Document

0000077360-18-000030.txt : 20181023 0000077360-18-000030.hdr.sgml : 20181023 20181023070255 ACCESSION NUMBER: 0000077360-18-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20181023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20181023 DATE AS OF CHANGE: 20181023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENTAIR plc CENTRAL INDEX KEY: 0000077360 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550] IRS NUMBER: 981050812 STATE OF INCORPORATION: L2 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11625 FILM NUMBER: 181133234 BUSINESS ADDRESS: STREET 1: STATION ROAD, LONGSTANTON CITY: CAMBRIDGE STATE: X0 ZIP: CB24 3DS BUSINESS PHONE: 763-545-1730 MAIL ADDRESS: STREET 1: C/O PENTAIR MANAGEMENT COMPANY STREET 2: 5500 WAYZATA BLVD CITY: GOLDEN VALLEY STATE: MN ZIP: 55416 FORMER COMPANY: FORMER CONFORMED NAME: PENTAIR LTD DATE OF NAME CHANGE: 20121003 FORMER COMPANY: FORMER CONFORMED NAME: PENTAIR INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PENTAIR INDUSTRIES INC DATE OF NAME CHANGE: 19790327 8-K 1 a2018q3form8-k.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 23, 2018

Commission file number 001-11625

Pentair plc

(Exact name of Registrant as specified in its charter)




Ireland		98-1141328
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification number)

Station Road, Longstanton, Cambridge, CB24 3DS, United Kingdom

(Address of principal executive offices)

Registrant’s telephone number, including area code: 44-19-5426-2325

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02 Results of Operations and Financial Condition

On October 23, 2018, Pentair plc (the “Company”) issued a press release announcing its earnings for the third quarter of 2018 and a conference call in connection therewith. A copy of the release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

This press release refers to certain non-GAAP financial measures (core sales, segment income, return on sales, adjusted net income from continuing operations, adjusted diluted earnings per share from continuing operations and free cash flow) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in the Company’s financial statements prepared in accordance with generally accepted accounting principles.

The 2018 segment income, return on sales, adjusted net income from continuing operations and adjusted diluted earnings per share from continuing operations (“EPS”) include equity income from unconsolidated subsidiaries and eliminate intangible amortization, certain targeted restructuring activities, corporate allocations, loss on sale of business, interest expense adjustments, pension mark-to-market loss, loss on early extinguishment of debt and certain tax items. The 2017 segment income, return on sales, adjusted net income from continuing operations and adjusted EPS include equity income from unconsolidated subsidiaries and eliminate intangible amortization, certain targeted restructuring activities, corporate allocations, impairments, loss on sale of business, pension and other post-retirement mark-to-market loss, interest expense adjustments, loss on early extinguishment of debt and certain tax items.

We use the term “core sales” to refer to GAAP net sales from continuing operations excluding (1) the impact of currency translation and (2) the impact of revenue from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested product lines not considered discontinued operations (“acquisition sales”). The portion of GAAP net sales attributable to currency translation is calculated as the difference between (a) the period-to-period change in net sales (excluding acquisition sales) and (b) the period-to-period change in net sales (excluding acquisition sales) after applying current period foreign exchange rates to the prior year period. We use the term “core sales growth” to refer to the measure of comparing current period core net sales with the corresponding period of the prior year.

Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of prior periods without the distortion of these factors. The Company believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of the Company’s underlying operations. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

The Company uses free cash flow to assess its cash flow performance. The Company believes free cash flow is an important measure of liquidity because it provides the Company and its investors a measurement of cash generated from operations that is available to pay dividends and repay debt. In addition, free cash flow is used as criterion to measure and pay compensation-based incentives. The Company’s measure of free cash flow may not be comparable to similarly titled measures reported by other companies.

ITEM 9.01 Financial Statements and Exhibits


(a)	Financial Statements of Businesses Acquired

Not applicable.


(b)	Pro Forma Financial Information

Not applicable.


(c)	Shell Company Transactions

Not applicable


(d)	Exhibits

The exhibit listed in the following Exhibit Index is provided as part of the information furnished under Item 2.02 of this Current Report on Form 8-K:

EXHIBIT INDEX



Exhibit		Description
99.1		Pentair plc press release dated October 23, 2018 announcing earnings for the third quarter of 2018

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on October 23, 2018.



