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Pentair Hosts 2015 Investor and Analyst Day; Reaffirms 2015 Guidance
11.06.2015


MANCHESTER, United Kingdom - November 6, 2015 - Pentair plc (NYSE: PNR) is hosting its annual Investor and Analyst Day in New York City today where Randall J. Hogan, Pentair chairman and chief executive officer, and other members of Pentair's senior management team will discuss the company's strategies to achieve sustainable, long-term growth.

Pentair is also re-affirming its adjusted fourth quarter 2015 EPS guidance of $1.03 to $1.05, which excludes $0.17 of non-cash intangible amortization, and down 10 to 12 percent versus the same quarter last year's adjusted EPS.    

Further, the company re-affirms its full year 2015 adjusted EPS outlook of a range of $3.84 to $3.86, which excludes approximately $0.50 per share of non-cash intangible amortization.  GAAP EPS guidance for the fourth quarter and full year is $0.52 to $0.54 and $2.64 to $2.66, respectively, which include restructuring expenses, intangible amortization, inventory step-up, and deal related costs.

A live audio webcast of the Investor and Analyst Day event will be available at the company's website at http://www.pentair.com/ from 8:15 a.m. to 12:00 p.m. Eastern Standard Time. Presentation material will accompany the audio webcast and will be made available for viewing at the beginning of the event. The audio webcast of the event and the slide presentations will be available through the same link within approximately 24 hours of the end of the event. The in-person event is by invitation only.


CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press 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," "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 ability to achieve the benefits of planned cost take-out actions; the ability to successfully identify, complete and integrate acquisitions, including the ability to successfully integrate and achieve the expected benefits of the acquisition of ERICO Global Company; overall global economic and business conditions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the ability to successfully complete the disposition of the remaining portion of the Water Transport business on anticipated terms and timetable; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; 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 U.S. Securities and Exchange Commission, including in our 2014 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this press release. We assume no obligation, and disclaim any obligation, to update the information contained in this press release. 

ABOUT PENTAIR PLC
Pentair plc (www.pentair.com) delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With 2014 revenues of $7.0 billion, Pentair employs approximately 30,000 people worldwide.

Pentair Contacts:
Investors:
Jim Lucas
Vice President, Investor Relations & Strategic  Planning
Direct:  763-656-5575
Email: jim.lucas@pentair.com
       
Media:
Rebecca Osborn
Senior Manager, External Communications
Direct:  763-656-5589
Email: rebecca.osborn@pentair.com



 
 
 
Pentair plc and Subsidiaries
Reconciliation of the GAAP "As Reported" year ended December 31, 2015 to the "Adjusted" non-GAAP
excluding the effect of 2015 adjustments (Unaudited)
                     
    Actual   Forecast
In millions, except per-share data   First
Quarter
Second
Quarter
Third
Quarter
  Fourth
Quarter
  Full
Year
Total Pentair                    
Net sales   $ 1,475.0   $ 1,661.2   $ 1,552.1     approx $ 1,745     approx $ 6,430  
Operating income-as reported   171.2   217.9   180.0     approx 158     approx 726  
% of net sales   11.6 % 13.1 % 11.6 %   approx 9.1 %   approx 11.3 %
Adjustments:                    
Restructuring and other   -   25.5   25.3     approx 54     approx 105  
Intangible amortization   27.6   28.0   28.2     approx 39     approx 123  
Inventory step-up   -   1.5   1.4     approx 29     approx 32  
Deal related costs and expenses   -   -   14.3     approx -     approx 14  
Operating income-as adjusted   198.8   272.9   249.2     approx 280     approx 1,000  
% of net sales   13.5 % 16.4 % 16.1 %   approx 16.0 %   approx 15.6 %
Net income from continuing operations-as reported   118.2   153.9   115.2     approx 96     approx 484  
Amortization of bridge financing fees   -   -   8.3     approx -     approx 8  
Adjustments, net of tax   21.2   42.4   53.2     approx 94     approx 211  
Net income from continuing operations-as adjusted   $ 139.4   $ 196.3   $ 176.7     approx $ 190     approx $ 703  
Continuing earnings per ordinary share-diluted                    
Diluted earnings per ordinary share-as reported   $ 0.65   $ 0.84   $ 0.63     approx $0.52 - $0.54   approx $2.64 - $2.66
Adjustments   0.11   0.24   0.34     approx 0.51     approx 1.20  
Diluted earnings per ordinary share-as adjusted   $ 0.76   $ 1.08   $ 0.97     approx $1.03 - $1.05   approx $3.84 - $3.86

 
 
 
Pentair plc and Subsidiaries
Reconciliation of the GAAP "As Reported" year ended December 31, 2014 to the "Adjusted" non-GAAP
excluding the effect of 2014 adjustments (Unaudited)
             
In millions, except per-share data First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
  Full
Year
Total Pentair            
Net sales $ 1,644.0   $ 1,834.1   $ 1,758.4   $ 1,802.5     $ 7,039.0  
Operating income-as reported 182.1   226.4   267.4   176.0     851.9  
% of net sales 11.1 % 12.3 % 15.2 % 9.8 %   12.1 %
Adjustments:            
  Restructuring and other 17.0   44.1   -   48.5     109.6  
Intangible amortization 28.5   29.0   28.4   28.1     114.0  
Pension and other post-retirement mark-to-market loss -   -   -   49.9     49.9  
Redomicile related expenses 1.5   8.8   -   -     10.3  
Operating income-as adjusted 229.1   308.3   295.8   302.5     1,135.7  
% of net sales 13.9 % 16.8 % 16.8 % 16.8 %   16.1 %
Net income from continuing operations-as reported 125.5   159.2   192.5   129.8     607.0  
  Adjustments, net of tax 38.1   63.5   21.5   87.6     210.7  
Net income from continuing operations-as adjusted $ 163.6   $ 222.7   $ 214.0   $ 217.4     $ 817.7  
Continuing earnings per ordinary share-diluted            
Diluted earnings per ordinary share-as reported $ 0.63   $ 0.81   $ 1.00   $ 0.70     $ 3.14  
Adjustments 0.19   0.32   0.11   0.47     1.09  
Diluted earnings per ordinary share-as adjusted $ 0.82   $ 1.13   $ 1.11   $ 1.17     $ 4.23  

HUG#1964837
Categories: Press Releases