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Pentair Reports First Quarter 2013 Results

                  Pentair Reports First Quarter 2013 Results

- First quarter adjusted EPS of $0.58 per share and sales of $1.8 billion.

- The company raises synergy expectations to $100 million for 2013.

- Integration, standardization, and repositioning activities continue to gain
momentum.

- The company reaffirms 2013 adjusted EPS guidance of $3.10-$3.30.

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

PR Newswire

SCHAFFHAUSEN, Switzerland, April 23, 2013

SCHAFFHAUSEN, Switzerland, April 23, 2013 /PRNewswire/ -- Pentair Ltd. (NYSE:
PNR) today announced first quarter 2013 sales of $1.8 billion. Sales were
flat compared to pro forma sales for the same period last year excluding the
unfavorable impact from foreign exchange. Adjusted first quarter 2013
earnings per diluted share ("EPS") were $0.58, up 7 percent from adjusted pro
forma EPS of $0.54 in the first quarter of last year. On a GAAP basis, the
company reported EPS of $0.25 compared to EPS of $0.62 in the first quarter
last year. Adjusted EPS and operating income exclude acquisition-related
expenses, repositioning costs, gain on sale of business, and certain tax
items.

(Logo: http://photos.prnewswire.com/prnh/20120307/CG65728LOGO)

First quarter 2013 adjusted operating income was $179 million, up 4 percent
compared to adjusted pro forma operating income for first quarter 2012, and
adjusted operating margins were 10.1 percent, an expansion of 40 basis points
when compared to adjusted pro forma 2012 operating margins. On a GAAP basis,
the company reported operating income of $74 million.

Free cash flow in the quarter was a usage of $29 million, reflecting normal
seasonality and timing of cash flows. The company expects to deliver full
year free cash flow greater than 100 percent of net income.

The quarterly dividend effective for the first and second quarters of 2013 is
$0.23 per share per quarter. The company is seeking authorization from its
shareholders at its 2013 annual general meeting of shareholders to increase
the dividend to $0.25 per share per quarter for each of the third and fourth
quarters of 2013 and the first and second quarters of 2014. If approved by
shareholders, the 2013 dividend increase will mark the 37^th consecutive year
in which Pentair has increased its dividend.

"We continue to see signs of a North American residential recovery and global
energy remains strong, while infrastructure and industrial markets continue to
be mixed," said Randall J. Hogan, Pentair chairman and chief executive
officer. "Despite these varied market conditions, Pentair delivered another
quarter of strong operating performance led by pricing and productivity, which
demonstrates the power of the Pentair Integrated Management System, in
addition to the benefits of integration and standardization synergies which
are beginning to read through."

First Quarter Business Highlights
All year over year comparisons against 2012 adjusted results on a pro forma
basis for the Flow Control acquisition. See attached reconciliations of these
Non-GAAP measures.

Water & Fluid Solutions first quarter sales grew to $782 million, up 5 percent
versus the prior year quarter, excluding a 1 percent unfavorable impact from
foreign exchange. In fast growth regions, Water & Fluid Solutions sales grew
18 percent driven by strength in Latin America and the Middle East.

  oResidential & Commercial sales, which accounted for roughly 45 percent of
    Water & Fluid Solution revenue, grew 10 percent. The North American
    residential business continued to show signs of a recovery, which more
    than offset ongoing declines in western Europe.
  oInfrastructure sales, which includes the former Flow Control WES business,
    and which accounted for roughly 20 percent of Water & Fluid Solutions
    revenue, were down 12 percent. North America backlog grew once again, but
    Europe remains challenged.
  oFood & Beverage sales, which accounted for nearly 20 percent of Water &
    Fluid Solutions revenue, grew 17 percent. Agriculture once again showed
    strong double-digit gains and Beverage projects that were delayed last
    quarter were shipped.

Water & Fluid Solutions first quarter adjusted operating income of $83 million
represented a 14 percent increase as compared to $73 million in the same
period last year. Adjusted operating margins increased by 90 basis points to
10.6 percent. Price and productivity more than offset inflation in the
quarter. Including repositioning and other charges, Water & Fluid Solutions
reported a GAAP operating income of $75 million.

