Pentair’s 3rd Quarter EPS in Line with Revised Expectations

18.10.2000

Pentair's 3rd Quarter EPS in Line with Revised Expectations, Sales Up 18%; Water and Enclosures Groups Continue Strong Growth Momentum

MINNEAPOLIS, Oct. 17 /PRNewswire/ -- Pentair, Inc. (NYSE: PNR) reported today that its revenues for the third quarter of 2000 increased 18 percent, while earnings per share (EPS) of $.26 were in line with revised expectations.

For the quarter ended September 30, 2000, net sales totaled $715.9 million, versus $604.9 million in the year-earlier quarter; operating income was $39.1 million, versus $62.7 million. EPS in the 1999 quarter was $.69.

For the nine months ended September 30, 2000, net sales totaled $2.205 billion, an increase of 39 percent from the sales of $1.583 billion in the initial three quarters of 1999. Operating income for the first nine months of 2000 was $191.5 million, or $1.71 per share, versus 1999 operating income of $122.7 million, or $1.40 per share, including restructuring charges.

"Pentair's water and enclosures groups generated outstanding sales and earnings growth in the third quarter, however, their performance was offset by the disappointing results achieved by the tools and equipment businesses," said Winslow H. Buxton, chairman and chief executive officer. "The actions taken to turn around our underperforming tools and equipment businesses are proceeding with great intensity. We fully expect to see steady improvement in the company's operating results in the ensuing quarters."

In Water Technologies, a sales gain of 30 percent and an operating income improvement of 42 percent reflect solid organic performance gains, as well as the contributions of Essef, acquired in early August of last year. Margins in the Group increased 120 basis points over the third quarter of 1999. Municipal pump markets were up strongly, September was an all-time sales record for the Hydromatic pump brand, and order backlogs also remain exceptionally strong across most lines. Pool and spa equipment sales grew in the double digits during the third quarter, and the Water Treatment business performed equally well, despite the unfavorable impact of foreign currency translation.

Source: Pentair plc.

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