Pentair Reports Strong Third Quarter 2024 Results
Pentair plc (NYSE: PNR) reported strong third quarter 2024 results with sales of $993 million. Operating income was $180 million with a return on sales (ROS) of 18.1%, up 20 basis points year-over-year. On an adjusted basis, ROS expanded 310 basis points to 24.1%. GAAP EPS increased 6% to $0.84, while adjusted EPS rose 16% to $1.09.
Free cash flow from continuing operations was $234 million, up $90 million from the previous year. The company updated its full-year 2024 GAAP EPS guidance to approximately $3.70 and increased adjusted EPS guidance to approximately $4.27. Pentair's balanced water portfolio strategy and focus on execution and transformation initiatives continue to drive strong results.
Pentair plc (NYSE: PNR) ha riportato risultati solidi nel terzo trimestre del 2024 con vendite di 993 milioni di dollari. L'utile operativo è stato di 180 milioni di dollari con un ritorno sulle vendite (ROS) del 18,1%, in aumento di 20 punti base rispetto all'anno precedente. Su base rettificata, il ROS è aumentato di 310 punti base al 24,1%. L'EPS GAAP è aumentato del 6% a 0,84 dollari, mentre l'EPS rettificato è cresciuto del 16% a 1,09 dollari.
Il flusso di cassa libero dalle operazioni continuative è stato di 234 milioni di dollari, in aumento di 90 milioni rispetto all'anno precedente. L'azienda ha aggiornato le previsioni di EPS GAAP per l'intero anno 2024 a circa 3,70 dollari e ha aumentato le previsioni di EPS rettificato a circa 4,27 dollari. La strategia equilibrata del portafoglio acqua di Pentair e l'attenzione all'esecuzione e alle iniziative di trasformazione continuano a generare risultati solidi.
Pentair plc (NYSE: PNR) reportó resultados sólidos en el tercer trimestre de 2024 con ventas de 993 millones de dólares. El ingreso operativo fue de 180 millones de dólares con un retorno sobre ventas (ROS) del 18,1%, un aumento de 20 puntos básicos respecto al año anterior. En términos ajustados, el ROS se expandió 310 puntos básicos al 24,1%. El EPS GAAP aumentó un 6% a 0,84 dólares, mientras que el EPS ajustado creció un 16% a 1,09 dólares.
El flujo de caja libre de las operaciones continuas fue de 234 millones de dólares, un aumento de 90 millones en comparación con el año anterior. La compañía actualizó su guía de EPS GAAP de todo el año 2024 a aproximadamente 3,70 dólares y aumentó la guía de EPS ajustado a aproximadamente 4,27 dólares. La estrategia equilibrada de la cartera de agua de Pentair y el enfoque en la ejecución y las iniciativas de transformación continúan impulsando resultados sólidos.
펜타이어 plc(NYSE: PNR)는 2024년 3분기 강력한 실적을 보고하며 판매액은 9억 9,300만 달러에 달했습니다. 운영 이익은 1억 8천만 달러였으며, 매출 대비 수익률(ROS)은 18.1%로 전년 대비 20베이시스 포인트 상승했습니다. 조정 기준으로 ROS는 310베이시스 포인트 확대되어 24.1%에 달했습니다. GAAP EPS는 6% 증가하여 0.84달러에 이르렀고, 조정된 EPS는 16% 증가하여 1.09달러에 도달했습니다.
지속적인 운영에서의 자유현금흐름은 2억 3천 4백만 달러로, 전년도보다 9천만 달러 증가했습니다. 회사는 2024년 전체 연도 GAAP EPS 전망을 약 3.70달러로 업데이트했으며, 조정된 EPS 전망은 약 4.27달러로 상향 조정했습니다. 펜타이어의 균형 잡힌 물 포트폴리오 전략과 실행 및 변화 이니셔티브에 대한 집중은 계속해서 강력한 성과를 창출하고 있습니다.
