Subsidiaries |
|||||||||||||||
Reconciliation of GAAP to non-GAAP financial measures for the year ending December 31, 2021 |
|||||||||||||||
excluding the effect of adjustments (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Actual |
|
Forecast |
||||||||||||
In millions, except per-share data |
First Quarter |
Second Quarter |
|
Third Quarter |
Full Year |
||||||||||
Net sales |
$ |
865.9 |
|
$ |
941.1 |
|
|
approx |
Up |
approx |
Up |
||||
Operating income |
157.1 |
|
161.8 |
|
|
|
|
|
|
||||||
% of net sales |
18.1 |
% |
17.2 |
% |
|
|
|
|
|
||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Restructuring, transformation and other costs |
1.5 |
|
5.8 |
|
|
approx |
$ |
— |
|
approx |
$ |
7 |
|
||
Intangible amortization |
7.1 |
|
6.3 |
|
|
approx |
6 |
|
approx |
26 |
|
||||
COVID-19 related costs and expenses |
0.2 |
|
0.1 |
|
|
approx |
— |
|
approx |
— |
|
||||
Legal accrual adjustments |
(2.4 |
) |
— |
|
|
approx |
— |
|
approx |
(2 |
) |
||||
Deal-related costs and expenses |
0.7 |
|
1.0 |
|
|
approx |
— |
|
approx |
2 |
|
||||
Equity income (loss) of unconsolidated subsidiaries |
0.2 |
|
(0.1 |
) |
|
approx |
1 |
|
approx |
2 |
|
||||
Segment income |
164.4 |
|
174.9 |
|
|
approx |
Up |
approx |
Up |
||||||
Return on sales |
19.0 |
% |
18.6 |
% |
|
|
|
|
|
||||||
Net income from continuing operations—as reported |
131.1 |
|
132.6 |
|
|
approx |
|
approx |
|
||||||
Other income |
— |
|
(0.3 |
) |
|
approx |
— |
|
approx |
$ |
— |
|
|||
Adjustments to operating income |
7.1 |
|
13.2 |
|
|
approx |
6 |
|
approx |
33 |
|
||||
Income tax adjustments |
(2.4 |
) |
(4.6 |
) |
|
approx |
1 |
|
approx |
(5 |
) |
||||
Net income from continuing operations—as adjusted |
$ |
135.8 |
|
$ |
140.9 |
|
|
approx |
|
approx |
|
||||
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
|
|
||||||||
Diluted earnings per ordinary share—as reported |
$ |
0.78 |
|
$ |
0.79 |
|
|
approx |
|
approx |
|
||||
Adjustments |
0.03 |
|
0.05 |
|
|
approx |
0.04 |
|
approx |
0.17 |
|
||||
Diluted earnings per ordinary share—as adjusted |
$ |
0.81 |
|
$ |
0.84 |
|
|
approx |
|
approx |
|
||||
Pentair plc and Subsidiaries |
|||||||||||||||
Reconciliation of GAAP to non-GAAP financial measures for the year ended December 31, 2020 |
|||||||||||||||
excluding the effect of 2020 adjustments (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
||||||||||
In millions, except per-share data |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Full Year |
||||||||||
Net sales |
$ |
710.0 |
|
$ |
713.3 |
|
$ |
798.5 |
|
$ |
796.0 |
|
$ |
3,017.8 |
|
Operating income |
100.7 |
|
111.1 |
|
128.1 |
|
121.5 |
|
461.4 |
|
|||||
% of net sales |
14.2 |
% |
15.6 |
% |
16.0 |
% |
15.3 |
% |
15.3 |
% |
|||||
Adjustments: |
|
|
|
|
|
||||||||||
Restructuring and other |
2.4 |
|
1.1 |
|
2.1 |
|
9.8 |
|
15.4 |
|
|||||
Intangible amortization |
7.6 |
|
7.0 |
|
6.9 |
|
6.9 |
|
28.4 |
|
|||||
COVID-19 related costs and expenses |
0.9 |
|
4.8 |
|
2.6 |
|
2.1 |
|
10.4 |
|
|||||
Deal-related costs and expenses |
0.4 |
|
— |
|
— |
|
0.2 |
|
0.6 |
|
|||||
Equity (loss) income of unconsolidated subsidiaries |
(0.5 |
) |
0.7 |
|
0.8 |
|
0.4 |
|
1.4 |
|
|||||
Segment income |
111.5 |
|
124.7 |
|
140.5 |
|
140.9 |
|
517.6 |
|
|||||
Return on sales |
15.7 |
% |
17.5 |
% |
17.6 |
% |
17.7 |
% |
17.2 |
% |
|||||
Net income from continuing operations—as reported |
72.7 |
|
73.8 |
|
110.8 |
|
99.8 |
|
357.1 |
|
|||||
Loss on sale of businesses |
— |
|
0.1 |
|
— |
|
— |
|
0.1 |
|
|||||
Pension and other post retirement mark-to-market loss |
— |
|
— |
|
— |
|
6.7 |
|
6.7 |
|
|||||
Other income |
— |
|
— |
|
(2.2 |
) |
— |
|
(2.2 |
) |
|||||
Adjustments to operating income |
11.3 |
|
12.9 |
|
11.6 |
|
19.0 |
|
54.8 |
|
|||||
Income tax adjustments |
3.3 |
|
11.1 |
|
(3.6 |
) |
(8.1 |
) |
2.7 |
|
|||||
Net income from continuing operations—as adjusted |
$ |
87.3 |
|
$ |
97.9 |
|
$ |
116.6 |
|
$ |
117.4 |
|
$ |
419.2 |
|
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
||||||||||
Diluted earnings per ordinary share—as reported |
$ |
0.43 |
|
$ |
0.44 |
|
$ |
0.66 |
|
$ |
0.60 |
|
$ |
2.13 |
|
Adjustments |
0.09 |
|
0.15 |
|
0.04 |
|
0.10 |
|
0.37 |
|
|||||
Diluted earnings per ordinary share—as adjusted |
$ |
0.52 |
|
$ |
0.59 |
|
$ |
0.70 |
|
$ |
0.70 |
|
$ |
2.50 |
|
|
|
|
|
|
|
Pentair plc and Subsidiaries |
||||||||
Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment |
||||||||
For the Quarter Ended June 30, 2021 (Unaudited) |
||||||||
|
||||||||
|
Q2 Net Sales Growth |
|||||||
|
Core |
Currency |
Acq. / Div. |
Total |
||||
Total Pentair |
27.7 |
% |
2.5 |
% |
1.7 |
% |
31.9 |
% |
Consumer Solutions |
39.4 |
% |
1.3 |
% |
3.1 |
% |
43.8 |
% |
Industrial & Flow Technologies |
12.4 |
% |
4.3 |
% |
— |
% |
16.7 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005282/en/
FAQ
What were Pentair's Q2 2021 sales figures?
How much did Pentair's adjusted EPS grow in Q2 2021?
What is the EPS guidance for Pentair for 2021?
How did Pentair's operating income change in Q2 2021?