Pentair Reports Strong Fourth Quarter and Full Year 2024 Results
Pentair (NYSE: PNR) reported fourth quarter 2024 sales of $973 million, down 1% year-over-year, with core sales declining 1%. The company achieved Q4 operating income of $195 million, up 17%, with return on sales (ROS) of 20.1%. Full year 2024 performance included:
- Sales of $4.1 billion (down 1% YoY)
- Operating income of $804 million (up 9%)
- GAAP EPS of $3.74
- Adjusted EPS of $4.33
- Free cash flow of $693 million (up $143 million)
The company's Pool segment showed growth with sales up 7% for the full year, while Flow and Water Solutions segments experienced declines. Pentair increased its dividend by 9% for 2025, marking its 49th consecutive year of dividend increases. For 2025, the company projects GAAP EPS of $4.37-$4.52 and adjusted EPS of $4.65-$4.80, with sales expected to be flat to up 2%.
Pentair (NYSE: PNR) ha riportato per il quarto trimestre 2024 vendite per 973 milioni di dollari, in calo dell'1% rispetto all'anno precedente, con vendite core anch'esse in diminuzione dell'1%. L'azienda ha registrato un reddito operativo nel Q4 di 195 milioni di dollari, in aumento del 17%, con un ritorno sulle vendite (ROS) del 20,1%. Le prestazioni per l'anno intero 2024 includono:
- Vendite di 4,1 miliardi di dollari (in calo dell'1% rispetto all'anno precedente)
- Reddito operativo di 804 milioni di dollari (in aumento del 9%)
- GAAP EPS di 3,74 dollari
- EPS rettificato di 4,33 dollari
- Flusso di cassa libero di 693 milioni di dollari (in aumento di 143 milioni di dollari)
Il segmento piscine dell'azienda ha mostrato una crescita con vendite in aumento del 7% per l'intero anno, mentre i segmenti Flow e Water Solutions hanno registrato cali. Pentair ha aumentato il suo dividendo del 9% per il 2025, segnando il 49° anno consecutivo di aumenti dei dividendi. Per il 2025, l'azienda prevede GAAP EPS di 4,37-4,52 dollari e EPS rettificato di 4,65-4,80 dollari, con vendite attese invariate o in aumento del 2%.
Pentair (NYSE: PNR) reportó ventas de 973 millones de dólares en el cuarto trimestre de 2024, una disminución del 1% en comparación con el año anterior, con ventas núcleo también cayendo un 1%. La compañía logró un ingreso operativo de 195 millones de dólares en Q4, un aumento del 17%, con un retorno sobre ventas (ROS) del 20,1%. El desempeño para el año completo 2024 incluyó:
- Ventas de 4,1 mil millones de dólares (una disminución del 1% en comparación con el año anterior)
- Ingreso operativo de 804 millones de dólares (un incremento del 9%)
- GAAP EPS de 3,74 dólares
- EPS ajustado de 4,33 dólares
- Flujo de caja libre de 693 millones de dólares (un aumento de 143 millones de dólares)
El segmento de piscinas de la compañía mostró crecimiento, con ventas aumentando un 7% durante todo el año, mientras que los segmentos de Flow y Water Solutions experimentaron caídas. Pentair aumentó su dividendo en un 9% para 2025, marcando su 49° año consecutivo de aumentos de dividendos. Para 2025, la compañía proyecta GAAP EPS de 4,37-4,52 dólares y EPS ajustado de 4,65-4,80 dólares, con ventas que se espera sean planas o con un incremento del 2%.
펜타이어(Pentair) (NYSE: PNR)는 2024년 4분기 매출이 9억 7천 3백만 달러로, 전년 대비 1% 감소했다고 보고했습니다. 핵심 판매도 전년 대비 1% 감소했습니다. 이 회사는 4분기 운영 수익을 1억 9천 5백만 달러로 보고했으며, 이는 17% 증가한 수치로, 매출 수익률(ROS)은 20.1%에 달했습니다. 2024년 전체 실적은 다음과 같습니다:
- 41억 달러의 매출 (전년 대비 1% 감소)
- 8억 4백만 달러의 운영 수익 (전년 대비 9% 증가)
- GAAP EPS는 3.74 달러
- 조정 EPS는 4.33 달러
- 자유 현금 흐름은 6억 9천 3백만 달러로 (전년 대비 1억 4천 3백만 달러 증가)
회사의 수영장 부문은 연간 매출이 7% 증가하며 성장세를 보였으나, 유량과 수도 솔루션 부문은 감소했습니다. 펜타이어는 2025년 배당금을 9% 인상하였으며, 이는 49년 연속 배당금 인상 기록입니다. 2025년에는 GAAP EPS가 4.37-4.52 달러, 조정 EPS는 4.65-4.80 달러로 예상되며, 매출은 변동이 없거나 2% 증가할 것으로 예상됩니다.