Pentair plc (NYSE: PNR) a publié des résultats solides pour le troisième trimestre 2024, avec des ventes de 993 millions de dollars. Le revenu d'exploitation s'est élevé à 180 millions de dollars avec un retour sur ventes (ROS) de 18,1 %, en hausse de 20 points de base par rapport à l'année précédente. Sur une base ajustée, le ROS a augmenté de 310 points de base pour atteindre 24,1 %. Le BPA GAAP a augmenté de 6 % pour atteindre 0,84 dollar, tandis que le BPA ajusté a crû de 16 % pour s'établir à 1,09 dollar.
Le flux de trésorerie disponible des opérations poursuivies a atteint 234 millions de dollars, en hausse de 90 millions par rapport à l'année dernière. L'entreprise a mis à jour ses prévisions de BPA GAAP pour l'année 2024 à environ 3,70 dollars et a augmenté la prévision du BPA ajusté à environ 4,27 dollars. La stratégie équilibrée du portefeuille d'eau de Pentair et l'accent mis sur l'exécution et les initiatives de transformation continuent de générer des résultats solides.
Pentair plc (NYSE: PNR) hat im dritten Quartal 2024 starke Ergebnisse erzielt, mit einem Umsatz von 993 Millionen US-Dollar. Der Betriebsertrag betrug 180 Millionen US-Dollar mit einer Umsatzrendite (ROS) von 18,1%, was einem Anstieg von 20 Basispunkten im Vergleich zum Vorjahr entspricht. Auf Grundlage von Anpassungen erweiterte sich die ROS um 310 Basispunkte auf 24,1%. Das GAAP EPS stieg um 6% auf 0,84 US-Dollar, während das bereinigte EPS um 16% auf 1,09 US-Dollar anstieg.
Der freie Cashflow aus fortgeführten Betrieben betrug 234 Millionen US-Dollar, eine Steigerung von 90 Millionen gegenüber dem Vorjahr. Das Unternehmen aktualisierte seine Prognose für das GAAP EPS für das gesamte Jahr 2024 auf etwa 3,70 US-Dollar und erhöhte die Prognose für das bereinigte EPS auf etwa 4,27 US-Dollar. Die ausgewogene Wasserportfolio-Strategie von Pentair und der Fokus auf Umsetzung und Transformationsinitiativen tragen weiterhin zu starken Ergebnissen bei.
- Adjusted EPS increased 16% to $1.09
- Free cash flow improved by $90 million to $234 million
- Adjusted ROS expanded 310 basis points to 24.1%
- Pool segment sales grew 8% with ROS increasing 470 basis points to 34.0%
- Full-year 2024 adjusted EPS guidance increased to $4.27
- Continued share repurchases and dividend payments
- Overall sales declined 2% to $993 million
- Core sales declined 1% excluding currency, acquisitions, and divestitures
- Flow segment core sales declined 7%
- Water Solutions segment core sales declined 3%
Insights
Pentair's Q3 2024 results demonstrate strong financial performance and operational efficiency. Key highlights include:
- EPS growth of
16% on an adjusted basis to$1.09 - Significant improvement in ROS, expanding 310 basis points to
24.1% on an adjusted basis - Robust free cash flow of
$234 million , up$90 million year-over-year - Increased full-year 2024 adjusted EPS guidance to
$4.27
The company's focus on execution and transformation initiatives, particularly the 80/20 strategy, is driving profitability improvements across segments. The Pool segment showed impressive growth with an 8% core sales increase and 470 basis point ROS expansion. While Flow and Water Solutions saw slight declines, overall margin improvements indicate effective cost management and pricing strategies.
Pentair's strong cash generation and disciplined capital allocation, including share repurchases and a 48-year dividend increase streak, position it well for long-term value creation. The raised full-year guidance suggests management's confidence in navigating current market conditions and capitalizing on water-related secular trends.
Pentair's Q3 results underscore its strong position in the water industry, particularly in the face of macroeconomic challenges. The company's balanced water portfolio strategy is proving effective, with standout performance in the Pool segment offsetting softer results in Flow and Water Solutions.