	PENTAIR PLC
	Registrant

	By	/s/ Mark C. Borin
		Mark C. Borin
		Executive Vice President and Chief Financial Officer

EX-99.1 2 a2018q3pressrelease.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

News Release

Pentair Reports Third Quarter 2018 Results


•	Third quarter sales of $711 million.


•	Third quarter GAAP EPS of $0.52 and adjusted EPS of $0.54.


•	The company updates its 2018 GAAP EPS from continuing operations guidance to approximately $1.83 and on an adjusted basis to approximately $2.33. This reflects the separation of its Electrical business, on April 30, 2018 and the reporting of Electrical’s results as discontinued operations.

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

LONDON, United Kingdom — October 23, 2018— Pentair plc (NYSE: PNR) today announced third quarter 2018 sales of $711 million. Sales were up 3 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 6 percent in the third quarter. Third quarter 2018 earnings per diluted share from continuing operations (“EPS”) were $0.52 compared to $0.27 in the third quarter of 2017. On an adjusted basis, the company reported EPS of $0.54 compared to $0.49 in the third quarter of 2017. Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.

Third quarter 2018 operating income was $108 million, up 6 percent compared to operating income for the third quarter of 2017, and return on sales (“ROS”) was 15.2 percent, an increase of 40 basis points when compared to the third quarter of 2017. On an adjusted basis, the company reported segment income of $122 million for the third quarter, up 1 percent compared to segment income for the third quarter of 2017, and ROS was 17.1 percent, a decrease of 40 basis points when compared to the third quarter of 2017.

Net cash provided by operating activities of continuing operations was $121 million and free cash flow from continuing operations was $108 million for the quarter.

Pentair paid a regular cash dividend of $0.175 per share in the third quarter of 2018. Pentair previously announced on September 18, 2018 that its Board of Directors approved a regular cash dividend of $0.175 per share for the fourth quarter of 2018. Adjusted for the spin-off of nVent Electric plc, 2018 marks the 42nd consecutive year that Pentair has increased its dividend.

“Pentair delivered another strong operating quarter consistent with expectations, led by 6 percent core growth and double-digit adjusted EPS growth,” said John L. Stauch, Pentair President and Chief Executive Officer. “All three of our segments contributed to the strong top line performance with Aquatic Systems setting a new standard of core growth driven by new product introductions and further penetration of connected products within the five million installed in-ground pools. We generated strong free cash flow, purchased another $100 million of shares, and still have a very healthy balance sheet for potential tuck-in and bolt-on acquisitions aligned with our key growth initiatives of advancing pool growth and accelerating residential and commercial water treatment.”

OUTLOOK

The company updates its estimated 2018 GAAP EPS from continuing operations to approximately $1.83 and on an adjusted EPS basis to approximately $2.33. The company updates its full year 2018 sales guidance to $2.96 billion, up 4 to 5 percent on a reported and core basis, respectively, over 2017. The company is targeting to deliver full year free cash flow of approximately 100 percent of adjusted net income.

In addition, the company introduces fourth quarter 2018 GAAP EPS from continuing operations guidance of approximately $0.55 and on an adjusted EPS basis of approximately $0.59. The company expects fourth quarter sales to be approximately $736 million, up 1 to 2 percent on a reported basis and up 4 to 5 percent on a core basis compared to fourth quarter 2017. This full year and fourth quarter 2018 outlook reflects the separation of the Electrical business on April 30, 2018 and the reporting of Electrical’s results as discontinued operations.

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EARNINGS CONFERENCE CALL

Pentair President and CEO John L. Stauch and Chief Financial Officer Mark C. Borin will discuss the company’s third quarter 2018 results on a two-way conference call with investors at 8:00 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investor Relations 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 presentations, each of which can be found on Pentair’s website. The webcast and presentations will be archived at the company’s website following the conclusion of the event.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This presentation 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 realize the anticipated benefits from the separation of nVent Electric plc from Pentair (the “Separation”); adverse effects on our business operations or financial results and the market price of our shares as a result of the consummation of the Separation; the ability of our business to operate independently following the Separation; overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices, including the impact of tariffs; 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; 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 Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017. All forward-looking statements speak only as of the date of this presentation. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this presentation.

