Release Details

· Fourth quarter sales of $1.3 billion; full year 2017 sales of $4.9 billion.

· Fourth quarter GAAP EPS of $1.11 and adjusted EPS of $0.93; full year 2017 GAAP EPS of $2.61 and adjusted EPS of $3.53.

· Full year net cash provided by operating activities of $620 million and total free cash flow of $551 million. Full year net cash provided by operating activities of continuing operations of $674 million and free cash flow from continuing operations of $611 million.

· The company introduced its 2018 GAAP EPS guidance of approximately $3.57 and on an adjusted basis of approximately $4.00.

· Pentair previously announced that its Board of Directors had unanimously approved a plan to separate into two publicly-traded companies. The separation is expected to occur through a tax-free spin-off of Electrical by Pentair to its shareholders targeted for April 30, 2018.

Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.

LONDON, United Kingdom - January 30, 2018 - Pentair plc (NYSE: PNR) today announced fourth quarter 2017 sales of $1.3 billion. Sales were up 6 percent compared to sales for the same period last year. Excluding currency translation and acquisitions, core sales grew 3 percent in the fourth quarter. Fourth quarter 2017 earnings per diluted share from continuing operations ("EPS") were $1.11 compared to $0.60 in the fourth quarter of 2016. On an adjusted basis, the company reported EPS of $0.93 compared to $0.78 in the fourth quarter of 2016. Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.

Fourth quarter 2017 operating income was $137 million, down 15 percent compared to operating income for the fourth quarter of 2016, and return on sales ("ROS") was 10.9 percent, a decrease of 270 basis points when compared to the fourth quarter of 2016. On an adjusted basis, the company reported segment income of $227 million for the fourth quarter, up 11 percent compared to segment income for the fourth quarter of 2016, and ROS was 18.0 percent, an increase of 80 basis points when compared to the fourth quarter of 2016.

Full year net cash provided by operating activities was $620 million and total free cash flow was $551 million. Full year net cash provided by operating activities of continuing operations was $674 million and free cash flow from continuing operations was $611 million. The company delivered full year free cash flow of 94 percent of adjusted net income.

As a result of the enactment of U.S. tax reform legislation, we recorded a provisional tax benefit of $85 million in the fourth quarter. This benefit is comprised of a $148 million benefit from the re-measurement of our net deferred tax liability offset by a $63 million charge for the deemed repatriation of non-U.S. earnings. This charge is payable over the next eight years. Going forward, we now expect our effective tax rate to approximate 18%, which is an improvement over our current run rate of 20%.

Pentair paid dividends of $0.345 per share in the fourth quarter of 2017. Pentair previously announced on December 5, 2017 that its Board of Directors approved a 1 percent increase in the company's regular annual cash dividend rate for 2018 to $1.40 from $1.38. 2018 will mark the 42nd consecutive year that Pentair has increased its dividend.

"Pentair just concluded an exciting year that saw organic growth return, strong margin expansion, robust cash flow, and we announced that we plan to separate our Water and Electrical businesses into two publicly traded companies," said Randall J. Hogan, Pentair Chairman and Chief Executive Officer. "We had two goals for the year, which were to deliver on our 2017 commitments and prepare to stand up two companies in 2018. We believe that the momentum we showed exiting the year reinforces that we made great progress toward both of our goals. We remain excited for Pentair's next chapter as we create two industry-leading pure-play companies in Water and Electrical."

OUTLOOK

The company introduced its 2018 GAAP EPS guidance of approximately $3.57 and on an adjusted basis of approximately $4.00. The company anticipates full year 2018 sales of $5.1 billion, or up approximately 3 to 5 percent on a reported basis and up approximately 2 to 4 percent on a core basis. The company expects to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, the company introduced first quarter 2018 GAAP EPS guidance at a range of $0.70 to $0.72 and on an adjusted basis at a range of $0.81 to $0.83. The company expects first quarter revenue to be approximately $1.26 billion, which would be up approximately 6 percent on a reported basis and up 3 percent on a core basis compared to first quarter 2017 revenue.

EARNINGS CONFERENCE CALL

Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company's performance, fourth quarter and full year 2017 results on a two-way conference call with investors at 8:00 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company's website, www.pentair.com, shortly before the call begins. Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentation, both of which can be found on Pentair's website. The webcast and presentation will be archived at the company's website following the conclusion of the event.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This 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 satisfy the necessary conditions to consummate the planned separation of our Water business and Electrical business into two independent, publicly-traded companies (the "Proposed Separation") on a timely basis or at all; the ability to successfully separate the Water and Electrical businesses and realize the anticipated benefits from the Proposed Separation; adverse effects on the Water and Electrical business operations or financial results and the market price of our shares as a result of the announcement or consummation of the Proposed Separation; unanticipated transaction expenses, such as litigation or legal settlement expenses; failure to obtain tax rulings or changes in tax laws; changes in capital market conditions; the impact of the Proposed Separation on our employees, customers and suppliers; overall global economic and business conditions impacting the Water and Electrical businesses; future opportunities that our board may determine present greater potential to increase shareholder value; the ability of the Water and Electrical businesses to operate independently following the Proposed Separation; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; 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 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 SEC, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. All forward-looking statements speak only as of the date of this press release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this press release.

ABOUT PENTAIR PLC

Pentair plc (NYSE: PNR) is a global company dedicated to building a safer, more sustainable world. Pentair delivers industry leading products, services and solutions that help people make the best use of the resources they rely on most. Its technology moves the world forward by ensuring that water is plentiful, useful and pure, and that critical equipment and those near it are protected. With 2017 revenues of $4.9 billion, Pentair employs approximately 18,400 people worldwide. To learn more, visit www.pentair.com.

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