The focus on water-related secular trends is a key driver for Pentair's long-term growth prospects. These include:
- Increasing water scarcity and quality concerns
- Aging water infrastructure in commercial and municipal sectors
- Growing demand for outdoor living and pool-related products
- Demographic shifts favoring housing in water-stressed regions
Pentair's commitment to sustainability and innovation in water management solutions aligns well with these trends. The company's ability to execute its transformation initiatives, particularly the 80/20 strategy, is enhancing its competitive edge in the water technology space.
The increased guidance for 2024 suggests that Pentair is well-positioned to capitalize on these industry tailwinds, despite near-term economic uncertainties. Its focus on operational efficiency and strategic growth initiatives should continue to drive value in the evolving water management landscape.
-
Sales of
$993 million
-
Operating income of
$180 million
-
GAAP EPS increased 6 percent to
$0.84 $1.09
-
Net cash provided by operating activities of continuing operations was
$249 million $86 million $234 million $90 million
-
The company updates its full year 2024 GAAP EPS guidance to approximately
$3.70 $4.27
Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.
John L. Stauch, Pentair’s President and Chief Executive Officer commented, “Our relentless dedication to strong execution, Transformation, and delivering value to our customers has driven yet another quarter of significant free cash flow and outstanding results, surpassing our expectations. Our balanced approach across our water portfolio continues to validate the effectiveness of our strategy. We have made substantial progress on 80/20 with the completion of training on a majority of our total revenue. As a result, we are now implementing actions to drive more focused and profitable growth. Our disciplined and balanced capital allocation strategy included strengthening our balance sheet, continuing our share repurchase program, and paying a dividend. We are proud of our dividend aristocrat status with 48 consecutive years of increased dividends. I want to thank our employees for their unwavering commitment to delivering exceptional value to our customers and shareholders. We also want to express our heartfelt sympathies to those impacted by the recent hurricanes.”
Third quarter 2024 operating income was
Flow sales were down 7 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 7 percent in the third quarter. Reportable segment income of
Water Solutions sales were down 3 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 3 percent in the third quarter. Reportable segment income of
Pool sales were up 7 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 8 percent in the third quarter. Reportable segment income of
Net cash provided by operating activities of continuing operations was
Pentair paid a regular cash dividend of
During the third quarter, the company repurchased 0.6 million of ordinary shares for
OUTLOOK
Mr. Stauch concluded, “We are introducing fourth quarter guidance and increasing our full year adjusted earnings guidance driven by strong execution. While we continue to monitor the macroeconomic landscape, we remain confident in our Transformation initiatives and 80/20 and expect them to continue to drive strategic decisions and operational efficiencies across our balanced water portfolio. With a strong balance sheet and significant free cash flow generation, we remain focused on investing in the long-term growth of Pentair and confident in our resilient strategy and capital allocation priorities to drive long-term value creation. As a leader in helping the world sustainably move, improve and enjoy water, life’s most essential resource, we believe we are well positioned to capture opportunities from favorable secular trends such as water availability, increased awareness of water challenges, aging commercial, public and municipal infrastructure, outdoor healthy living and favorable housing migration.”
The company updates its estimated 2024 GAAP EPS from continuing operations to approximately
In addition, the company introduces fourth quarter 2024 GAAP EPS from continuing operations guidance 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 third quarter 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 equity stock focused on smart, sustainable water solutions that help our planet and people thrive.
