Pentair plc 2Q 2014 Sales at $1.9 bi, Down 3%

By Joseph R. Fonseca
Sunday, August 03, 2014

Pentair plc today announced second quarter 2014 sales of $1.9 billion. Sales were down 3 percent compared to sales for the same period last year. Adjusted second quarter 2014 earnings per diluted share were $1.04, up 13 percent from adjusted EPS of $0.92 in the second quarter of last year.

On a GAAP basis, the company reported EPS of $0.82 compared to EPS of $0.75 in the second quarter of 2013. Adjusted EPS and operating income exclude repositioning costs, acquisition and redomicile-related expenses, gain/loss on sale of a business and certain tax items.

Second quarter 2014 adjusted operating income was $283 million, up 5 percent compared to adjusted operating income for second quarter 2013, and adjusted operating margins were 14.8 percent, an expansion of 110 basis points when compared to adjusted 2013 operating margins. On a GAAP basis, the company reported operating income of $228 million.

Free cash flow in the quarter was $384 million and $358 million for the first half of 2014.  The company expects to deliver full year free cash flow greater than 110 percent of net income.

Pentair paid dividends of $0.25 per share in each of the first and second quarters of 2014.  Pentair had previously announced on May 20, 2014 the approval by its shareholders of an ordinary cash dividend of $1.20 per share in four equal quarterly installments of $0.30 in each of the third and fourth quarter of 2014 and the first and second quarter of 2015.  Pentair has increased its dividend for 38 consecutive years.

On July 28, 2014, Pentair's Board of Directors approved a decision to exit its Water Transport business.

Excluding Water Transport, second quarter sales were $1.8 billion, up 2 percent compared to the same period last year, second quarter 2014 adjusted operating income was $279 million, up 13 percent compared to adjusted operating income for second quarter 2013, and adjusted operating margins were 15.2 percent, an expansion of 150 basis points when compared to adjusted 2013 operating margins.

"Our second quarter met our expectations with many of our end markets recovering, albeit at a more moderate rate than anticipated," said Randall J. Hogan, Pentair Chairman and Chief Executive Officer.
 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Ferguson Appoints Partner OPS-OES

Ferguson Group Singapore, a specialist in the provision of DNV 2.7-1 / EN12079 offshore containers, reefers, tanks, waste skips, baskets, accommodation and engineering

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Finance

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

News

Winter in US Northeast Takes a Toll on Ferries

With its black hull rumbling against a field of broken ice, the Warren Jr. slowly eased away from a dock in the Boston suburb of Hingham on Tuesday, aiming to clear

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Logistics

First Ship to Load Soy at Tegram Bound for China

The first ship to load soybeans from the new Tegram terminal in the northeastern port of Ponta Madeira in Sao Luis, Brazil, will berth on March 10, local shipping agents Cargonave said on Tuesday.

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

Ferguson Appoints Partner OPS-OES

Ferguson Group Singapore, a specialist in the provision of DNV 2.7-1 / EN12079 offshore containers, reefers, tanks, waste skips, baskets, accommodation and engineering

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3539 sec (3 req/sec)