Pentair (NYSE: PNR) a rapporté des ventes de 973 millions de dollars pour le quatrième trimestre 2024, en baisse de 1% par rapport à l'année précédente, avec des ventes principales également en baisse de 1%. L'entreprise a réalisé un bénéfice opérationnel au T4 de 195 millions de dollars, en hausse de 17%, avec un retour sur ventes (ROS) de 20,1%. Les performances pour l'année complète 2024 comprenaient :
- Ventes de 4,1 milliards de dollars (en baisse de 1% par rapport à l'année précédente)
- Bénéfice opérationnel de 804 millions de dollars (en hausse de 9%)
- GAAP EPS de 3,74 dollars
- EPS ajusté de 4,33 dollars
- Flux de trésorerie libre de 693 millions de dollars (en hausse de 143 millions de dollars)
Le segment Piscine de l'entreprise a montré une croissance avec des ventes en hausse de 7% sur l'année, tandis que les segments Flow et Water Solutions ont connu des baisses. Pentair a augmenté son dividende de 9% pour 2025, marquant son 49ème année consécutive d'augmentation de dividende. Pour 2025, l'entreprise prévoit un GAAP EPS de 4,37-4,52 dollars et un EPS ajusté de 4,65-4,80 dollars, avec des ventes attendues stables ou en hausse de 2%.
Pentair (NYSE: PNR) berichtete im vierten Quartal 2024 von Verkäufen in Höhe von 973 Millionen Dollar, was einem Rückgang von 1% im Vergleich zum Vorjahr entspricht, wobei auch die Kernverkäufe um 1% zurückgingen. Das Unternehmen erzielte im Q4 einen operativen Gewinn von 195 Millionen Dollar, was einem Anstieg von 17% entspricht, mit einer Umsatzrendite (ROS) von 20,1%. Die Gesamtjahreszahlen für 2024 umfassten:
- Verkäufe von 4,1 Milliarden Dollar (Rückgang um 1% im Vergleich zum Vorjahr)
- Operativer Gewinn von 804 Millionen Dollar (Anstieg um 9%)
- GAAP EPS von 3,74 Dollar
- Bereinigtes EPS von 4,33 Dollar
- Freier Cashflow von 693 Millionen Dollar (Steigerung um 143 Millionen Dollar)
Das Poolsegment des Unternehmens zeigte ein Wachstum mit einem Anstieg der Verkäufe um 7% im gesamten Jahr, während die Segmente Flow und Water Solutions Rückgänge verzeichneten. Pentair erhöhte seine Dividende um 9% für 2025, was das 49. Jahr in Folge mit Dividendenerhöhungen darstellt. Für 2025 erwartet das Unternehmen ein GAAP EPS von 4,37-4,52 Dollar und ein bereinigtes EPS von 4,65-4,80 Dollar, wobei die Verkäufe voraussichtlich stabil oder um 2% steigen werden.
- Operating income increased 17% to $195 million in Q4 2024
- Full year free cash flow improved by $143 million to $693 million
- Pool segment sales grew 7% in 2024 with 33.2% ROS
- Increased dividend by 9% for 2025, maintaining dividend aristocrat status
- Projected EPS growth of 7-11% for 2025 (adjusted basis)
- Overall sales declined 1% in both Q4 and full year 2024
- Flow segment sales decreased 5% in Q4 2024
- Water Solutions segment sales dropped 4% in Q4 2024
- Core sales declined in both Flow and Water Solutions segments
Insights
Pentair's Q4 and FY2024 results reveal a compelling transformation story, with the company successfully executing its operational strategy despite macroeconomic headwinds. The standout metric is the substantial margin expansion across all segments, particularly noteworthy given the flat topline growth.