Valves & Controls delivered first quarter 2013 sales of $586 million, down 3
percent versus the prior year quarter excluding a 1 percent unfavorable impact
from foreign exchange. Backlog increased 1 percent to $1.4 billion compared
to fourth quarter 2012.

  oEnergy sales, which accounted for roughly 60 percent of Valves & Controls
    revenue, declined 3 percent. Sales to the oil & gas and mining industries
    both grew 2 percent while sales to the power industry declined 6 percent.
  oIndustrial sales, which accounted for roughly 40 percent of Valves &
    Controls revenue, declined 9 percent on continued weakness in Asia.

Valves & Controls delivered first quarter adjusted operating income of $59
million, down 2 percent compared to $61 million in the same quarter last
year. First quarter 2013 adjusted operating margins increased 10 basis points
to 10.1 percent. Price and productivity more than offset inflation during the
quarter. Including inventory step-up and customer backlog, repositioning and
other charges, Valves & Controls reported a GAAP operating loss of $19 million
in the first quarter.

Technical Solutions delivered first quarter 2013 sales of $410 million, down 2
percent versus the prior year quarter excluding a 1 percent unfavorable impact
of foreign exchange.

  oIndustrial sales, which accounted for roughly 45 percent of Technical
    Solutions revenue, declined 3 percent.
  oEnergy sales, which accounted for roughly 25 percent of Technical
    Solutions revenue, grew 3 percent.
  oResidential & Commercial sales, which accounted for roughly 10 percent of
    Technical Solutions revenue, grew 3 percent.

Technical Solutions delivered first quarter adjusted operating income of $70
million, up 13 percent compared to $62 million in the same quarter last year.
First quarter 2013 adjusted operating margins increased 230 basis points to
17.0 percent. Pricing and productivity gains driven by a better mix of
standard products more than offset material and labor inflation. Including
inventory step-up and customer backlog, repositioning and other charges,
Technical Solutions' first quarter reported GAAP operating income was $53
million.

Outlook

Pentair continues to expect full year 2013 adjusted EPS to be between $3.10
and $3.30, which represents an increase of approximately 22 to 30 percent from
2012 adjusted pro forma EPS of $2.54. The company anticipates full year 2013
sales to approximate $7.6 billion, or up approximately 3 to 5 percent over
2012 adjusted pro forma sales. The company expects to generate free cash flow
in excess of 100 percent of net income once again.

"As the company enters its seasonally strongest quarters, we are seeing signs
of top line acceleration," further commented Hogan. "Based on our early
success in integration and standardization, we have raised our targets on 2013
synergies, and margins in our core business should continue to expand."

Pentair is initiating second quarter 2013 adjusted EPS guidance of $0.88 to
$0.91. This compares to second quarter 2012 adjusted pro forma EPS of $0.77
and reported GAAP EPS of $0.72. The company expects second quarter 2013
revenue to be approximately $1.9 billion, which is up slightly compared to
second quarter 2012 adjusted pro forma revenue and up significantly versus
historical second quarter 2012 revenue of $942 million. Synergies driven by
repositioning actions and functional standardization efforts are on track to
deliver $100 million for the full year of 2013 and are expected to ramp to $35
million by fourth quarter 2013.

Earnings Conference Call
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L.
Stauch will discuss the company's performance and first quarter 2013 results
on a two-way 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 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 successfully integrate Pentair, Inc. and the Flow Control business and
achieve expected benefits from the Merger; 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 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 Item 1A of our
Quarterly Report on Form 10-Q for the quarter ended March 30, 2013, and our
2012 Annual Report on Form 10-K. All forward-looking statements speak only as
of the date of this communication. Pentair Ltd. assumes no obligation, and
disclaims any obligation, to update the information contained in this
communication.

About Pentair Ltd.
Pentair Ltd. (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 pro forma revenues of $7.3
billion, Pentair employs more than 30,000 people worldwide.