ABOUT PENTAIR PLC

At Pentair, we believe the health of our world depends on reliable access to clean water. We deliver a comprehensive range of smart, sustainable water solutions to homes, business and industry around the world. Our industry leading and proven portfolio of solutions enables our customers to access clean, safe water, reduce water consumption, and recover and reuse it. Whether it’s improving, moving or helping people enjoy water, we help manage the world’s most precious resource.

With approximately 130 locations in 34 countries and 10,000 employees, we believe that the future of water depends on us. Our 2017 revenue was $2.8 billion, and we trade under the ticker symbol PNR. To learn more, visit www.Pentair.com.

PENTAIR CONTACTS:

Jim Lucas Rebecca Osborn

Senior Vice President, Investor Relations and Treasurer Senior Manager, External Communications

Direct: 763-656-5575 Direct: 763-656-5589

Email: jim.lucas@pentair.com Email: rebecca.osborn@pentair.com

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Pentair plc and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)

	Three months ended						Nine months ended
In millions, except per-share data	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Net sales	$	711.4		$	687.6		$	2,224.6		$	2,124.9
Cost of goods sold	467.6			451.1			1,444.9			1,391.1
Gross profit	243.8			236.5			779.7			733.8
% of net sales	34.3		%	34.4		%	35.0		%	34.5		%
Selling, general and administrative	116.3			116.8			399.0			386.2
% of net sales	16.3		%	17.0		%	17.9		%	18.2		%
Research and development	19.1			17.9			57.0			54.7
% of net sales	2.7		%	2.6		%	2.6		%	2.6		%
Operating income	108.4			101.8			323.7			292.9
% of net sales	15.2		%	14.8		%	14.6		%	13.8		%
Other (income) expense:
Loss on sale of business	0.2			3.8			6.4			3.8
Loss on early extinguishment of debt	—			—			17.1			101.4
Other (income) expense	2.1			1.1			(1.7		)	3.2
Net interest expense	4.3			13.9			27.9			74.2
% of net sales	0.6		%	2.0		%	1.3		%	3.5		%
Income from continuing operations before income taxes	101.8			83.0			274.0			110.3
Provision for income taxes	10.6			34.1			46.5			52.1
Effective tax rate	10.4		%	41.1		%	17.0		%	47.2		%
Net income (loss) from continuing operations	91.2			48.9			227.5			58.2
Income from discontinued operations, net of tax	18.9			78.2			27.0			219.8
Gain (loss) from sale of discontinued operations, net of tax	—			(1.7		)	—			198.9
Net income	$	110.1		$	125.4		$	254.5		$	476.9
Earnings per ordinary share
Basic
Continuing operations	$	0.52		$	0.27		$	1.29		$	0.32
Discontinued operations	0.11			0.42			0.15			2.30
Basic earnings per ordinary share	$	0.63		$	0.69		$	1.44		$	2.62
Diluted
Continuing operations	$	0.52		$	0.27		$	1.28		$	0.32
Discontinued operations	0.11			0.41			0.15			2.28
Diluted earnings per ordinary share	$	0.63		$	0.68		$	1.43		$	2.60
Weighted average ordinary shares outstanding
Basic	174.3			181.5			176.8			181.7
Diluted	175.7			183.5			178.5			183.7
Cash dividends paid per ordinary share	$	0.175		$	0.345		$	0.875		$	1.035

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Pentair plc and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)

