Pentair Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $1,916.7 million compared to $1,750.9 million a year ago. Operating income was $233.8 million compared to operating loss of $304.1 million a year ago. Income before income taxes and non-controlling interest was $220.4 million compared to loss before income taxes and non-controlling interest of $397.8 million a year ago. Net income attributable to the company was $158.2 million or $0.78 per diluted share compared to net loss attributable to the company of $273.1 million or $1.31 per diluted share a year ago. Operating income as adjusted was $248.6 million compared to $149.7 million a year ago. Net income attributable to the company as adjusted was $174.0 million or $0.86 per diluted share compared to $99.7 million or $0.47 per diluted share a year ago. Free cash flow was $244 million.

For the year, the company reported net sales of $7,479.7 million compared to $4,416.1 million a year ago. Operating income was $774.0 million compared to operating loss of $43.1 million a year ago. Income before income taxes and non-controlling interest was $726.4 million compared to loss before income taxes and non-controlling interest of $184.0 million a year ago. Net income attributable to the company was $536.8 million or $2.62 per diluted share compared to net loss attributable to the company of $107.2 million or $0.84 per diluted share a year ago. Net cash provided by operating activities was $915.3 million compared to $68.0 million a year ago. Capital expenditures were $170.0 million compared to $94.5 million a year ago. Operating income as adjusted was $944.2 million compared to $488.5 million a year ago. Net income attributable to the company as adjusted was $657.1 million or $3.21 per diluted share compared to $312.8 million or $2.39 per diluted share a year ago. Free cash flow was $751 million.

For the quarter, the company announced impairment on trade names of $11.0 million compared to $60.7 million a year ago.

The company affirmed its full year 2014 EPS outlook of $3.85 - $4.00. On an adjusted basis, this would represent an increase of 22% over 2013 adjusted EPS of $3.21. The company anticipates full year 2014 sales of $7.7 billion, or up approximately 3% to 5% over 2013 sales. The company expects to generate free cash flow in excess of 105% of net income in 2014.

In addition, the company introduced first quarter 2014 EPS guidance of $0.70 - $0.73, up approximately 23% on an adjusted basis versus the same quarter last year's adjusted EPS. The company expects first quarter revenue to be approximately $1.8 billion, which is up slightly compared to first quarter 2013 revenue. The company is expecting adjusted operating income to grow nearly 15% and adjusted operating margins to expand 140 basis points to approximately 11.5%. Free cash flow is historically a usage in the first quarter, inline with what the company has seen in the past. The company expecting the tax rate to be roughly 23.5%.