Pentair had revenue in 2023 of approximately
Pentair plc and Subsidiaries |
|||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||
|
|
|
|
|
|
||||||||
|
Three months ended |
|
Nine months ended |
||||||||||
In millions, except per-share data |
September 30,
|
September 30,
|
|
September 30,
|
September 30,
|
||||||||
Net sales |
$ |
993.4 |
|
$ |
1,008.8 |
|
|
$ |
3,109.9 |
|
$ |
3,119.9 |
|
Cost of goods sold |
|
600.2 |
|
|
637.0 |
|
|
|
1,888.7 |
|
|
1,966.8 |
|
Gross profit |
|
393.2 |
|
|
371.8 |
|
|
|
1,221.2 |
|
|
1,153.1 |
|
% of net sales |
|
39.6 |
% |
|
36.9 |
% |
|
|
39.3 |
% |
|
37.0 |
% |
Selling, general and administrative expenses |
|
190.4 |
|
|
166.2 |
|
|
|
540.7 |
|
|
504.6 |
|
% of net sales |
|
19.2 |
% |
|
16.5 |
% |
|
|
17.4 |
% |
|
16.2 |
% |
Research and development expenses |
|
22.9 |
|
|
25.5 |
|
|
|
71.8 |
|
|
76.3 |
|
% of net sales |
|
2.3 |
% |
|
2.5 |
% |
|
|
2.3 |
% |
|
2.4 |
% |
Operating income |
|
179.9 |
|
|
180.1 |
|
|
|
608.7 |
|
|
572.2 |
|
% of net sales |
|
18.1 |
% |
|
17.9 |
% |
|
|
19.6 |
% |
|
18.3 |
% |
Other expense (income) |
|
|
|
|
|
||||||||
Other (income) expense |
|
(0.1 |
) |
|
(0.3 |
) |
|
|
0.8 |
|
|
(4.4 |
) |
Net interest expense |
|
19.8 |
|
|
27.5 |
|
|
|
73.4 |
|
|
91.7 |
|
% of net sales |
|
2.0 |
% |
|
2.7 |
% |
|
|
2.4 |
% |
|
2.9 |
% |
Income from continuing operations before income taxes |
|
160.2 |
|
|
152.9 |
|
|
|
534.5 |
|
|
484.9 |
|
Provision for income taxes |
|
20.6 |
|
|
20.8 |
|
|
|
75.3 |
|
|
70.1 |
|
Effective tax rate |
|
12.9 |
% |
|
13.6 |
% |
|
|
14.1 |
% |
|
14.5 |
% |
Net income from continuing operations |
|
139.6 |
|
|
132.1 |
|
|
|
459.2 |
|
|
414.8 |
|
Loss from discontinued operations, net of tax |
|
— |
|
|
— |
|
|
|
(0.2 |
) |
|
(0.1 |
) |
Net income |
$ |
139.6 |
|
$ |
132.1 |
|
|
$ |
459.0 |
|
$ |
414.7 |
|
Earnings per ordinary share |
|
|
|
|
|
||||||||
Basic |
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.84 |
|
$ |
0.80 |
|
|
$ |
2.77 |
|
$ |
2.51 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Basic earnings per ordinary share |
$ |
0.84 |
|
$ |
0.80 |
|
|
$ |
2.77 |
|
$ |
2.51 |
|
Diluted |
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.84 |
|
$ |
0.79 |
|
|
$ |
2.75 |
|
$ |
2.50 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Diluted earnings per ordinary share |
$ |
0.84 |
|
$ |
0.79 |
|
|
$ |
2.75 |
|
$ |
2.50 |
|
Weighted average ordinary shares outstanding |
|
|
|
|
|
||||||||
Basic |
|
165.6 |
|
|
165.2 |
|
|
|
165.7 |
|
|
165.0 |
|
Diluted |
|
167.0 |
|
|
166.6 |
|
|
|
167.2 |
|
|
166.2 |
|
Cash dividends paid per ordinary share |
$ |
0.23 |
|
$ |
0.22 |
|
|
$ |
0.69 |
|
$ |
0.66 |
|
Pentair plc and Subsidiaries |
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Condensed Consolidated Balance Sheets (Unaudited) |
||||
|
|
|
||
|
September 30,
|
December 31,
|
||
