Pentair plc Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year of 2017
January 31, 2017 at 07:06 am
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Pentair plc announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income of $131.0 million or $0.71 per diluted share on net sales of $1,188.1 million compared to net loss of $453.3 million or $2.52 per diluted share on net sales of $1,289.0 million reported in the same period last year. Operating income was $161.8 million against $171.7 million reported last year. Income from continuing operations before income taxes was $125.3 million against $134.3 million reported last year. Net income from continuing operations was $109.6 million or $0.60 per diluted share against $104.0 million or $0.58 per diluted share reported last year.
For the year, the company reported net income of $522.2 million or $2.85 per diluted share on net sales of $4,890.0 million compared to net loss of $76.4 million or $0.42 per diluted share on net sales of $4,616.4 million reported in the same period last year. Operating income was $700.7 million against $616.1 million reported last year. Income from continuing operations before income taxes was $561.0 million against $512.5 million reported last year. Net income from continuing operations was $451.6 million or $2.47 per diluted share against $397.1 million or $2.17 per diluted share reported last year. Net cash provided by operating activities was $861.4 million against $739.3 million reported last year. Capital expenditures were $117.8 million against $91.3 million reported last year.
The company introduces its 2017 GAAP EPS guidance to a range of $3.03 to $3.13 and on an adjusted basis to a range of $3.45 to $3.55. The company anticipates full year 2017 sales of $4.7 billion, or down approximately 3% on a reported basis and down approximately 3% on a core basis. The company expects to deliver full year free cash flow of approximately 100% of adjusted net income.
In addition, the company introduced first quarter 2017 GAAP EPS guidance of approximately $0.50 and on an adjusted basis approximately $0.61, approximately flat on an adjusted basis versus the same quarter last year. The company expects first quarter revenue to be approximately $1.14 billion, which would be down approximately 4% on a reported and core basis compared to first quarter 2016 revenue.
Pentair plc is focused on sustainable water solutions. The Company operates through three segments: Flow, Water Solutions, and Pool. Its solutions include Residential Solutions, Commercial Solutions, Industrial Solutions, Municipal Solutions, and Agricultural Solutions. Residential Solutions include pool & spa equipment, water softening & filtration, water supply & disposal. Its Commercial Solutions include commercial filtration & foodservice, commercial heating, ventilation, and air conditioning (HVAC) & water supply, commercial pool & spa equipment, fire protection, marine, high-pressure applications, recreational vehicle (RV), and turf management & pest control. Industrial Solutions include brewery production, dairy & food production, fire protection, HVAC & water supply, industrial filtration, industrial spraying, industrial wastewater, oil & gas, and pressure cleaning & sanitation. Agricultural Solutions include agricultural irrigation, and agricultural spraying.
Pentair plc Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year of 2017