The divergent segment performance tells an important story: While Pool showed robust growth (
The company's cash generation metrics are particularly impressive, with free cash flow increasing by
The 2025 guidance of
Key risks to monitor include persistent interest rate pressures on residential markets and potential normalization of Pool segment margins from their current exceptional levels. However, the company's demonstrated pricing power and operational efficiency improvements provide meaningful downside protection.
-
Fourth quarter sales of
$973 million $4.1 billion -
Operating income in the fourth quarter increased 17 percent to
$195 million $804 million -
Fourth quarter GAAP EPS of
$0.99 $1.08 $3.74 $4.33 -
Full year net cash provided by operating activities of continuing operations was
$767 million $146 million $693 million $143 million -
The Company introduces 2025 GAAP EPS guidance of approximately
$4.37 $4.52 $4.65 $4.80
Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.
Fourth quarter 2024 operating income was
“We delivered another transformative year in 2024 and drove strong margin expansion across our entire portfolio despite a challenging global macroeconomic and geopolitical environment. By leveraging our Transformation initiatives and 80/20, our teams produced another solid year of operational and financial performance which mitigated risk to the topline while expanding profitability. This was a direct reflection of the power of our balanced and resilient water portfolio, our focused growth strategy and strong execution,” said John L. Stauch, Pentair’s President and Chief Executive Officer. “Each of our Move, Improve and Enjoy Water segments drove record margins for another consecutive year post the nVent separation in 2018. In Flow, we continued to grow our Commercial business while evolving our go-to-market strategy within Industrial. In Water Solutions, our filtration sales delivered another year of growth, and in Pool, we returned to sales growth driven by a strong aftermarket. We ended the year with strong cash flow and a solid balance sheet. We increased our dividend by approximately 9 percent for 2025 marking the 49th consecutive year of dividend increases and reaffirming our dividend aristocrat status. I’m proud of our accomplishments across the company and how our teams have delivered for customers and shareholders in 2024.”
Full year 2024 sales were
Full year 2024 operating income was
Flow sales were down 5 percent in the fourth quarter of 2024 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 5 percent in the fourth quarter. Reportable segment income of
Flow sales were down 4 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in 2024. Reportable segment income of
Water Solutions sales were down 4 percent in the fourth quarter of 2024 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 4 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in 2024. Reportable segment income of
Pool sales were up 5 percent in the fourth quarter of 2024 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
Pool sales were up 7 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales grew 7 percent in 2024. Reportable segment income of
Full year net cash provided by operating activities of continuing operations was
Pentair paid a regular cash dividend of
During the fourth quarter, the company repurchased 0.4 million shares for
OUTLOOK
Mr. Stauch concluded, “As we look to 2025, we are focused on our mission to help the world sustainably move, improve, and enjoy water, life’s most essential resource. We expect to continue to invest in key areas across the company and execute on our Transformation initiatives and 80/20 to drive long-term growth, profitability and returns. We believe our balanced water portfolio is proving its resilience as Pool is expected to grow offsetting our Flow and Water Solutions residential end markets that remain pressured by higher interest rates. We are confident in our strategy and our ability to control what we can internally while mitigating risk from an uncertain macroeconomic and geopolitical environment near-term.”
The Company is introducing 2025 GAAP EPS guidance of approximately
In addition, the Company introduces first quarter 2025 GAAP EPS of approximately
EARNINGS CONFERENCE CALL
Pentair President and Chief Executive Officer John L. Stauch and Chief Financial Officer Robert P. Fishman will discuss the Company’s fourth quarter and full year 2024 results on a conference call with investors at 9:00 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the 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 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 PENTAIR PLC
At Pentair, we help the world sustainably move, improve, and enjoy water, life’s most essential resource. From our residential and commercial water solutions, to industrial water management and everything in between, Pentair is a core large cap value S&P 500 equity stock focused on smart, sustainable water solutions that help our planet and people thrive.
