Pentair plc (NYSE:PNR) is hosting its 2021 Virtual Investor Day
today at 9:00 a.m. Eastern Daylight Time (EDT) where John L.
Stauch, Pentair President and Chief Executive Officer, and other
members of Pentair’s senior management team will discuss the
company’s strategies to achieve sustainable, long term growth.
The company is updating its second quarter 2021 GAAP EPS from
continuing operations guidance to approximately $0.71 to $0.76 and
on an adjusted EPS basis of approximately $0.75 to $0.80. The
company expects second quarter sales to be up approximately 25 to
29 percent on a reported basis compared to the second quarter of
2020. The company updates second quarter segment income guidance to
be up approximately 22 to 30 percent.
Further, the company is updating its estimated 2021 GAAP EPS
from continuing operations to approximately $2.95 to $3.05 and on
an adjusted EPS basis of approximately $3.10 to $3.20. The company
updates full year 2021 sales guidance to be up approximately 17 to
19 percent on a reported basis. The company updates full year 2021
segment income guidance to be up approximately 21 to 25
percent.
Registration and access to the live Virtual Investor Day webcast
can be found in the “Investor Relations” section of the company's
website (www.pentair.com). A question and answer session will
follow the presentation and can be accessed through the webcast. A
replay of the event will be made accessible shortly after
completion of the event. Presentation materials will be made
accessible shortly before the event begins and will be archived on
the company’s website following the conclusion of the
presentation.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This 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,” “could,” “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
overall impact of the COVID-19 pandemic on our business; the
duration and severity of the COVID-19 pandemic, the impact of virus
variants and the rate of vaccinations; actions that may be taken by
us, other businesses and governments to address or otherwise
mitigate the impact of the COVID-19 pandemic, including those that
may impact our ability to operate our facilities, meet production
demands, and deliver products to our customers; the negative
impacts of the COVID-19 pandemic on the global economy, our
customers and suppliers, and customer demand; overall global
economic and business conditions impacting our business, including
the strength of housing and related markets; demand, competition
and pricing pressures in the markets we serve; volatility in
currency exchange rates; failure of markets to accept new product
introductions and enhancements; the ability to successfully
identify, finance, complete and integrate acquisitions; the ability
to achieve the benefits of our restructuring plans and cost
reduction initiatives; risks associated with operating foreign
businesses; the impact of material cost and other inflation; the
impact of seasonality of sales and weather conditions; our ability
to comply with laws and regulations; the impact of changes in laws,
regulations and administrative policy, including those that limit
U.S. tax benefits or impact trade agreements and tariffs; 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 Securities and Exchange Commission, including our
Annual Report on Form 10-K for the year ended December 31, 2020 and
our Quarterly Reports on Form 10-Q. All forward-looking statements
speak only as of the date of this release. Pentair plc assumes no
obligation, and disclaims any obligation, to update the information
contained in this release.
ABOUT PENTAIR PLC
Pentair makes the most of life’s essential resources. From our
residential and business solutions that help people move, improve
and enjoy their water, to our sustainable innovations and
applications, we deliver smart, sustainable solutions for life.
Pentair had revenue in 2020 of $3 billion, and trades under the
ticker symbol PNR. With approximately 9,750 global employees
serving customers in more than 150 countries, we work to help
improve lives and the environment around the world. To learn more,
visit www.pentair.com.
Pentair plc and
Subsidiaries
Reconciliation of GAAP to
non-GAAP financial measures for the year ending December 31, 2021
excluding the effect of adjustments
(Unaudited)
Actual
Forecast
In millions, except per-share data
First Quarter
Second Quarter
Full Year
Net sales
$
865.9
approx
Up 25% - 29%
approx
Up 17% - 19%
Operating income
157.1
% of net sales
18.1
%
Adjustments:
Restructuring and other
1.5
approx
$
—
approx
$
2
Intangible amortization
7.1
approx
6
approx
$
24
COVID-19 related costs expenses
0.2
approx
—
approx
$
—
Legal accrual adjustments
(2.4
)
approx
—
approx
$
(2
)
Deal-related costs and expenses
0.7
approx
—
approx
$
1
Equity income of unconsolidated
subsidiaries
0.2
approx
1
approx
$
3
Segment income
164.4
approx
Up 22% - 30%
approx
Up 21% - 25%
Return on sales
19.0
%
Net income from continuing operations—as
reported
131.1
approx
$118 - $126
approx
$494 - $511
Adjustments to operating income
7.1
approx
6
approx
25
Income tax adjustments
(2.4
)
approx
1
approx
1
Net income from continuing operations—as
adjusted
$
135.8
approx
$125 - $133
approx
$520 - $537
Continuing earnings per ordinary
share—diluted
Diluted earnings per ordinary share—as
reported
$
0.78
approx
$0.71 - $0.76
approx
$2.95 - $3.05
Adjustments
0.03
approx
0.04
approx
0.15
Diluted earnings per ordinary share—as
adjusted
$
0.81
approx
$0.75 - $0.80
approx
$3.10 - $3.20
Pentair plc and
Subsidiaries
Reconciliation of GAAP to
non-GAAP financial measures for the year ended December 31,
2020 excluding the effect of adjustments
(Unaudited)
In millions, except per-share data
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
Net sales
$
710.0
$
713.3
$
798.5
$
796.0
$
3,017.8
Operating income
100.7
111.1
128.1
121.5
461.4
% of net sales
14.2
%
15.6
%
16.0
%
15.3
%
15.3
%
Adjustments:
Restructuring and other
2.4
1.1
2.1
9.8
15.4
Intangible amortization
7.6
7.0
6.9
6.9
28.4
COVID-19 related costs and expenses
0.9
4.8
2.6
2.1
10.4
Deal-related costs and expenses
0.4
—
—
0.2
0.6
Equity (loss) income of unconsolidated
subsidiaries
(0.5
)
0.7
0.8
0.4
1.4
Segment income
111.5
124.7
140.5
140.9
517.6
Return on sales
15.7
%
17.5
%
17.6
%
17.7
%
17.2
%
Net income from continuing operations—as
reported
72.7
73.8
110.8
99.8
357.1
Loss on sale of businesses
—
0.1
—
—
0.1
Pension and other post retirement
mark-to-market loss
—
—
—
6.7
6.7
Other income
—
—
(2.2
)
—
(2.2
)
Adjustments to operating income
11.3
12.9
11.6
19.0
54.8
Income tax adjustments
3.3
11.1
(3.6
)
(8.1
)
2.7
Net income from continuing operations—as
adjusted
$
87.3
$
97.9
$
116.6
$
117.4
$
419.2
Continuing earnings per ordinary
share—diluted
Diluted earnings per ordinary share—as
reported
$
0.43
$
0.44
$
0.66
$
0.60
$
2.13
Adjustments
0.09
0.15
0.04
0.10
0.37
Diluted earnings per ordinary share—as
adjusted
$
0.52
$
0.59
$
0.70
$
0.70
$
2.50
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210610005274/en/
Jim Lucas SVP, Treasurer, FP&A and Investor Relations
Direct: 763-656-5575 Email: jim.lucas@pentair.com
Rebecca Osborn Senior Manager, External Communications Direct:
763-656-5589 Email: rebecca.osborn@pentair.com
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