In millions |
||||
Assets |
||||
Current assets |
|
|
||
Cash and cash equivalents |
$ |
218.1 |
$ |
170.3 |
Accounts receivable, net |
|
497.1 |
|
561.7 |
Inventories |
|
645.9 |
|
677.7 |
Other current assets |
|
128.0 |
|
159.3 |
Total current assets |
|
1,489.1 |
|
1,569.0 |
Property, plant and equipment, net |
|
358.5 |
|
362.0 |
Other assets |
|
|
||
Goodwill |
|
3,280.8 |
|
3,274.6 |
Intangibles, net |
|
1,002.8 |
|
1,042.4 |
Other non-current assets |
|
341.4 |
|
315.3 |
Total other assets |
|
4,625.0 |
|
4,632.3 |
Total assets |
$ |
6,472.6 |
$ |
6,563.3 |
Liabilities and Equity |
||||
Current liabilities |
|
|
||
Accounts payable |
$ |
286.4 |
$ |
278.9 |
Employee compensation and benefits |
|
116.7 |
|
125.4 |
Other current liabilities |
|
525.7 |
|
545.3 |
Total current liabilities |
|
928.8 |
|
949.6 |
Other liabilities |
|
|
||
Long-term debt |
|
1,628.4 |
|
1,988.3 |
Pension and other post-retirement compensation and benefits |
|
70.9 |
|
73.6 |
Deferred tax liabilities |
|
40.3 |
|
40.0 |
Other non-current liabilities |
|
305.4 |
|
294.7 |
Total liabilities |
|
2,973.8 |
|
3,346.2 |
Equity |
|
3,498.8 |
|
3,217.1 |
Total liabilities and equity |
$ |
6,472.6 |
$ |
6,563.3 |
Pentair plc and Subsidiaries |
||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||
|
||||||
|
Nine months ended |
|||||
In millions |
September 30,
|
September 30,
|
||||
Operating activities |
|
|
||||
Net income |
$ |
459.0 |
|
$ |
414.7 |
|
Loss from discontinued operations, net of tax |
|
0.2 |
|
|
0.1 |
|
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities |
|
|
||||
Equity income of unconsolidated subsidiaries |
|
(1.7 |
) |
|
(2.1 |
) |
Depreciation |
|
45.3 |
|
|
44.3 |
|
Amortization |
|
40.4 |
|
|
41.5 |
|
Deferred income taxes |
|
3.6 |
|
|
(45.0 |
) |
Share-based compensation |
|
26.3 |
|
|
21.3 |
|
Asset impairment and write-offs |
|
9.3 |
|
|
6.2 |
|
Gain on sale of assets |
|
— |
|
|
(3.4 |
) |
Changes in assets and liabilities, net of effects of business acquisitions |
|
|
||||
Accounts receivable |
|
66.2 |
|
|
23.9 |
|
Inventories |
|
30.1 |
|
|
67.8 |
|
Other current assets |
|
5.0 |
|
|
(14.7 |
) |
Accounts payable |
|
7.3 |
|
|
(63.8 |
) |
Employee compensation and benefits |
|
(8.0 |
) |
|
11.7 |
|
Other current liabilities |
|
(19.7 |
) |
|
(0.2 |
) |
Other non-current assets and liabilities |
|
17.1 |
|
|
— |
|
Net cash provided by operating activities of continuing operations |
|
680.4 |
|
|
502.3 |
|
Net cash used for operating activities of discontinued operations |
|
(0.2 |
) |
|
(1.6 |
) |
Net cash provided by operating activities |
|
680.2 |
|
|
500.7 |
|
Investing activities |
|
|
||||
Capital expenditures |
|
(51.7 |
) |
|
(54.8 |
) |
Proceeds from sale of property and equipment |
|
0.4 |
|
|
5.4 |
|
Payments upon the settlement of net investment hedges |
|
(16.4 |
) |
|
— |