Pentair had revenue in 2024 of approximately
Pentair plc and Subsidiaries |
|||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||
|
|
|
|
|
|
||||||||
|
Three months ended |
|
Twelve months ended |
||||||||||
In millions, except per-share data |
December 31,
|
December 31,
|
|
December 31,
|
December 31,
|
||||||||
Net sales |
$ |
972.9 |
|
$ |
984.6 |
|
|
$ |
4,082.8 |
|
$ |
4,104.5 |
|
Cost of goods sold |
|
595.3 |
|
|
618.5 |
|
|
|
2,484.0 |
|
|
2,585.3 |
|
Gross profit |
|
377.6 |
|
|
366.1 |
|
|
|
1,598.8 |
|
|
1,519.2 |
|
% of net sales |
|
38.8 |
% |
|
37.2 |
% |
|
|
39.2 |
% |
|
37.0 |
% |
Selling, general and administrative |
|
160.7 |
|
|
175.6 |
|
|
|
701.4 |
|
|
680.2 |
|
% of net sales |
|
16.5 |
% |
|
17.8 |
% |
|
|
17.2 |
% |
|
16.6 |
% |
Research and development |
|
21.8 |
|
|
23.5 |
|
|
|
93.6 |
|
|
99.8 |
|
% of net sales |
|
2.2 |
% |
|
2.4 |
% |
|
|
2.3 |
% |
|
2.4 |
% |
Operating income |
|
195.1 |
|
|
167.0 |
|
|
|
803.8 |
|
|
739.2 |
|
% of net sales |
|
20.1 |
% |
|
17.0 |
% |
|
|
19.7 |
% |
|
18.0 |
% |
Other (income) expense |
|
|
|
|
|
||||||||
Other (income) expense |
|
(4.5 |
) |
|
6.4 |
|
|
|
(3.7 |
) |
|
2.0 |
|
Net interest expense |
|
15.2 |
|
|
26.6 |
|
|
|
88.6 |
|
|
118.3 |
|
% of net sales |
|
1.6 |
% |
|
2.7 |
% |
|
|
2.2 |
% |
|
2.9 |
% |
Income from continuing operations before income taxes |
|
184.4 |
|
|
134.0 |
|
|
|
718.9 |
|
|
618.9 |
|
Provision (benefit) for income taxes |
|
18.0 |
|
|
(74.1 |
) |
|
|
93.3 |
|
|
(4.0 |
) |
Effective tax rate |
|
9.8 |
% |
|
(55.3 |
)% |
|
|
13.0 |
% |
|
(0.6 |
)% |
Net income from continuing operations |
|
166.4 |
|
|
208.1 |
|
|
|
625.6 |
|
|
622.9 |
|
Loss from discontinued operations, net of tax |
|
— |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
(0.2 |
) |
Net income |
$ |
166.4 |
|
$ |
208.0 |
|
|
$ |
625.4 |
|
$ |
622.7 |
|
Earnings per ordinary share |
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
||||||||
Continuing operations |
$ |
1.01 |
|
$ |
1.26 |
|
|
$ |
3.78 |
|
$ |
3.77 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Basic earnings per ordinary share |
$ |
1.01 |
|
$ |
1.26 |
|
|
$ |
3.78 |
|
$ |
3.77 |
|
Diluted |
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.99 |
|
$ |
1.25 |
|
|
$ |
3.74 |
|
$ |
3.75 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Diluted earnings per ordinary share |
$ |
0.99 |
|
$ |
1.25 |
|
|
$ |
3.74 |
|
$ |
3.75 |
|
Weighted average ordinary shares outstanding |
|
|
|
|
|
||||||||
Basic |
|
165.2 |
|
|
165.3 |
|
|
|
165.6 |
|
|
165.1 |
|
Diluted |
|
166.8 |
|
|
166.7 |
|
|
|
167.1 |
|
|
166.3 |
|
Cash dividends paid per ordinary share |
$ |
0.23 |
|
$ |
0.22 |
|
|
$ |
0.92 |
|
$ |
0.88 |
|
Pentair plc and Subsidiaries |
|||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||
|
|
|
|||
|
December 31, |
December 31, |
|||
In millions |
2024 |
2023 |
|||
Assets |
|||||
Current assets |
|
|
|||
Cash and cash equivalents |
$ |
118.7 |
$ |
170.3 |
|
Accounts receivable, net |
|
565.2 |
|
561.7 |
|