	September 30, 2018		December 31, 2017
In millions
Assets
Current assets
Cash and cash equivalents	$	64.7	$	86.3
Accounts and notes receivable, net	402.4		483.1
Inventories	387.3		356.9
Other current assets	135.2		114.5
Current assets held for sale	—		708.0
Total current assets	989.6		1,748.8
Property, plant and equipment, net	274.2		279.8
Other assets
Goodwill	2,097.0		2,112.8
Intangibles, net	289.4		321.8
Other non-current assets	159.3		180.9
Non-current assets held for sale	—		3,989.6
Total other assets	2,545.7		6,605.1
Total assets	$	3,809.5	$	8,633.7
Liabilities and Equity
Current liabilities
Accounts payable	$	261.3	$	321.5
Employee compensation and benefits	85.0		115.8
Other current liabilities	361.1		401.3
Current liabilities held for sale	—		360.8
Total current liabilities	707.4		1,199.4
Other liabilities
Long-term debt	798.8		1,440.7
Pension and other post-retirement compensation and benefits	109.8		96.4
Deferred tax liabilities	106.3		108.6
Other non-current liabilities	207.0		213.8
Non-current liabilities held for sale	—		537.0
Total liabilities	1,929.3		3,595.9
Equity	1,880.2		5,037.8
Total liabilities and equity	$	3,809.5	$	8,633.7

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Pentair plc and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine months ended
In millions	September 30, 2018			September 30, 2017
Operating activities
Net income	$	254.5		$	476.9
Income from discontinued operations, net of tax	(27.0		)	(219.8		)
Gain from sale of discontinued operations, net of tax	—			(198.9		)
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Equity income of unconsolidated subsidiaries	(7.1		)	(0.9		)
Depreciation	36.9			38.4
Amortization	27.0			27.2
Deferred income taxes	(4.1		)	(3.0		)
Loss on sale of business	6.4			3.8
Share-based compensation	16.4			32.2
Loss on early extinguishment of debt	17.1			101.4
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	73.5			66.9
Inventories	(36.3		)	(16.0		)
Other current assets	(11.0		)	(12.9		)
Accounts payable	(60.1		)	(61.0		)
Employee compensation and benefits	(25.4		)	(17.3		)
Other current liabilities	27.7			(54.3		)
Other non-current assets and liabilities	10.7			(15.1		)
Net cash provided by (used for) operating activities of continuing operations	299.2			147.6
Net cash provided by (used for) operating activities of discontinued operations	(14.6		)	214.2
Net cash provided by (used for) operating activities	284.6			361.8
Investing activities
Capital expenditures	(33.8		)	(25.4		)
Proceeds from sale of property and equipment	(0.4		)	3.2
(Payments due to) proceeds from the sale of businesses, net	(12.8		)	2,764.0
Acquisitions, net of cash acquired	(0.9		)	(45.9		)
Net cash provided by (used for) investing activities of continuing operations	(47.9		)	2,695.9
Net cash provided by (used for) investing activities of discontinued operations	(7.1		)	(41.3		)
Net cash provided by (used for) investing activities	(55.0		)	2,654.6
Financing activities
Net repayments of short-term borrowings	—			(0.8		)
Net receipts (repayments) of commercial paper and revolving long-term debt	46.0			(842.3		)
Repayments of long-term debt	(675.1		)	(2,009.3		)
Debt issuance costs	(2.0		)	—
Premium paid on early extinguishment of debt	(16.0		)	(94.9		)
Transfer of cash to nVent	(74.2		)	—
Distribution of cash from nVent	993.6			—
Shares issued to employees, net of shares withheld	16.0			34.3
Repurchases of ordinary shares	(400.0		)	(100.0		)
Dividends paid	(156.7		)	(188.9		)
Net cash provided by (used for) financing activities	(268.4		)	(3,201.9		)
Change in held for sale cash	27.0			(5.6		)
Effect of exchange rate changes on cash and cash equivalents	(9.8		)	55.5
Change in cash and cash equivalents	(21.6		)	(135.6		)
Cash and cash equivalents, beginning of period	86.3			216.9
Cash and cash equivalents, end of period	$	64.7		$	81.3

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Pentair plc and Subsidiaries
Reconciliation of the GAAP operating activities cash flow to the non-GAAP free cash flow (Unaudited)

	Nine months ended
In millions	September 30, 2018			September 30, 2017
Net cash provided by (used for) operating activities of continuing operations	$	299.2		$	147.6
Capital expenditures	(33.8		)	(25.4		)
Proceeds from sale of property and equipment	(0.4		)	3.2
Free cash flow from continuing operations	$	265.0		$	125.4
Net cash provided by (used for) operating activities of discontinued operations	(14.6		)	214.2
Capital expenditures of discontinued operations	(7.4		)	(31.9		)
Proceeds from sale of property and equipment of discontinued operations	2.3			4.2
Free cash flow	$	245.3		$	311.9