Pentair Contacts:
Investors:
Jim Lucas, Vice President of Investor Relations
Direct: 763-656-5575
Email: jim.lucas@pentair.com

Media:
Betsy Day, Corporate Communications Manager
Direct: 763-656-5537
Email: betsy.day@pentair.com





Pentair Ltd. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
                                                       Three months ended
                                                       March 30, March 31,
In millions, except per-share data                     2013      2012
Net sales                                              $  1,774  $  858
Cost of goods sold                                        1,250     577
Gross profit                                              524       281
% of net sales                                            29.5%     32.7%
Selling, general and administrative                       416       174
% of net sales                                            23.4%     20.3%
Research and development                                  34        21
% of net sales                                            1.9%      2.4%
Operating income                                          74        86
% of net sales                                            4.2%      10.0%
Other (income) expense:
Equity income of unconsolidated subsidiaries              —         (2)
Gain on sale of business                                  (17)      —
Net interest expense                                      17        15
% of net sales                                            1.0%      1.7%
Income before income taxes and noncontrolling interest    74        73
Provision for income taxes                                21        10
effective tax rate                                        28.4%     13.7%
Net income before noncontrolling interest                 53        63
Noncontrolling interest                                  1         1
Net income attributable to Pentair Ltd.                $  52     $  62
Earnings per common share attributable to Pentair Ltd.
Basic                                                  $  0.25   $  0.63
Diluted                                                $  0.25   $  0.62
Weighted average common shares outstanding
Basic                                                     204.8     98.6
Diluted                                                   208.2     100.4
Cash dividends paid per common share                   $  0.23   $  0.22



Pentair Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
                                                        March 30, December 31,
In millions                                             2013      2012
Assets
Current assets
Cash and cash equivalents                               $  215    $   261
Accounts and notes receivable, net                         1,404      1,295
Inventories                                                1,327      1,379
Other current assets                                       344        324
Total current assets                                       3,290      3,259
Property, plant and equipment, net                         1,222      1,224
Other assets
Goodwill                                                   4,867      4,895
Intangibles, net                                           1,859      1,910
Other non-current assets                                   483        487
Total other assets                                         7,209      7,292
Total assets                                            $  11,721 $   11,775
Liabilities and Equity
Current liabilities
Current maturities of long-term debt                    $  6      $   3
Accounts payable                                           580        570
Employee compensation and benefits                         264        294
Other current liabilities                                  633        672
Total current liabilities                                  1,483      1,539
Other liabilities
Long-term debt                                             2,592      2,454
Pension and other post-retirement compensation and         370        378
benefits
Deferred tax liabilities                                   481        488
Other non-current liabilities                              452        437
Total liabilities                                          5,378      5,296
Equity                                                     6,343      6,479
Total liabilities and equity                            $  11,721 $   11,775



Pentair Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
                                                           Three months ended
                                                           March 30, March 31,
In millions                                                2013      2012
Operating activities
Net income before noncontrolling interest                  $  53     $  63
Adjustments to reconcile net income before noncontrolling
interest to net cash provided by (used for) operating
activities
Equity income of unconsolidated subsidiaries                  —         (2)
Depreciation                                                  38        16
Amortization                                                  42        10
Deferred income taxes                                         2         —
Gain on sale of business                                      (17)      —
Share-based compensation                                      10        5
Excess tax benefits from share-based compensation             —         (1)
Gain on sale of assets                                        —         (1)
Changes in assets and liabilities, net of effects of
business acquisitions
      Accounts and notes receivable                           (129)     (100)
      Inventories                                             29        (20)
      Other current assets                                    (22)      3
      Accounts payable                                        21        (4)
      Employee compensation and benefits                      (24)      (24)
      Other current liabilities                               9         15
      Other non-current assets and liabilities                8         (28)
      Net cash provided by (used for) operating activities    20        (68)
Investing activities
Capital expenditures                                          (50)      (16)
Proceeds from sale of property and equipment                  1         2
Proceeds from sale of business, net                           30        —
Other                                                         —         (3)
               Net cash provided by (used      (19)      (17)
               for) investing activities
Financing activities
Net receipts of short-term borrowings                        3         15
Net receipts of commercial paper and revolving long-term      140       102
debt
Repayments of long-term debt                                  (2)       (13)
Debt issuance costs                                           (1)       —
Excess tax benefits from share-based compensation             —         1
Shares issued to employees, net of shares withheld            11        7
Repurchases of common shares                                  (140)     —
Dividends paid                                                (47)      (22)
Distribution to noncontrolling interest                       (2)       —
      Net cash provided by (used for) financing activities    (38)      90
Effect of exchange rate changes on cash and cash              (9)       —
equivalents
Change in cash and cash equivalents                           (46)      5
Cash and cash equivalents, beginning of year                  261       50
Cash and cash equivalents, end of year                     $  215    $  55
Free cash flow
Net cash provided by (used for) operating activities       $  20     $  (68)
Capital expenditures                                          (50)      (16)
Proceeds from sale of property and equipment                  1         2
Free cash flow                                             $  (29)   $  (82)