Inventories |
|
610.9 |
|
677.7 |
|
Other current assets |
|
141.3 |
|
159.3 |
|
Total current assets |
|
1,436.1 |
|
1,569.0 |
|
Property, plant and equipment, net |
|
358.8 |
|
362.0 |
|
Other assets |
|
|
|||
Goodwill |
|
3,286.6 |
|
3,274.6 |
|
Intangibles, net |
|
1,033.8 |
|
1,042.4 |
|
Other non-current assets |
|
331.2 |
|
315.3 |
|
Total other assets |
|
4,651.6 |
|
4,632.3 |
|
Total assets |
$ |
6,446.5 |
$ |
6,563.3 |
|
Liabilities and Equity |
|||||
Current liabilities |
|
|
|||
Current maturities of short-term borrowings |
$ |
9.3 |
$ |
— |
|
Accounts payable |
|
272.8 |
|
278.9 |
|
Employee compensation and benefits |
|
116.2 |
|
125.4 |
|
Other current liabilities |
|
496.8 |
|
545.3 |
|
Total current liabilities |
|
895.1 |
|
949.6 |
|
Other liabilities |
|
|
|||
Long-term debt |
|
1,638.7 |
|
1,988.3 |
|
Pension and other post-retirement compensation and benefits |
|
61.6 |
|
73.6 |
|
Deferred tax liabilities |
|
44.4 |
|
40.0 |
|
Other non-current liabilities |
|
243.8 |
|
294.7 |
|
Total liabilities |
|
2,883.6 |
|
3,346.2 |
|
Equity |
|
3,562.9 |
|
3,217.1 |
|
Total liabilities and equity |
$ |
6,446.5 |
$ |
6,563.3 |
|
Pentair plc and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
|||||||
|
Years ended December 31 |
||||||
In millions |
2024 |
|
2023 |
||||
Operating activities |
|
|
|||||
Net income |
$ |
625.4 |
|
$ |
622.7 |
|
|
Loss from discontinued operations, net of tax |
|
0.2 |
|
|
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 |
|
(1.9 |
) |
|
(2.8 |
) |
|
Depreciation |
|
60.3 |
|
|
59.5 |
|
|
Amortization |
|
54.3 |
|
|
55.3 |
|
|
Deferred income taxes |
|
(11.4 |
) |
|
(92.5 |
) |
|
Share-based compensation |
|
39.7 |
|
|
29.1 |
|
|
Asset impairment and write-offs |
|
17.6 |
|
|
7.9 |
|
|
Pension and other post-retirement expense |
|
0.1 |
|
|
12.1 |
|
|
Pension and other post-retirement contributions |
|
(12.0 |
) |
|
(8.7 |
) |
|
Gain on sale of assets |
|
— |
|
|
(3.4 |
) |
|
Changes in assets and liabilities, net of effects of business acquisitions |
|
|
|||||
Accounts receivable |
|
(11.2 |
) |
|
(24.4 |
) |
|
Inventories |
|
53.6 |
|
|
109.6 |
|
|
Other current assets |
|
14.1 |
|
|
(29.1 |
) |
|
Accounts payable |
|
(3.7 |
) |
|
(75.1 |
) |
|
Employee compensation and benefits |
|
(5.0 |
) |
|
17.2 |
|
|
Other current liabilities |
|
(48.7 |
) |
|
(59.5 |
) |
|
Other non-current assets and liabilities |
|
(4.5 |
) |
|
2.7 |
|
|
Net cash provided by operating activities of continuing operations |
|
766.9 |
|
|
620.8 |
|
|
Net cash used for operating activities of discontinued operations |
|
(0.2 |
) |
|
(1.6 |
) |
|
Net cash provided by operating activities |
|
766.7 |
|
|
619.2 |
|
|
Investing activities |
|
|
|||||
Capital expenditures |
|
(74.4 |
) |
|
(76.0 |
) |
|
Proceeds from sale of property and equipment |
|
0.6 |
|
|
5.6 |
|
|
Acquisitions, net of cash acquired |
|
(108.0 |
) |
|
(0.6 |
) |
|
Payments upon the settlement of net investment hedges |
|
(5.8 |
) |
|
(18.5 |
) |
|
Other |
|
— |
|