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Pentair plc and Subsidiaries
Supplemental Financial Information by Reportable Segment (Unaudited)

	2018
In millions	First Quarter			Second Quarter			Third Quarter			Nine Months
Net sales
Aquatic Systems	$	240.4		$	276.2		$	232.7		$	749.3
Filtration Solutions	251.6			262.1			240.4			754.1
Flow Technologies	240.3			241.9			238.0			720.2
Other	0.3			0.4			0.3			1.0
Consolidated	$	732.6		$	780.6		$	711.4		$	2,224.6
Segment income (loss)
Aquatic Systems	$	60.0		$	79.6		$	59.9		$	199.5
Filtration Solutions	33.7			52.3			38.4			124.4
Flow Technologies	38.7			44.4			36.6			119.7
Other	(15.4		)	(12.2		)	(13.1		)	(40.7		)
Consolidated	$	117.0		$	164.1		$	121.8		$	402.9
Return on sales
Aquatic Systems	25.0		%	28.8		%	25.7		%	26.6		%
Filtration Solutions	13.4		%	20.0		%	16.0		%	16.5		%
Flow Technologies	16.1		%	18.4		%	15.4		%	16.6		%
Consolidated	16.0		%	21.0		%	17.1		%	18.1		%



Pentair plc and Subsidiaries
Supplemental Financial Information by Reportable Segment (Unaudited)

	2017
In millions	First Quarter			Second Quarter			Third Quarter			Nine Months
Net sales
Aquatic Systems	$	222.5		$	253.7		$	211.8		$	688.0
Filtration Solutions	230.8			263.8			242.4			737.0
Flow Technologies	229.6			236.2			233.0			698.8
Other	0.4			0.3			0.4			1.1
Consolidated	$	683.3		$	754.0		$	687.6		$	2,124.9
Segment income (loss)
Aquatic Systems	$	55.5		$	74.3		$	53.1		$	182.9
Filtration Solutions	24.0			49.0			40.4			113.4
Flow Technologies	33.1			40.3			39.3			112.7
Other	(15.6		)	(12.0		)	(12.6		)	(40.2		)
Consolidated	$	97.0		$	151.6		$	120.2		$	368.8
Return on sales
Aquatic Systems	24.9		%	29.3		%	25.1		%	26.6		%
Filtration Solutions	10.4		%	18.6		%	16.7		%	15.4		%
Flow Technologies	14.4		%	17.1		%	16.9		%	16.1		%
Consolidated	14.2		%	20.1		%	17.5		%	17.4		%

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Pentair plc and Subsidiaries
Reconciliation of the GAAP year ended December 31, 2018 to the non-GAAP
excluding the effect of 2018 adjustments (Unaudited)

	Actual									Forecast
In millions, except per-share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter				Full Year
Net sales	$	732.6		$	780.6		$	711.4		approx	$	736		approx	$	2,961
Operating income	92.7			122.6			108.4			approx	125			approx	449
% of net sales	12.7		%	15.7		%	15.2		%	approx	17		%	approx	15		%
Adjustments:
Restructuring and other	5.6			25.0			3.5			approx	—			approx	34
Intangible amortization	9.3			9.1			8.6			approx	9			approx	36
Corporate allocations	8.8			2.2			—			approx	—			approx	11
Equity income of unconsolidated subsidiaries	0.6			5.2			1.3			approx	1			approx	8
Segment income	117.0			164.1			121.8			approx	135			approx	538
Return on sales	16.0		%	21.0		%	17.1		%	approx	18		%	approx	18		%
Net income from continuing operations—as reported	58.4			77.9			91.2			approx	98			approx	326
Loss on sale of business	5.3			0.9			0.2			approx	—			approx	6
Loss on early extinguishment of debt	—			17.1			—			approx	—			approx	17
Interest expense adjustment	6.0			2.4			—			approx	—			approx	8
Pension mark-to-market loss	—			—			2.2			approx	—			approx	2
Adjustments to operating income	23.7			36.3			12.1			approx	9			approx	81
Income tax adjustments	(4.5		)	(7.1		)	(10.3		)	approx	(2		)	approx	(24		)
Net income from continuing operations—as adjusted	$	88.9		$	127.5		$	95.4		approx	$	105		approx	$	416
Continuing earnings per ordinary share—diluted
Diluted earnings per ordinary share—as reported	$	0.32		$	0.44		$	0.52		approx	$	0.55		approx	$	1.83
Adjustments	0.17			0.27			0.02			approx	0.04			approx	0.50
Diluted earnings per ordinary share—as adjusted	$	0.49		$	0.71		$	0.54		approx	$	0.59		approx	$	2.33