Pentair Ltd. and Subsidiaries
Supplemental Financial Information by Reportable Segment (Unaudited)
                                           First Quarter First Quarter
In millions                                2013          2012
Net sales
Water & Fluid Solutions                    $    782      $    587
Valves & Controls                               586           —
Technical Solutions                             410           273
Other                                           (4)           (2)
Consolidated                               $    1,774    $    858
Operating income (loss)
Water & Fluid Solutions                    $    75       $    64
Valves & Controls                               (19)          —
Technical Solutions                             53            50
Other                                           (35)          (28)
Consolidated                               $    74       $    86
Operating income as a percent of net sales
Water & Fluid Solutions                         9.6%          10.9%
Valves & Controls                               (3.2%)        —
Technical Solutions                             13.0%         18.3%
Consolidated                                    4.2%          10.0%



Pentair Ltd. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ended December 31, 2013 to the
"Adjusted" non-GAAP
excluding the effect of 2013 adjustments (Unaudited)
                       First   Forecast                 Forecast
                       Quarter
                               Second Quarter           Year
In millions, except    2013    2013                     2013
per-share data
Total Pentair
                       $     approx 
Net sales                    $1,900                  approx $7,600
                       1,774
Operating income - as           approx  
reported               74      257                     approx
                                                        837
 % of net sales      4.2%                  
                               approx 13.5%   approx 11.0%
Adjustments:
 Inventory step-up                               
and customer backlog   77      approx   approx
                               8                       85
 Restructuring                                       
and other              28      —                        approx
                                                        28
Operating income - as           approx  
adjusted               179     265                     approx
                                                        950
 % of net sales      10.1%                 
                               approx 13.6%    approx 12.5%
Net income                                              
attributable to        52       approx  approx
Pentair Ltd. - as              179                     581
reported
 Gain on sale of    (12)    —                         approx
business, net of tax                                    (12)
 Adjustments,                                    
net of tax             80      approx   approx
                               6                       86
Net income from
attributable
 to Pentair Ltd.             approx  
- as adjusted          120     185                     approx
                                                        655
Earnings per common share
attributable to Pentair Ltd. -
diluted
Diluted earnings per   $   
common share - as           $0.85-$0.88            $2.74-$2.94
reported               0.25
Adjustments            0.33    0.03                     0.36
Diluted earnings per   $   
common share - as           $0.88-$0.91            $3.10-$3.30
adjusted               0.58



Pentair Ltd. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ended December 31, 2013 to the
"Adjusted" non-GAAP
excluding the effect of 2013 adjustments (Unaudited)
                            Forecast                  Forecast
                    First   Second Quarter            Year
                    Quarter
In millions         2013    2013                      2013
Water & Fluid
Solutions
Net sales           $ 782                   approx
                            approx $940    $3,412
Operating income -  75       approx    approx
as reported                 147                      442
 % of net sales   9.6%                   
                            approx 15.6%     approx 13.0%
Adjustments:
                                                      
 Restructuring   7       —                         approx
                                                      7
 Inventory                                         
step-up and         1       —                         approx
customer backlog                                      1
Operating income -  83       approx    approx
as adjusted                 147                      450
 % of net sales   10.6%                  
                            approx 15.6%     approx 13.2%
Valves & Controls
Net sales           $ 586                    approx
                            approx $635    $2,463
Operating income             approx  approx
(loss) - as         (19)    75                       206
reported
 % of net sales   (3.2%)                 
                            approx 11.8%     approx 8.4%
Adjustments:
                                                      
 Restructuring   8       —                         approx
                                                      8
 Inventory                                     
step-up and         70      approx 8 approx 78
customer backlog
Operating income -  59       approx  approx
as adjusted                 83                       292
 % of net sales   10.1%                   
                            approx 13.1%    approx 11.9%
Technical Solutions
Net sales           $ 410                   approx
                            approx $409    $1,715
Operating income -  53       approx  approx
as reported                 71                       310
 % of net sales   13.0%                  
                            approx 17.4%     approx 18.1%
Adjustments:
 Restructuring   11      —                         
                                                      approx 11
 Inventory                                         
step-up and         6       —                         approx
customer backlog                                      6
Operating income -  70       approx  approx
as adjusted                 71                       327
 % of net sales   17.0%                  
                            approx 17.4%     approx 19.1%



