Pentair’s First Half 2003 EPS Up 12%


Golden Valley announced that its second quarter 2003 earnings per share (EPS) of $0.88 gained two percent over EPS of $0.86 in the same period last year, resulting in first-half EPS of $1.44, a 12 percent increase over EPS of $1.29 in the first half of 2002.

Pentair's second quarter net sales totaled $719.0 million, up from sales of $708.1 million in the same period a year ago. Operating income for the second quarter 2003 totaled $76.3 million, two percent greater than the $74.6 million reported in the second quarter of 2002. Pentair generated Free Cash Flow (Cash from Operations less Capital Expenditures) of $68.8 million in the second quarter of 2003, resulting in a positive year-to-date Free Cash Flow of $58.7 million. "Our supply management, lean enterprise, and cash flow initiatives continued to improve our performance in the second quarter, despite the impact of the slow economy, unfavorable weather conditions, and a challenging comparison against what was a very strong performance in the second quarter of 2002," said Randall J. Hogan, Pentair chairman and CEO. "Our Enclosures Group realized its sixth quarter of sequential margin improvement with a 100 basis point gain over the first quarter of 2003. Our Water Technologies Group, which is now at a billion-dollar run rate, delivered a record quarter in terms of sales and operating income as a result of initiatives that are beginning to show promising results, with new growth in pumps, filtration, the European pool business, and Asia." Pentair EPS guidance for the full year 2003 of between $2.90 and $3.05 is unchanged from guidance provided on April 17, 2003.

Source: Pentair plc.

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