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Pentair plc and Subsidiaries
Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment
For the Quarter Ending September 30, 2018 (Unaudited)

	Actual
	Q3 Net Sales Growth
	Core		Currency		Acq. / Div.		Total
Total Pentair	6.4	%	(1.0	)%	(1.9	)%	3.5	%
Aquatic Systems	12.3	%	(0.5	)%	(1.9	)%	9.9	%
Filtration Solutions	2.3	%	(1.4	)%	(1.7	)%	(0.8	)%
Flow Technologies	5.3	%	(1.0	)%	(2.2	)%	2.1	%



Pentair plc and Subsidiaries
Reconciliation of Net Sales Growth to Core Net Sales Growth by Segment
For the Quarter and Year Ending December 31, 2018 (Unaudited)

		Forecast
		Q4 Net Sales Growth				Full Year Net Sales Growth
		Core	Currency	Acq. / Div.	Total	Core	Currency	Acq. / Div.	Total
Total Pentair	approx	4 - 5 %	(1) %	(2) %	1 - 2 %	4 - 5 %	1 %	(1) %	4 - 5 %
Aquatic Systems	approx	10 - 12 %	(1) %	(2) %	7 - 9 %	10 %	—	(1) %	9 %
Filtration Solutions	approx	1 - 2 %	(1) %	(1) %	(1) - 0 %	1 - 2 %	1 %	(1) %	1 - 2 %
Flow Technologies	approx	2 - 3 %	(1) %	(3) %	(2) - (1) %	2 - 3 %	1 %	(1) %	2 - 3 %

(more)



Pentair plc and Subsidiaries
Reconciliation of the GAAP year ended December 31, 2017 to the non-GAAP
excluding the effect of 2017 adjustments (Unaudited)

In millions, except per-share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
Net sales	$	683.3		$	754.0		$	687.6		$	720.8		$	2,845.7
Operating income	61.9			129.2			101.8			85.4			378.3
% of net sales	9.1		%	17.1		%	14.8		%	11.8		%	13.3		%
Adjustments:
Restructuring and other	11.6			5.9			1.4			9.3			28.2
Intangible amortization	8.7			9.3			9.2			9.2			36.4
Tradename and other impairment	—			—			—			15.6			15.6
Corporate allocations	14.6			6.8			7.5			7.8			36.7
Equity income of unconsolidated subsidiaries	0.2			0.4			0.3			0.4			1.3
Segment income	97.0			151.6			120.2			127.7			496.5
Return on sales	14.2		%	20.1		%	17.5		%	17.7		%	17.5		%
Net income (loss) from continuing operations	12.7			(3.4		)	49.0			55.8			114.1
Loss on sale of business	—			—			3.8			0.4			4.2
Pension and other post-retirement mark-to-market loss	—			—			—			8.5			8.5
Loss on early extinguishment of debt	—			101.4			—			—			101.4
Interest expense adjustment	16.5			11.9			6.8			6.5			41.7
Adjustments to operating income	34.9			22.0			18.1			41.9			116.9
Income tax adjustments	(2.5		)	(22.5		)	11.7			(17.2		)	(30.5		)
Net income from continuing operations—as adjusted	$	61.6		$	109.4		$	89.4		$	95.9		$	356.3
Continuing earnings per ordinary share—diluted
Diluted earnings (loss) per ordinary share—as reported	$	0.07		$	(0.02	)	$	0.27		$	0.30		$	0.62
Adjustments	0.26			0.62			0.22			0.22			1.32
Diluted earnings per ordinary share—as adjusted	$	0.33		$	0.60		$	0.49		$	0.52		$	1.94

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