|
4.1 |
|
|
Net cash used for investing activities |
|
(187.6 |
) |
|
(85.4 |
) |
|
Financing activities |
|
|
|||||
Net receipts of short-term borrowings |
|
9.3 |
|
|
— |
|
|
Net borrowings (repayments) of revolving long-term debt |
|
9.5 |
|
|
(320.0 |
) |
|
Repayments of long-term debt |
|
(362.5 |
) |
|
(12.5 |
) |
|
Shares issued to employees, net of shares withheld |
|
18.4 |
|
|
9.6 |
|
|
Repurchases of ordinary shares |
|
(150.0 |
) |
|
— |
|
|
Dividends paid |
|
(152.3 |
) |
|
(145.2 |
) |
|
Payments upon the settlement of cross currency swaps |
|
(9.1 |
) |
|
— |
|
|
Net cash used for financing activities |
|
(636.7 |
) |
|
(468.1 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
6.0 |
|
|
(4.3 |
) |
|
Change in cash and cash equivalents |
|
(51.6 |
) |
|
61.4 |
|
|
Cash and cash equivalents, beginning of year |
|
170.3 |
|
|
108.9 |
|
|
Cash and cash equivalents, end of year |
$ |
118.7 |
|
$ |
170.3 |
|
|
|
|
|
|||||
Pentair plc and Subsidiaries |
|||||||
Reconciliation of the GAAP Operating Activities Cash Flow to the Non-GAAP Free Cash Flow (Unaudited) |
|||||||
|
|
|
|||||
|
Years ended December 31 |
||||||
In millions |
2024 |
|
2023 |
||||
Net cash provided by operating activities of continuing operations |
$ |
766.9 |
|
$ |
620.8 |
|
|
Capital expenditures |
|
(74.4 |
) |
|
(76.0 |
) |
|
Proceeds from sale of property and equipment |
|
0.6 |
|
|
5.6 |
|
|
Free cash flow from continuing operations |
$ |
693.1 |
|
$ |
550.4 |
|
|
Net cash used for operating activities of discontinued operations |
|
(0.2 |
) |
|
(1.6 |
) |
|
Free cash flow |
$ |
692.9 |
|
$ |
548.8 |
|
|
Pentair plc and Subsidiaries |
|||||||||||||||||||
Supplemental Financial Information by Reportable Segment (Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
2024 |
||||||||||||||||||
In millions |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Full Year |
||||||||||||||
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 |
|
||||
Net Sales |
$ |
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 |
% |
||||
|
2023 |
||||||||||||||||||
In millions |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Full Year |
||||||||||||||
Net sales |
|
|
|
|
|
||||||||||||||
Flow |
$ |
391.8 |
|
$ |
411.6 |
|
$ |
400.2 |
|
$ |
378.5 |
|
$ |
1,582.1 |
|
||||
Water Solutions |
|
272.0 |
|
|
336.2 |
|
|
299.4 |
|
|
269.6 |
|
|
1,177.2 |
|
||||
Pool |
|
364.3 |
|
|
334.3 |
|
|
308.8 |
|
|
336.2 |
|
|
1,343.6 |
|
||||
Reportable segment net sales |
|
1,028.1 |
|
|
1,082.1 |
|
|
1,008.4 |
|
|
984.3 |
|
|
4,102.9 |
|
||||
Corporate and other |
|
0.5 |
|
|
0.4 |
|
|
0.4 |
|
|
0.3 |
|
|
1.6 |
|
||||
Net Sales |
$ |
1,028.6 |
|
$ |
1,082.5 |
|
$ |
1,008.8 |
|
$ |
984.6 |
|
$ |
4,104.5 |
|
||||
Reportable segment income (loss) |
|
|
|
|
|
||||||||||||||
Flow |
$ |
65.0 |
|
$ |
74.8 |
|
$ |
77.5 |
|
$ |
65.0 |
|
$ |
282.3 |
|
||||
Water Solutions |
|
52.4 |
|
|
74.8 |
|
|
68.8 |
|
|
51.6 |
|
|
247.6 |
|
||||
Pool |
|
116.2 |
|
|
105.1 |
|
|
90.6 |
|
|
105.1 |
|
|
417.0 |
|
||||
