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Pentair Reports First Quarter 2018 Results
|||First quarter sales of $1.3 billion.|
|||First quarter GAAP EPS of $0.58 and adjusted EPS of $0.88.|
|||The company expects to complete the previously announced tax-free spin-off of its Electrical business to its shareholders on April 30, 2018.|
|||The company updates its 2018 GAAP EPS from continuing operations guidance to a range of $1.75 to $1.80 and on an adjusted basis to a range of $2.25 to $2.30. This reflects the anticipated separation of its Electrical business, nVent Electric plc, on April 30, 2018 and the reporting of Electricals results as discontinued operations.|
|||nVent Electric plc provides 2018 GAAP EPS guidance at a range of $1.38 to $1.48 and on an adjusted basis at a range of $1.70 to $1.80. This reflects the anticipated separation on April 30, 2018.|
Reconciliations of GAAP to Non-GAAP measures are in the attached financial tables.
LONDON, United Kingdom April 19, 2018 Pentair plc (NYSE: PNR) today announced first quarter 2018 sales of $1.3 billion. Sales were up 7 percent compared to sales for the same period last year. Excluding currency translation and acquisitions, core sales grew 4 percent in the first quarter. First quarter 2018 earnings per diluted share from continuing operations (EPS) were $0.58 compared to $0.44 in the first quarter of 2017. On an adjusted basis, the company reported EPS of $0.88 compared to $0.65 in the first quarter of 2017. Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.
First quarter 2018 operating income was $152 million, up 8 percent compared to operating income for the first quarter of 2017, and return on sales (ROS) was 12.0 percent, an increase of 10 basis points when compared to the first quarter of 2017. On an adjusted basis, the company reported segment income of $211 million for the first quarter, up 13 percent compared to segment income for the first quarter of 2017, and ROS was 16.6 percent, an increase of 90 basis points when compared to the first quarter of 2017.
Net cash used for operating activities of continuing operations was $167 million and free cash flow usage from continuing operations was $181 million for the quarter. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.
Pentair paid dividends of $0.35 per share in the first quarter of 2018. Pentair previously announced on December 5, 2017 that its Board of Directors approved a 1 percent increase in the companys regular cash dividend rate for the first quarter of 2018 to $0.35 from $0.345. 2018 marks the 42nd consecutive year that Pentair has increased its dividend.
Pentair started 2018 building additional momentum on core sales growth in both the Water and Electrical segments, said Randall J. Hogan, Pentair Chairman and Chief Executive Officer. In addition to improved core sales growth, both businesses delivered strong income growth and margin expansion. We believe the imminent separation into two industry-leading pure-play Water and Electrical companies will enhance shareholder value and allow both companies to focus on their independent strategies and better control their own destinies.
The following information was filed by Nvent Electric Plc (NVT) on Thursday, April 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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