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Pentair Reports Full Year 2009 Net Income Per Share from Continuing Operations of $1.17; Adjusted EPS of $1.47

February 2, 2010

Company Updates 2010 Full Year Guidance Range to $1.75 to $1.90, an Increase of 19 to 29 Percent Compared to 2009 Adjusted EPS

  • Reports fourth quarter sales of $702 million, down 9 percent year-over-year
  • Announces fourth quarter net income per share from continuing operations (EPS) of 29 cents or 47 cents on an adjusted basis
  • Updates first quarter and full year 2010 EPS guidance

All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations to discontinued operations as well as GAAP and Non-GAAP reconciliations are in the attached financial tables.

MINNEAPOLIS, Minn., Feb 02, 2010 (BUSINESS WIRE) -- Pentair, Inc. (NYSE: PNR) today announced fourth quarter 2009 net earnings per diluted share from continuing operations (EPS) of $0.29. This represents an increase of 32 percent as compared to the $0.22 of EPS in the fourth quarter last year. Current period results included a negative $0.18 per share impact from restructuring and impairment charges. Adjusting for these items, fourth quarter 2009 EPS was $0.47, compared to adjusted fourth quarter 2009 EPS of $0.41, an increase of 15 percent.

Total company sales decreased 9 percent to $702 million, compared with $768 million in the fourth quarter of 2008. The company delivered fourth quarter operating income of $52 million. On an adjusted basis, the company delivered operating income of $77 million versus $74 million in the year-ago quarter. The company's adjusted operating income in the current quarter excluded the impact of impairment charges and additional restructuring activities. Overall, adjusted operating margins for the fourth quarter increased 140 basis points to 11 percent. The positive impact on operating margins from productivity and material savings more than offset the negative impact related to lower volumes.

Total company free cash flow was positive $5 million for the quarter, or $30 million excluding a $25 million discretionary pension contribution, which the company paid in December.

"We exited 2009 with a keen sense of achievement as both our fourth quarter operating margins and EPS grew year over year despite a sales decline," said Randall J. Hogan, Pentair chairman and chief executive officer. "We continue to benefit from tremendous productivity actions and, despite continued year-over-year sales declines, we saw volumes improve sequentially in the fourth quarter in many of our key markets," he added.

FOURTH QUARTER BUSINESS HIGHLIGHTS

The Water Group delivered $475 million in sales, a 7 percent decline year-over-year. Sales were down 9 percent excluding foreign exchange.

  • Flow Technologies sales were down 3 percent versus the year-ago quarter, as growth in the company's global municipal market partially offset declines in commercial, industrial and residential markets.
  • Filtration sales were down 9 percent as growth in the company's food service and residential markets did not overcome commercial and industrial market declines.
  • Global Pool sales were down 13 percent as the prolonged decline in North American residential pool markets persists.

The Water Group's fourth quarter reported operating income totaled $34 million, up 5 percent as compared to $32 million in the same period last year. In the quarter, the Water Group had $21 million in pre-tax restructuring charges and intangible and asset impairments. Excluding these items, fourth quarter 2009 adjusted operating income was $55 million, up 7 percent versus fourth quarter 2008 adjusted operating income of $52 million, an increase of 140 basis points to 11.6 percent. The benefits from productivity and material savings more than offset the negative impact from volume declines and inflation.

Technical Products delivered fourth quarter 2009 sales of $227 million, a decrease of 12 percent versus the year-earlier period. Sales were down 15 percent excluding the impact of foreign exchange.

  • Global Electrical sales were down 16 percent, as industrial customers continue to reduce capital projects and distributors are maintaining reduced inventory levels.
  • Global Electronic sales were down 7 percent, as growth in Asia markets could not overcome declines in North American and European markets.

Technical Products' fourth quarter reported operating income totaled $32 million, up 20 percent compared to $27 million in the same quarter last year. Adjusting for a restructuring charge, operating income was $35 million. Adjusted operating margins were 15.3 percent, up 220 basis points versus the fourth quarter 2008. The positive impact of productivity and material savings more than offset the negative impact from volume declines.