|
Acquisitions, net of cash acquired |
|
— |
|
|
(0.6 |
) |
Other |
|
(0.5 |
) |
|
4.1 |
|
Net cash used for investing activities |
|
(68.2 |
) |
|
(45.9 |
) |
Financing activities |
|
|
||||
Net repayments of revolving long-term debt |
|
— |
|
|
(320.0 |
) |
Repayments of long-term debt |
|
(362.5 |
) |
|
(6.3 |
) |
Shares issued to employees, net of shares withheld |
|
16.8 |
|
|
9.0 |
|
Repurchases of ordinary shares |
|
(100.0 |
) |
|
— |
|
Dividends paid |
|
(114.3 |
) |
|
(108.9 |
) |
Net cash used for financing activities |
|
(560.0 |
) |
|
(426.2 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(4.2 |
) |
|
(0.5 |
) |
Change in cash and cash equivalents |
|
47.8 |
|
|
28.1 |
|
Cash and cash equivalents, beginning of period |
|
170.3 |
|
|
108.9 |
|
Cash and cash equivalents, end of period |
$ |
218.1 |
|
$ |
137.0 |
|
|
|
|
||||
Pentair plc and Subsidiaries |
||||||||||||
Reconciliation of the GAAP Operating Activities Cash Flow to the Non-GAAP Free Cash Flow (Unaudited) |
||||||||||||
|
||||||||||||
|
Three months
|
Three months
|
Three months
|
Nine months
|
||||||||
In millions |
March 31,
|
June 30,
|
September 30,
|
September 30,
|
||||||||
Net cash (used for) provided by operating activities of continuing operations |
$ |
(107.4 |
) |
$ |
539.2 |
|
$ |
248.6 |
|
$ |
680.4 |
|
Capital expenditures |
|
(19.3 |
) |
|
(17.0 |
) |
|
(15.4 |
) |
|
(51.7 |
) |
Proceeds from sale of property and equipment |
|
— |
|
|
— |
|
|
0.4 |
|
|
0.4 |
|
Free cash flow from continuing operations |
|
(126.7 |
) |
|
522.2 |
|
|
233.6 |
|
|
629.1 |
|
Net cash used for operating activities of discontinued operations |
|
(0.2 |
) |
|
— |
|
|
— |
|
|
(0.2 |
) |
Free cash flow |
$ |
(126.9 |
) |
$ |
522.2 |
|
$ |
233.6 |
|
$ |
628.9 |
|
|
|
|
|
|
||||||||
|
Three months
|
Three months
|
Three months
|
Nine months
|
||||||||
In millions |
March 31,
|
June 30,
|
September 30,
|
September 30,
|
||||||||
Net cash (used for) provided by operating activities of continuing operations |
$ |
(106.6 |
) |
$ |
446.7 |
|
$ |
162.2 |
|
$ |
502.3 |
|
Capital expenditures |
|
(16.6 |
) |
|
(18.8 |
) |
|
(19.4 |
) |
|
(54.8 |
) |
Proceeds from sale of property and equipment |
|
0.2 |
|
|
4.8 |
|
|
0.4 |
|
|
5.4 |
|
Free cash flow from continuing operations |
|
(123.0 |
) |
|
432.7 |
|
|
143.2 |
|
|
452.9 |
|
Net cash used for operating activities of discontinued operations |
|
— |
|
|
(1.6 |
) |
|
— |
|
|
(1.6 |
) |
Free cash flow |
$ |
(123.0 |
) |
$ |
431.1 |
|
$ |
143.2 |
|
$ |
451.3 |
|
Pentair plc and Subsidiaries |
|||||||||||||||||||||||||
Supplemental Financial Information by Reportable Segment (Unaudited) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||||||||||
In millions |
First
|
Second
|
Third
|
Nine
|
|
First
|
Second
|
Third
|
Nine
|
||||||||||||||||
Net sales |
|
|
|
|
|
|
|
|
|
||||||||||||||||
Flow |
$ |