Pentair Ltd. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ended December 31, 2012 to the
"Adjusted" non-GAAP
excluding the effect of 2012 adjustments (Unaudited)
                                   First   Second    Third   Fourth  Year
                                   Quarter Quarter   Quarter Quarter
In millions, except per-share data 2012    2012      2012    2012    2012
Total Pentair
Net sales                          $    $     $    $     $ 4,416
                                   858     942       865     1,751
Operating income (loss) - as       86      119       55      (304)   (44)
reported
 % of net sales                  10.1%   12.7%     6.4%    (17.4%) (1.0%)
Adjustments:
 Deal related costs and         11      7         53      12      83
expenses
 Inventory step-up and customer —       —         —       180     180
backlog
 Restructuring                  —       10        1       55      66
 Trade name impairment          —       —         —       61      61
 Change in accounting method -  (1)     (1)       (1)     145     142
pension and post-retirement
Operating income - as adjusted     96      135       108     149     488
 % of net sales                  11.2%   14.3%     12.4%   8.5%    11.1%
Net income (loss) attributable to  62      73        31      (273)   (107)
Pentair Ltd. - as reported
 Bond redemption and interest   (1)     —         2       52      53
expense
 Adjustments, net of tax        3       11        32      321     367
Net income from
attributable
 to Pentair Ltd. - as           64      84        65      100     313
adjusted
Earnings per common share attributable to
Pentair Ltd. - diluted
Diluted earnings (loss) per common $    $     $     $     $ (0.84)
share - as reported                0.62    0.72      0.31   (1.31)
Adjustments                        0.02    0.11      0.33    1.78    3.23
Diluted earnings per common share  $    $     $     $    $  2.39
- as adjusted                      0.64    0.83      0.64   0.47



Pentair Ltd. and Subsidiaries
Reconciliation of the GAAP "As Reported" year ended December 31, 2012 to the
"Adjusted" non-GAAP
excluding the effect of 2012 adjustments (Unaudited)
                         First        Second      Third     Fourth     Year
                         Quarter      Quarter     Quarter   Quarter
In millions              2012         2012        2012      2012       2012
Water & Fluid Solutions
Net sales                $        $      $      $   772  $ 2,639
                         587          675         605
Operating income (loss)  64           $      $     $   (57) $ 168.0
- as reported                          92        69
 % of net sales        10.9%        13.6%       11.4%     (7.4%)     6.4%
Adjustments:
 Restructuring        —            7           1         43         51
 Inventory step-up    —            —           —         23         23
and customer backlog
 Trade name           —            —           —         49         49
impairment
Operating income - as    64           99          70        58         291
adjusted
 % of net sales        10.9%        14.8%       11.6%     7.5%       11.0%
Valves & Controls
Net sales                $     —  $      $     $   549  $ 549
                                       —         —
Operating income (loss)  —            —           —         (77)       (77)
- as reported
 % of net sales        0.0%         0.0%        0.0%      (14.0%)    (14.0%)
Adjustments:
 Restructuring        —            —           —         5          5
 Inventory step-up    —            —           —         114        114
and customer backlog
Operating income - as    —            —           —         42         42
adjusted
 % of net sales        0.0%         0.0%        0.0%      7.6%       7.6%
Technical Solutions
Net sales                $    273  $       $      $   434  $ 1,236
                                      268        261
Operating income - as    51           51          52        11         165
reported
 % of net sales        18.5%        18.8%       20.0%     2.7%       13.3%
Adjustments:
 Restructuring        —            3           —         10         13
 Inventory step-up    —            —           —         43         43
and customer backlog
 Trade name           —            —           —         11         11
impairment
Operating income - as    51           54          52        75         232
adjusted
 % of net sales        18.5%        20.1%       20.0%     17.2%      18.9%