"Overall, our fourth quarter results exceeded the expectations we provided in October. While still down year-over-year, sales in the quarter were stronger than originally expected for both Water and Technical Products. That, coupled with our continued solid execution with respect to cost reductions, provides positive momentum as we enter 2010," said Hogan.

FISCAL YEAR 2009 RESULTS

Total company sales of $2.69 billion for fiscal year 2009 decreased 20 percent from $3.35 billion in 2008. For the year, the company reported EPS of $1.17, representing a decrease of 55 percent as compared to the $2.59 of reported EPS in 2008. Full year 2009 results included a negative 27 cents per share impact from restructuring actions and impairment charges and a negative 3 cents per share charge from the early redemption of bonds. Full year 2008 results included a favorable impact of the 86 cents per share gain from the formation of Pentair Residential Filtration, a negative 33 cents per share impact primarily from restructuring actions and impairment charges and a negative 14 cents per share impact from the settlement of the Horizon litigation. Excluding these items in both years, full year 2009 adjusted EPS were $1.47, down 33 percent when compared to full year 2008 adjusted EPS of $2.20.

For the year, Pentair generated $207 million in free cash flow, or $232 million excluding the discretionary pension contribution. Full year 2009 free cash flow represents a conversion of net income of over 160 percent. In 2008, the company generated $164 million in free cash flow.

"Pentair combated the global recession and delivered dependable results in 2009 by significantly reducing our structural costs while maintaining investments in innovation and global growth," said Hogan. "We generated outstanding free cash flow and recently increased our dividend for the 34th consecutive year. With our Global Business Unit (GBU) structure, leaner manufacturing footprint, new product introductions and improved global distribution capabilities, we will continue to serve our customers in 2010 and expect to improve our performance well into the future."

OUTLOOK

The company is updating its first quarter 2010 earnings per share guidance to a range of $0.32 to $0.35, an increase of over 60 percent year-over-year over adjusted first quarter 2009 earnings. The company is also updating its full year 2010 EPS guidance range to $1.75 to $1.90, an increase of 19 to 29 percent versus 2009 adjusted EPS. The company expects full year 2010 free cash flow to equal or exceed net income.

"Over the past three years, our water business has dealt with steady declines in its largest market - residential. The past 18 months created new challenges for all our businesses, as the global recession negatively affected each. However, through it all, we maintained growth investments, increased our dividend, lowered our debt levels and dramatically improved our manufacturing and administrative cost structure," said Hogan. "Thanks to the hard work and resiliency of our 13,000-plus employees, Pentair is in position to benefit from improving markets and withstand new challenges and uncertainties as they arise."

EARNINGS CONFERENCE CALL

Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company's performance and fourth quarter and full year 2009 results and 2010 outlook on a two-way conference call with investors and a live audio webcast at 9 a.m. Eastern today. Reconciliation of non-GAAP financial measures are set forth in the attachments to this fourth quarter 2009 earnings release and in the fourth quarter and full year 2009 earning release conference call presentation, both of which can be found at Pentair's web site (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.pentair.com&esheet=6163370&lan=en_US&anchor=www.pentair.com&index=1&md5=d8cc0e65207b211aa3cac7250d95e636). Related financial charts and certain other information to be discussed on the conference call will be available on the company's website shortly before the conference call. The web cast and presentation will be archived at the same site following the conclusion of the conference call.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as the breadth and severity of the global economic downturn; the strength of housing and related markets; the ability to implement our restructuring and other cost reduction plans successfully and the risk that expected benefits may not be fully realized or may take longer to realize than expected; foreign currency effects; retail, commercial and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors set forth in our SEC filings. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

ABOUT PENTAIR, INC.

Pentair (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.pentair.com&esheet=6163370&lan=en_US&anchor=www.pentair.com&index=2&md5=f178994a626c50b73b2f9828f5a0e853) is a global diversified industrial company headquartered in Minneapolis, Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that protect sensitive electronics and the people that use them. With 2009 revenues of $2.7 billion, Pentair employs approximately 13,150 people worldwide.

Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
Three months ended Year ended
December 31 December 31 December 31 December 31
In thousands, except per-share data 2009 2008 2009 2008
Net sales $ 702,251 $ 767,637 $ 2,692,468 $ 3,351,976
Cost of goods sold 489,794 538,144 1,907,333 2,337,426
Gross profit 212,457 229,493 785,135 1,014,550
% of net sales 30.3 % 29.9 % 29.2 % 30.3 %
Selling, general and administrative 145,346 169,149 507,303 606,980
% of net sales 20.7 % 22.0 % 18.8 % 18.1 %
Research and development 14,619 15,147 57,884 62,450
% of net sales 2.1 % 2.0 % 2.2 % 1.9 %
Legal settlement -- -- -- 20,435
Operating income 52,492 45,197 219,948 324,685
% of net sales 7.5 % 5.9 % 8.2 % 9.7 %
Other (income) expense:
Gain on sale of interest in subsidiaries -- -- -- (109,648 )
Equity losses of unconsolidated subsidiary 688 608 1,379 3,041
Loss on early extinguishment of debt -- -- 4,804 4,611
Net interest expense 9,790 13,744 41,118 59,435
% of net sales 1.4 % 1.8 % 1.5 % 1.8 %
Other -- 106 -- 106
Income from continuing operations before income taxes
and noncontrolling interest 42,014 30,739 172,647 367,140
% of net sales 6.0 % 4.0 % 6.4 % 11.0 %
Provision for income taxes 14,620 9,245 56,428 108,344
Effective tax rate 34.8 % 30.1 % 32.7 % 29.5 %
Income from continuing operations 27,394 21,494 116,219 258,796
Loss from discontinued operations, net of tax -- (2,131 ) -- (5,783 )
Gain (Loss) on disposal of discontinued operations, net of tax 134 (14,441 ) (19 ) (21,846 )
Net income before noncontrolling interest 27,528 4,922 116,200 231,167
Noncontrolling interest (1,824 ) 333 707 2,433
Net income attributable to Pentair, Inc. $ 29,352 $ 4,589 $ 115,493 $ 228,734
Net income from continuing operations attributable to Pentair, Inc. $ 29,218 $ 21,161 $ 115,512 $ 256,363
Earnings (loss) per common share attributable to Pentair, Inc.
Basic
Continuing operations $ 0.30 $ 0.22 $ 1.19 $ 2.62
Discontinued operations -- (0.17 ) -- (0.28 )
Basic earnings per common share $ 0.30 $ 0.05 $ 1.19 $ 2.34
Diluted
Continuing operations $ 0.29 $ 0.22 $ 1.17 $ 2.59
Discontinued operations -- (0.17 ) -- (0.28 )
Diluted earnings per common share $ 0.29 $ 0.05 $ 1.17 $ 2.31
Weighted average common shares outstanding
Basic 97,667 97,422 97,415 97,887
Diluted 99,226 98,299 98,522 99,068
Cash dividends declared per common share $ 0.18 $ 0.17 $ 0.72 $ 0.68
Pentair, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31 December 31
In thousands 2009 2008
Assets
Current assets
Cash and cash equivalents $ 33,396 $ 39,344
Accounts and notes receivable, net 455,090 461,081
Inventories 360,627 417,287
Deferred tax assets 49,609 51,354
Prepaid expenses and other current assets 47,576 63,113
Total current assets 946,298 1,032,179
Property, plant and equipment, net 333,688 343,881
Other assets
Goodwill 2,088,797 2,101,851
Intangibles, net 486,407 515,508
Other 56,144 59,794
Total other assets 2,631,348 2,677,153
Total assets $ 3,911,334 $ 4,053,213
Liabilities and Shareholders' Equity
Current liabilities
Short-term borrowings $ 2,205 $ --
Current maturities of long-term debt 81 624
Accounts payable 207,661 217,898
Employee compensation and benefits 74,254 90,210
Current pension and post-retirement benefits 8,948 8,890
Accrued product claims and warranties 34,288 41,559
Income taxes 5,659 5,451
Accrued rebates and sales incentives 27,554 28,897
Other current liabilities 85,629 104,975
Total current liabilities 446,279 498,504
Other liabilities
Long-term debt 803,351 953,468
Pension and other retirement compensation 234,948 270,139
Post-retirement medical and other benefits 31,790 34,723
Long-term income taxes payable 26,936 28,139
Deferred tax liabilities 146,630 146,559
Other non-current liabilities 95,060 101,612
Total liabilities 1,784,994 2,033,144
Shareholders' equity 2,126,340 2,020,069
Total liabilities and shareholders' equity $ 3,911,334 $ 4,053,213
Days sales in accounts receivable (13 month moving average) 62 57
Days inventory on hand (13 month moving average) 90 79