384.3 |
|
$ |
396.8 |
|
$ |
372.2 |
|
$ |
1,153.3 |
|
|
$ |
391.8 |
|
$ |
411.6 |
|
$ |
400.2 |
|
$ |
1,203.6 |
|
Water Solutions |
|
273.1 |
|
|
310.5 |
|
|
289.5 |
|
|
873.1 |
|
|
|
272.0 |
|
|
336.2 |
|
|
299.4 |
|
|
907.6 |
|
Pool |
|
359.5 |
|
|
391.5 |
|
|
331.4 |
|
|
1,082.4 |
|
|
|
364.3 |
|
|
334.3 |
|
|
308.8 |
|
|
1,007.4 |
|
Reportable segment net sales |
|
1,016.9 |
|
|
1,098.8 |
|
|
993.1 |
|
|
3,108.8 |
|
|
|
1,028.1 |
|
|
1,082.1 |
|
|
1,008.4 |
|
|
3,118.6 |
|
Corporate and other |
|
0.3 |
|
|
0.5 |
|
|
0.3 |
|
|
1.1 |
|
|
|
0.5 |
|
|
0.4 |
|
|
0.4 |
|
|
1.3 |
|
Net sales |
$ |
1,017.2 |
|
$ |
1,099.3 |
|
$ |
993.4 |
|
$ |
3,109.9 |
|
|
$ |
1,028.6 |
|
$ |
1,082.5 |
|
$ |
1,008.8 |
|
$ |
3,119.9 |
|
Reportable segment income (loss) |
|
|
|
|
|
|
|
|
|
||||||||||||||||
Flow |
$ |
77.3 |
|
$ |
84.4 |
|
$ |
82.8 |
|
$ |
244.5 |
|
|
$ |
65.0 |
|
$ |
74.8 |
|
$ |
77.5 |
|
$ |
217.3 |
|
Water Solutions |
|
55.6 |
|
|
72.9 |
|
|
64.4 |
|
|
192.9 |
|
|
|
52.4 |
|
|
74.8 |
|
|
68.8 |
|
|
196.0 |
|
Pool |
|
110.8 |
|
|
133.6 |
|
|
112.7 |
|
|
357.1 |
|
|
|
116.2 |
|
|
105.1 |
|
|
90.6 |
|
|
311.9 |
|
Reportable segment income |
|
243.7 |
|
|
290.9 |
|
|
259.9 |
|
|
794.5 |
|
|
|
233.6 |
|
|
254.7 |
|
|
236.9 |
|
|
725.2 |
|
Corporate and other |
|
(26.4 |
) |
|
(19.5 |
) |
|
(20.7 |
) |
|
(66.6 |
) |
|
|
(22.6 |
) |
|
(20.5 |
) |
|
(24.8 |
) |
|
(67.9 |
) |
Adjusted operating income |
$ |
217.3 |
|
$ |
271.4 |
|
$ |
239.2 |
|
$ |
727.9 |
|
|
$ |
211.0 |
|
$ |
234.2 |
|
$ |
212.1 |
|
$ |
657.3 |
|
Return on sales |
|
|
|
|
|
|
|
|
|
||||||||||||||||
Flow |
|
20.1 |
% |
|
21.3 |
% |
|
22.2 |
% |
|
21.2 |
% |
|
|
16.6 |
% |
|
18.2 |
% |
|
19.4 |
% |
|
18.1 |
% |
Water Solutions |
|
20.4 |
% |
|
23.5 |
% |
|
22.2 |
% |
|
22.1 |
% |
|
|
19.3 |
% |
|
22.2 |
% |
|
23.0 |
% |
|
21.6 |
% |
Pool |
|
30.8 |
% |
|
34.1 |
% |
|
34.0 |
% |
|
33.0 |
% |
|
|
31.9 |
% |
|
31.4 |
% |
|
29.3 |
% |
|
31.0 |
% |
Adjusted return on sales |
|
21.4 |
% |
|
24.7 |
% |
|
24.1 |
% |
|
23.4 |
% |
|
|
20.5 |
% |
|
21.6 |
% |
|
21.0 |
% |
|
21.1 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pentair plc and Subsidiaries |
||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures for the Year Ending December 31, 2024 |
||||||||||||||||||
Excluding the Effect of Adjustments (Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
|
Actual |
|
Forecast |
|||||||||||||||
In millions, except per-share data |
First
|
Second
|
Third
|
|
Fourth
|
Full
|
||||||||||||
Net sales |
$ |
1,017.2 |
|
$ |
1,099.3 |
|
$ |
993.4 |
|
|
approx |
Down
|
approx |
Down
|
||||
Operating income |
|
180.8 |
|
|
248.0 |
|
|
179.9 |
|
|
approx |
Up |
approx |
Up |
||||
Return on sales |
|
17.8 |
% |
|
22.6 |
% |
|
18.1 |
% |
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
|
|
|
||||||||||
Restructuring and other |
|
4.6 |
|
|
5.9 |
|
|