Pro Forma Reconciliation
                         Pro Forma Adjustments
2012 Total
Pentair     Historical   Historical     Depreciation & Other         Adjusted
(in         Adjusted     Flow Control   Amortization   Adjustments   Pro Forma
millions,   Results      Acquisition                                 Results
except EPS)
First
Quarter
Sales       $    858 $        $        $       $    
                          996           —           (74)           1,780
Operating   97           125            (17)           (32)          172
Income
Net Income  64           94             (13)           (28)          117
Diluted EPS 0.64         0.44           (0.06)         (0.48)        0.54
Second
Quarter
Sales       942          981            —              (33)          1,889
Operating   135          144            (17)           (24)          237
Income
Net Income  84           108            (13)           (14)          164
Diluted EPS 0.83         0.50           (0.06)         (0.50)        0.77
Third
Quarter
Sales       866          1,020          —              (16)          1,869
Operating   108          120            (17)           6             216
Income
Net Income  66           90             (13)           6             149
Diluted EPS 0.64         0.42           (0.06)         (0.31)        0.69
Fourth
Quarter
Sales       1,751        —              —              (7)           1,744
Operating   150          —              —              17            166
Income
Net Income  100          —              —              13            112
Diluted EPS 0.47         —              —              0.06          0.53
Full Year
Sales       4,416        2,997          —              (130)         7,282
Operating   489          388            (52)           (34)          791
Income
Net Income  313          291            (39)           (23)          542
Diluted EPS 2.39         1.36           (0.18)         (1.03)        2.54

Note: "Other adjustments represent the elimination of certain large projects
and sales to sanctioned countries (which were terminated prior to the
completion of the Flow Control acquisition), changes in corporate allocation
assumptions, income taxes and share count.



Pro Forma Reconciliation
                            Pro Forma Adjustments
2012 Water &     Historical Historical                               Adjusted
Fluid Solutions  Adjusted   Flow Control  Depreciation & Other       Pro Forma
Segment          Results    Acquisition   Amortization   Adjustments Results
(in millions)
First Quarter
Sales            $   587 $       $        $      $  750
                             163            —          —
Operating Income 64         11            —              (2)         73
Second Quarter
Sales            675        202           —              —           877
Operating Income 99         24            —              (2)         121
Third Quarter
Sales            605        202           —              —           808
Operating Income 70         15            —              1           86
Fourth Quarter
Sales            772        —             —              —           772
Operating Income 58         —             —              14          72
Full Year
Sales            2,639      568           —              —           3,207
Operating Income 291        50            —              11          352

Note: "Other" adjustments represent changes in corporate allocation
assumptions



Pro Forma Reconciliation
                         Pro Forma Adjustments
2012 Valves
& Controls   Historical  Historical Flow  Depreciation & Other       Adjusted
Segment      Adjusted    Control          Amortization   Adjustments Pro Forma
(in          Results     Acquisition                                 Results
millions)
First
Quarter
Sales        $     — $         $        $      $    
                         621               —            (13)        609
Operating    —           84               (12)           (11)        61
Income
Second
Quarter
Sales        —           602              —              (5)         597
Operating    —           93               (12)           (10)        71
Income
Third
Quarter
Sales        —           630              —              (10)        620
Operating    —           71               (13)           11          70
Income
Fourth
Quarter
Sales        549         —                —              —           549
Operating    42          —                —              —           42
Income
Full Year
Sales        549         1,853            —              (27)        2,375
Operating    42          248              (37)           (9)         244
Income

Note: "Other adjustments represent the elimination of sales to sanctioned
countries (which were terminated prior to the completion of the Flow Control
acquisition), and changes in corporate allocationassumptions.



Pro Forma Reconciliation
                         Pro Forma Adjustments
2012
Technical   Historical   Historical Flow                             Adjusted
Solutions   Adjusted     Control          Depreciation & Other       Pro Forma
Segment     Results      Acquisition      Amortization   Adjustments Results
(in
millions)
First
Quarter
Sales       $   273   $         $        $      $    
                         211               —            (61)         423
Operating   51           36               (5)            (20)        62
Income
Second
Quarter
Sales       268          176              —              (28)        416
Operating   54           28               (5)            (12)        65
Income
Third
Quarter
Sales       261          188              —              (7)         443
Operating   52           39               (5)            (6)         80
Income
Fourth
Quarter
Sales       434          —                —              (7)         427
Operating   75           —                —              2           77
Income
Full Year
Sales       1,236        575              —              (103)       1,708
Operating   232          103              (14)           (37)        284
Income

Note: "Other" adjustments represent the elimination of certain large projects
and changes in corporate allocation assumptions

SOURCE Pentair

Website: http://www.pentair.com
 
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