Days in accounts payable (13 month moving average) 66 59
Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Year ended
December 31 December 31
In thousands 2009 2008
Operating activities
Net income before noncontrolling interest $ 116,200 $ 231,167
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Loss from discontinued operations -- 5,783
Loss on disposal of discontinued operations 19 21,846
Equity losses of unconsolidated subsidiary 1,379 3,041
Depreciation 64,823 59,673
Amortization 40,657 27,608
Deferred income taxes 30,616 40,754
Stock compensation 17,324 20,572
Excess tax benefits from stock-based compensation (1,746 ) (1,617 )
Loss on sale of assets 985 510
Gain on sale of interest in subsidiaries -- (109,648 )
Changes in assets and liabilities, net of effects of business acquisitions and
dispositions
Accounts and notes receivable 11,307 (18,247 )
Inventories 66,684 (33,311 )
Prepaid expenses and other current assets 16,202 (27,394 )
Accounts payable (13,822 ) (1,973 )
Employee compensation and benefits (22,431 ) (21,919 )
Accrued product claims and warranties (7,440 ) (7,286 )
Income taxes 1,972 (4,409 )
Other current liabilities (21,081 ) 8,987
Pension and post-retirement benefits (39,607 ) 301
Other assets and liabilities (2,141 ) 18,174
Net cash provided by (used for) continuing operations 259,900 212,612
Net cash provided by (used for) operating activities of discontinued operations (1,531 ) (8,397 )
Net cash provided by (used for) operating activities 258,369 204,215
Investing activities
Capital expenditures (54,137 ) (53,089 )
Proceeds from sale of property and equipment 1,208 4,741
Acquisitions, net of cash acquired or received -- (2,027 )
Divestitures 1,567 37,907
Other (3,224 ) (12 )
Net cash provided by (used for) investing activities (54,586 ) (12,480 )
Financing activities
Net short-term borrowings (repayments) 1,051 (16,994 )
Proceeds from long-term debt 580,000 715,000
Repayment of long-term debt (729,150 ) (805,016 )
Debt issuance costs (50 ) (114 )
Excess tax benefits from stock-based compensation 1,746 1,617
Proceeds from exercise of stock options 8,247 5,590
Repurchases of common stock -- (50,000 )
Dividends paid (70,927 ) (67,284 )
Net cash provided by (used for) financing activities (209,083 ) (217,201 )
Effect of exchange rate changes on cash and cash equivalents (648 ) (5,985 )
Change in cash and cash equivalents (5,948 ) (31,451 )
Cash and cash equivalents, beginning of period 39,344 70,795
Cash and cash equivalents, end of period $ 33,396 $ 39,344
Free cash flow
Net cash provided by (used for) continuing operations $ 259,900 $ 212,612
Capital expenditures (54,137 ) (53,089 )
Proceeds from sale of property and equipment 1,208 4,741
Free cash flow $ 206,971 $ 164,264
Pentair, Inc. and Subsidiaries
Supplemental Financial Information by Reportable Business Segment (Unaudited)
First Qtr Second Qtr Third Qtr Fourth Qtr Year
In thousands 2009 2009 2009 2009 2009
Net sales to external customers
Water $ 423,932 $ 486,990 $ 461,570 $ 475,272 $ 1,847,764
Technical Products 209,908 206,722 201,095 226,979 844,704
Consolidated $ 633,840 $ 693,712 $ 662,665 $ 702,251 $ 2,692,468
Intersegment sales
Water $ 289 $ 198 $ 284 $ 510 $ 1,281
Technical Products 233 600 544 834 2,211
Other (522 ) (798 ) (828 ) (1,344 ) (3,492 )
Consolidated $ -- $ -- $ -- $ -- $ --
Operating income (loss)
Water $ 26,976 $ 49,781 $ 53,085 $ 33,903 $ 163,745
Technical Products 20,462 23,578 24,356 31,959 100,355
Other (10,224 ) (9,799 ) (10,759 ) (13,370 ) (44,152 )
Consolidated $ 37,214 $ 63,560 $ 66,682 $ 52,492 $ 219,948
Operating income as a percent of net sales
Water 6.4 % 10.2 % 11.5 % 7.1 % 8.9 %
Technical Products 9.7 % 11.4 % 12.1 % 14.1 % 11.9 %
Consolidated 5.9 % 9.2 % 10.1 % 7.5 % 8.2 %
First Qtr Second Qtr Third Qtr Fourth Qtr Year
In thousands 2008 2008 2008 2008 2008
Net sales to external customers
Water $ 544,686 $ 594,118 $ 557,976 $ 509,362 $ 2,206,142
Technical Products 285,460 304,260 297,839