Reportable segment income |
|
233.6 |
|
|
254.7 |
|
|
236.9 |
|
|
221.7 |
|
|
946.9 |
|
||||
Corporate and other |
|
(22.6 |
) |
|
(20.5 |
) |
|
(24.8 |
) |
|
(23.9 |
) |
|
(91.8 |
) |
||||
Adjusted operating income |
$ |
211.0 |
|
$ |
234.2 |
|
$ |
212.1 |
|
$ |
197.8 |
|
$ |
855.1 |
|
||||
Return on sales |
|
|
|
|
|
||||||||||||||
Flow |
|
16.6 |
% |
|
18.2 |
% |
|
19.4 |
% |
|
17.2 |
% |
|
17.8 |
% |
||||
Water Solutions |
|
19.3 |
% |
|
22.2 |
% |
|
23.0 |
% |
|
19.1 |
% |
|
21.0 |
% |
||||
Pool |
|
31.9 |
% |
|
31.4 |
% |
|
29.3 |
% |
|
31.3 |
% |
|
31.0 |
% |
||||
Adjusted return on sales |
|
20.5 |
% |
|
21.6 |
% |
|
21.0 |
% |
|
20.1 |
% |
|
20.8 |
% |
||||
Pentair plc and Subsidiaries |
|||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ended December 31, 2024 |
|||||||||||||||||||
Excluding the Effect of Adjustments (Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
In millions, except per-share data |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Full Year |
||||||||||||||
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 |
|
||||
Pentair plc and Subsidiaries |
||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2025 |
||||||||||||
Excluding the Effect of Adjustments (Unaudited) |
||||||||||||
|
|
|
|
|
|
|||||||
|
Forecast |
|||||||||||
In millions, except per-share data |
|
First Quarter |
Full Year |
|||||||||
Net sales |
|
approx |
Down |
approx |
Flat - Up |
|||||||
Operating income |
|
approx |
Up |
approx |
Up |
|||||||
Adjustments: |
|
|
|
|
|
|||||||
Intangible amortization |
|
approx |
$ |
14 |
|
approx |
$ |
55 |
|
|||
Equity income of unconsolidated subsidiaries |
|
approx |
|
1 |
|
approx |
|
4 |
|
|||
Adjusted operating income |
|
approx |
Up |
approx |
Up |
|||||||
|
|
|
|
|
|
|||||||
Net income from continuing operations—as reported |
|
approx |
|
|
|
approx |
|
|||||
Adjustments to operating income |
|
approx |
|
14 |
|
approx |
|
55 |
|
|||
Income tax adjustments |
|
approx |
|
(2 |
) |
approx |
|
(9 |
) |
|||
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 |
|
0.07 |
|
approx |
|
0.28 |
|
|||
Diluted earnings per ordinary share—as adjusted |
|
approx |
|
approx |
|
|||||||
Pentair plc and Subsidiaries |
|||||||||||||||||||||||
Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment |
|||||||||||||||||||||||
For the Quarter and Year Ended December 31, 2024 (Unaudited) |
|||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
|
Q4 Net Sales Growth |
Full Year Net Sales Growth |
|||||||||||||||||||||
|
Core |
Currency |
Acq. / Div. |
Total |
Core |
Currency |
Acq. / Div. |
Total |
|||||||||||||||
Total Pentair |
(1.2 |
)% |
(0.1 |
)% |
0.1 |
% |
(1.2 |
)% |
(0.4 |
)% |
— |
% |
(0.1 |
)% |
(0.5 |
)% |
|||||||
Flow |
(4.5 |
)% |
(0.2 |
)% |
— |
% |
(4.7 |
)% |
(4.3 |
)% |
— |
% |
— |
% |
(4.3 |
)% |
|||||||
Water Solutions |
(3.8 |
)% |
0.1 |
% |
(0.6 |
)% |
(4.3 |
)% |
(3.6 |
)% |
(0.2 |
)% |
(0.1 |
)% |
(3.9 |
)% |
|||||||
Pool |
4.5 |
% |
— |
% |
0.7 |
% |
5.2 |
% |
7.0 |
% |
0.1 |
% |
(0.2 |