23.4 |
|
|
approx |
$ |
— |
|
approx |
$ |
34 |
|
Transformation costs |
|
17.0 |
|
|
11.8 |
|
|
12.6 |
|
|
approx |
|
— |
|
approx |
|
41 |
|
Intangible amortization |
|
13.5 |
|
|
13.4 |
|
|
13.5 |
|
|
approx |
|
14 |
|
approx |
|
55 |
|
Legal accrual adjustments and settlements |
|
(0.3 |
) |
|
(7.9 |
) |
|
0.7 |
|
|
approx |
|
— |
|
approx |
|
(8 |
) |
Asset impairment and write-offs |
|
0.8 |
|
|
— |
|
|
8.5 |
|
|
approx |
|
— |
|
approx |
|
9 |
|
Equity income of unconsolidated subsidiaries |
|
0.9 |
|
|
0.2 |
|
|
0.6 |
|
|
approx |
|
1 |
|
approx |
|
3 |
|
Adjusted operating income |
|
217.3 |
|
|
271.4 |
|
|
239.2 |
|
|
approx |
Up |
approx |
Up |
||||
Adjusted return on sales |
|
21.4 |
% |
|
24.7 |
% |
|
24.1 |
% |
|
|
|
|
|
||||
Net income from continuing operations—as reported |
|
133.5 |
|
|
186.1 |
|
|
139.6 |
|
|
approx |
$ |
158 |
|
approx |
$ |
617 |
|
Other income |
|
— |
|
|
— |
|
|
(0.5 |
) |
|
approx |
|
— |
|
approx |
|
(1 |
) |
Adjustments to operating income |
|
35.6 |
|
|
23.2 |
|
|
58.7 |
|
|
approx |
|
14 |
|
approx |
|
131 |
|
Income tax adjustments |
|
(11.3 |
) |
|
(5.4 |
) |
|
(15.4 |
) |
|
approx |
|
(2 |
) |
approx |
|
(34 |
) |
Net income from continuing operations—as adjusted |
$ |
157.8 |
|
$ |
203.9 |
|
$ |
182.4 |
|
|
approx |
$ |
170 |
|
approx |
$ |
713 |
|
Continuing earnings per ordinary share—diluted |
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per ordinary share—as reported |
$ |
0.80 |
|
$ |
1.11 |
|
$ |
0.84 |
|
|
approx |
$ |
0.95 |
|
approx |
$ |
3.70 |
|
Adjustments |
|
0.14 |
|
|
0.11 |
|
|
0.25 |
|
|
approx |
|
0.07 |
|
approx |
|
0.57 |
|
Diluted earnings per ordinary share—as adjusted |
$ |
0.94 |
|
$ |
1.22 |
|
$ |
1.09 |
|
|
approx |
$ |
1.02 |
|
approx |
$ |
4.27 |
|
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
|
Second
|
Third
|
Fourth
|
Full
|
||||||||||
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 |
Pentair plc and Subsidiaries |
||||
Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment |
||||
For the Quarter Ended September 30, 2024 (Unaudited) |
||||
|
||||
|
Q3 Net Sales Growth |
|||
|
Core |
Currency |
Acq. / Div. |
Total |
Total Pentair |
(1.5) % |
0.2 % |
(0.2) % |
(1.5) % |
Flow |
(7.3) % |
0.3 % |
— % |
(7.0) % |
Water Solutions |
(3.5) % |
0.2 % |
— % |
(3.3) % |
Pool |
8.0 % |
— % |
(0.7) % |
7.3 % |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022252534/en/
Shelly Hubbard
Vice President, Investor Relations
Direct: 612-812-0148
Email: shelly.hubbard@pentair.com
Rebecca Osborn
Sr. Director, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com
Source: Pentair plc
FAQ
What were Pentair's (PNR) Q3 2024 earnings per share?
How much free cash flow did Pentair (PNR) generate in Q3 2024?
What is Pentair's (PNR) updated full-year 2024 EPS guidance?
How did Pentair's (PNR) Pool segment perform in Q3 2024?