258,275 1,145,834
Consolidated $ 830,146 $ 898,378 $ 855,815 $ 767,637 $ 3,351,976
Intersegment sales
Water $ 372 $ 139 $ 305 $ 228 $ 1,044
Technical Products 1,138 1,034 765 1,081 4,018
Other (1,510 ) (1,173 ) (1,070 ) (1,309 ) (5,062 )
Consolidated $ -- $ -- $ -- $ -- $ --
Operating income (loss)
Water $ 65,035 $ 59,475 $ 49,684 $ 32,163 $ 206,357
Technical Products 45,337 49,732 47,585 26,661 169,315
Other (13,045 ) (12,660 ) (11,655 ) (13,627 ) (50,987 )
Consolidated $ 97,327 $ 96,547 $ 85,614 $ 45,197 $ 324,685
Operating income as a percent of net sales
Water 11.9 % 10.0 % 8.9 % 6.3 % 9.4 %
Technical Products 15.9 % 16.3 % 16.0 % 10.3 % 14.8 %
Consolidated 11.7 % 10.7 % 10.0 % 5.9 % 9.7 %
Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ending December 31, 2009 to the "Adjusted" non-GAAP
excluding the effect of 2009 adjustments (Unaudited)
First Quarter Second Quarter Third Quarter Fourth Quarter Year
In thousands, except per-share data 2009 2009 2009 2009 2009
Net sales $ 633,840 $ 693,712 $ 662,665 $ 702,251 $ 2,692,468
Operating income - as reported 37,214 63,560 66,682 52,492 219,948
% of net sales 5.9 % 9.2 % 10.1 % 7.5 % 8.2 %
Adjustments:
Restructuring and asset impairment 2,824 2,944 7,295 24,881 37,944
Operating income - as adjusted 40,038 66,504 73,977 77,373 257,892
% of net sales 6.3 % 9.6 % 11.2 % 11.0 % 9.6 %
Net income from continuing operations attributable
to Pentair, Inc. - as reported 17,255 32,006 37,033 29,218 115,512
Adjustments - tax affected
Restructuring and asset impairment, net of
minority interest 1,864 1,943 4,815 17,549 26,171
Bond tender -- 3,171 -- -- 3,171
Net income from continuing operations attributable
to Pentair, Inc. - as adjusted 19,119 37,120 41,848 46,767 144,854
Continuing earnings per common share attributable to Pentair, Inc. - diluted
Diluted earnings per common share - as reported $ 0.18 $ 0.33 $ 0.38 $ 0.29 $ 1.17
Adjustments 0.02 0.05 0.04 0.18 0.30
Diluted earnings per common share - as adjusted $ 0.20 $ 0.38 $ 0.42 $ 0.47 $ 1.47
Weighted average common shares outstanding - Diluted 97,966 98,422 98,641 99,226 98,522
Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ending December 31, 2008 to the "Adjusted" non-GAAP
excluding the effect of 2008 adjustments (Unaudited)
First Quarter Second Quarter Third Quarter Fourth Quarter Year
In thousands, except per-share data 2008 2008 2008 2008 2008
Net sales $ 830,146 $ 898,378 $ 855,815 $ 767,637 $ 3,351,976
Operating income - as reported 97,327 96,547 85,614 45,197 324,685
% of net sales 11.7 % 10.7 % 10.0 % 5.9 % 9.7 %
Adjustments:
Restructuring and asset impairment -- 2,586 15,207 28,377 46,170
Horizon settlement -- 20,435 -- -- 20,435
Operating income - as adjusted 97,327 119,568 100,821 73,574 391,290
% of net sales 11.7 % 13.3 % 11.8 % 9.6 % 11.7 %
Net income from continuing operations attributable
to Pentair, Inc. - as reported 52,463 139,837 42,902 21,161 256,363
Adjustments - tax affected