)% |
6.9 |
% |
|||||||
Pentair plc and Subsidiaries |
|||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ended December 31, 2023 |
|||||||||||||||||||
Excluding the Effect of Adjustments (Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
In millions, except per-share data |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Full Year |
||||||||||||||
Net sales |
$ |
1,028.6 |
|
$ |
1,082.5 |
|
$ |
1,008.8 |
|
$ |
984.6 |
|
$ |
4,104.5 |
|
||||
Operating income |
|
183.6 |
|
|
208.5 |
|
|
180.1 |
|
|
167.0 |
|
|
739.2 |
|
||||
Return on sales |
|
17.8 |
% |
|
19.3 |
% |
|
17.9 |
% |
|
17.0 |
% |
|
18.0 |
% |
||||
Adjustments: |
|
|
|
|
|
||||||||||||||
Restructuring and other |
|
2.9 |
|
|
0.6 |
|
|
1.6 |
|
|
(1.7 |
) |
|
3.4 |
|
||||
Transformation costs |
|
8.5 |
|
|
6.0 |
|
|
13.5 |
|
|
16.3 |
|
|
44.3 |
|
||||
Intangible amortization |
|
13.8 |
|
|
13.9 |
|
|
13.8 |
|
|
13.8 |
|
|
55.3 |
|
||||
Legal accrual adjustments and settlements |
|
(1.9 |
) |
|
4.1 |
|
|
— |
|
|
— |
|
|
2.2 |
|
||||
Asset impairment and write-offs |
|
3.9 |
|
|
0.5 |
|
|
1.8 |
|
|
1.7 |
|
|
7.9 |
|
||||
Equity income of unconsolidated subsidiaries |
|
0.2 |
|
|
0.6 |
|
|
1.3 |
|
|
0.7 |
|
|
2.8 |
|
||||
Adjusted operating income |
|
211.0 |
|
|
234.2 |
|
|
212.1 |
|
|
197.8 |
|
|
855.1 |
|
||||
Adjusted return on sales |
|
20.5 |
% |
|
21.6 |
% |
|
21.0 |
% |
|
20.1 |
% |
|
20.8 |
% |
||||
Net income from continuing operations—as reported |
|
128.5 |
|
|
154.2 |
|
|
132.1 |
|
|
208.1 |
|
|
622.9 |
|
||||
Pension and other post-retirement mark-to-market loss |
|
— |
|
|
— |
|
|
— |
|
|
6.1 |
|
|
6.1 |
|
||||
Other income |
|
— |
|
|
(5.1 |
) |
|
— |
|
|
— |
|
|
(5.1 |
) |
||||
Adjustments to operating income |
|
27.2 |
|
|
25.1 |
|
|
30.7 |
|
|
30.1 |
|
|
113.1 |
|
||||
Income tax adjustments (1) |
|
(4.6 |
) |
|
(3.1 |
) |
|
(6.6 |
) |
|
(98.5 |
) |
|
(112.8 |
) |
||||
Net income from continuing operations—as adjusted |
$ |
151.1 |
|
$ |
171.1 |
|
$ |
156.2 |
|
$ |
145.8 |
|
$ |
624.2 |
|
||||
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
||||||||||||||
Diluted earnings per ordinary share—as reported |
$ |
0.78 |
|
$ |
0.93 |
|
$ |
0.79 |
|
$ |
1.25 |
|
$ |
3.75 |
|
||||
Adjustments |
|
0.13 |
|
|
0.10 |
|
|
0.15 |
|
|
(0.38 |
) |
|
— |
|
||||
Diluted earnings per ordinary share—as adjusted |
$ |
0.91 |
|
$ |
1.03 |
|
$ |
0.94 |
|
$ |
0.87 |
|
$ |
3.75 |
|||||
(1) |
Income tax adjustments in the fourth quarter include |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250204051811/en/
Shelly Hubbard
Vice President, Investor Relations
Direct: 763-656-5575
Email: shelly.hubbard@pentair.com
Rebecca Osborn
Sr. Director, Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com
Source: Pentair plc
FAQ
What were Pentair's (PNR) Q4 2024 financial results?
How much did Pentair (PNR) increase its dividend for 2025?
What is Pentair's (PNR) earnings guidance for 2025?
How did Pentair's (PNR) Pool segment perform in 2024?
What was Pentair's (PNR) free cash flow in 2024?