Restructuring and asset impairment -- 1,707 10,037 18,729 30,473
Horizon settlement -- 13,487 -- -- 13,487
Gain on PRF transaction -- (85,832 ) -- -- (85,832 )
Bond tender -- -- 3,043 -- 3,043
Net income from continuing operations attributable
to Pentair, Inc. - as adjusted 52,463 69,199 55,982 39,890 217,534
Continuing earnings per common share attributable to Pentair, Inc. - diluted
Diluted earnings per common share - as reported $ 0.53 $ 1.41 $ 0.43 $ 0.22 $ 2.59
Adjustments -- (0.71 ) 0.13 0.19 (0.39 )
Diluted earnings per common share - as adjusted $ 0.53 $ 0.70 $ 0.56 $ 0.41 $ 2.20
Weighted average common shares outstanding - Diluted 99,558 99,509 99,319 98,299 99,068
Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ending December 31, 2009 to the "Adjusted" non-GAAP
excluding the effect of 2009 adjustments (Unaudited)
First Quarter Second Quarter Third Quarter Fourth Quarter Year
In thousands 2009 2009 2009 2009 2009
Water
Net sales $ 423,932 $ 486,990 $ 461,570 $ 475,272 $ 1,847,764
Operating income - as reported 26,976 49,781 53,085 33,903 163,745
% of net sales 6.4 % 10.2 % 11.5 % 7.1 % 8.9 %
Adjustments - restructuring and asset impairment 1,464 1,460 2,639 21,336 26,899
Operating income - as adjusted 28,440 51,241 55,724 55,239 190,644
% of net sales 6.7 % 10.5 % 12.1 % 11.6 % 10.3 %
Technical Products
Net sales $ 209,908 $ 206,722 $ 201,095 $ 226,979 $ 844,704
Operating income - as reported 20,462 23,578 24,356 31,959 100,355
% of net sales 9.7 % 11.4 % 12.1 % 14.1 % 11.9 %
Adjustments - restructuring and asset impairment 792 1,139 4,557 2,729 9,217
Operating income - as adjusted 21,254 24,717 28,913 34,688 109,572
% of net sales 10.1 % 12.0 % 14.4 % 15.3 % 13.0 %
Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ending December 31, 2008 to the "Adjusted" non-GAAP
excluding the effect of 2008 adjustments (Unaudited)
First Quarter Second Quarter Third Quarter Fourth Quarter Year
In thousands 2008 2008 2008 2008 2008
Water
Net sales $ 544,686 $ 594,118 $ 557,976 $ 509,362 $ 2,206,142
Operating income - as reported 65,035 59,475 49,684 32,163 206,357
% of net sales 11.9 % 10.0 % 8.9 % 6.3 % 9.4 %
Adjustments
Restructuring and asset impairment -- 2,157 13,438 19,628 35,223
Horizon settlement -- 20,435 -- -- 20,435
Operating income - as adjusted 65,035 82,067 63,122 51,791 262,015
% of net sales 11.9 % 13.8 % 11.3 % 10.2 % 11.9 %
Technical Products
Net sales $ 285,460 $ 304,260 $ 297,839 $ 258,275 $ 1,145,834
Operating income - as reported 45,337 49,732 47,585 26,661 169,315
% of net sales 15.9 % 16.3 % 16.0 % 10.3 % 14.8 %
Adjustments - restructuring and asset impairment -- 429 633 7,209 8,271
Operating income - as adjusted 45,337 50,161 48,218 33,870 177,586
% of net sales 15.9 % 16.4 % 16.2 % 13.1 % 15.5 %

SOURCE: Pentair, Inc. 

Pentair
Todd Gleason, 763-656-5570
Vice President, Strategic Planning & Investor Relations
todd.gleason@pentair.com

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