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Pentair Inc, USA
COMPANY WATCH
Pentair Inc, USA
Roper Industries Inc, USA
Key Figures (US$ million) Three months ended 31.12 2010
2009
Key Figures (US$ million) Three months ended 31.12 2010
Net Sales Of Which: Water
753.9
702.3
501.3
Cost of Goods Sold
521.6
Gross Profit
2009
679.5
475.3
Net Sales Of Which: Industrial Technology
165.6
138.5
489.8
Cost of Sales
307.6
262.2
232.2
212.5
Selling, General and Admin Expenses 205.7
170.6
Research & Development
16.1
14.6
179.3
134.8
Operating Income Of Which: Water
79.6
52.5
Operating Profit Of Which: Industrial Technology
46.5
32.3
55.0
33.9
Income from Operations
166.2
120.8
Net Earnings
107.3
71.9
48.7
29.2
Net Orders Of Which: Industrial Technology
695.8
564.7
181.2
137.2
2010
2009
Net Sales Of Which: Water
3030.8
2692.5
Twelve months ended 31.12 2010
2009
2041.3
1847.8
Cost of Goods Sold
2100.1
1907.3
930.6
785.1
67.2
57.9
334.2 231.6
Net Income from Continuing Operations Attributable to Pentair Inc Year ended 31.12
Gross Profit Research & Development Operating Income Of Which: Water
Net Income from Continuing Operations Attributable to Pentair Inc 198.5
Net Sales Of Which: Industrial Technology
2386.1
2049.7
607.6
536.2
Cost of Sales
1111.0
1006.5
219.9
Selling, General and Admin Expenses 760.8
647.7
Operating Profit Of Which: Industrial Technology
563.7
445.4
163.7
162.0
124.0
Income from Operations
514.3
395.4
Net Earnings
322.6
239.5
2536.2
2024.0
669.9
528.2
115.5
Net Orders Of Which: Industrial Technology
COMMENT Water sales grew 5% year-overyear to US$501 million, including an unfavourable one-percentage point impact from foreign exchange. Within Water, US sales increased 7% led by growth in municipal pumps and agricultural products. In fast growth regions, Water was up 16% led by 42% growth in China and double-digit increases in India and Southeast Asia. Residential Flow sales were up 1% on the year-ago quarter, as robust growth in the agricultural business and a stable US residential pump business helped mitigate the impact of declines in specialty pumps.
February 2011
553.6
Residential Filtration sales were up 1% as expanded distribution and new products in fast growth regions were partially offset by softness in Europe. Pool sales were up 4% driven by continued dealer expansion and demand for energy-efficient Eco-Select products. Engineered Flow sales were up 20% reflecting municipal pump sales from the final shipment for the Gulf Intracoastal Waterway project in New Orleans. Filtration Solutions sales were up 9% led by growth in desalination and energy markets, along with increased system sales. ■ www.pentair.com
COMMENT Roper Industries Inc achieved record results in 2010 with the highest sales, orders, net earnings, EBITDA and cash flow in its history. “Our record performance reflects our strategy of growing high margin, asset light businesses with exceptional cash conversion characteristics. Our focus on working capital management, combined with outstanding execution by our operating people, led to record operating cash flow of US$500 million, representing 155% of
net earnings,” said chairman, president and CEO Brian Jellison. Roper expects 2011 full year diluted earnings per share (DEPS) of US$3.82–4.02 with operating cash flow in excess of US$550 million. “We enter 2011 with a record backlog of US$785 million, and improving end markets with businesses well positioned to continue their growth in 2011,” said Jellison. ■ www.roperind.com
Pump Industry Analyst
9
Pentair Inc, USA
Roper Industries Inc, USA
Key Figures (US$ million) Three months ended 31.12 2010
2009
Key Figures (US$ million) Three months ended 31.12 2010
Net Sales Of Which: Water
753.9
702.3
501.3
Cost of Goods Sold
521.6
Gross Profit
2009
679.5
475.3
Net Sales Of Which: Industrial Technology
165.6
138.5
489.8
Cost of Sales
307.6
262.2
232.2
212.5
Selling, General and Admin Expenses 205.7
170.6
Research & Development
16.1
14.6
179.3
134.8
Operating Income Of Which: Water
79.6
52.5
Operating Profit Of Which: Industrial Technology
46.5
32.3
55.0
33.9
Income from Operations
166.2
120.8
Net Earnings
107.3
71.9
48.7
29.2
Net Orders Of Which: Industrial Technology
695.8
564.7
181.2
137.2
2010
2009
Net Sales Of Which: Water
3030.8
2692.5
Twelve months ended 31.12 2010
2009
2041.3
1847.8
Cost of Goods Sold
2100.1
1907.3
930.6
785.1
67.2
57.9
334.2 231.6
Net Income from Continuing Operations Attributable to Pentair Inc Year ended 31.12
Gross Profit Research & Development Operating Income Of Which: Water
Net Income from Continuing Operations Attributable to Pentair Inc 198.5
Net Sales Of Which: Industrial Technology
2386.1
2049.7
607.6
536.2
Cost of Sales
1111.0
1006.5
219.9
Selling, General and Admin Expenses 760.8
647.7
Operating Profit Of Which: Industrial Technology
563.7
445.4
163.7
162.0
124.0
Income from Operations
514.3
395.4
Net Earnings
322.6
239.5
2536.2
2024.0
669.9
528.2
115.5
Net Orders Of Which: Industrial Technology
COMMENT Water sales grew 5% year-overyear to US$501 million, including an unfavourable one-percentage point impact from foreign exchange. Within Water, US sales increased 7% led by growth in municipal pumps and agricultural products. In fast growth regions, Water was up 16% led by 42% growth in China and double-digit increases in India and Southeast Asia. Residential Flow sales were up 1% on the year-ago quarter, as robust growth in the agricultural business and a stable US residential pump business helped mitigate the impact of declines in specialty pumps.
February 2011
553.6
Residential Filtration sales were up 1% as expanded distribution and new products in fast growth regions were partially offset by softness in Europe. Pool sales were up 4% driven by continued dealer expansion and demand for energy-efficient Eco-Select products. Engineered Flow sales were up 20% reflecting municipal pump sales from the final shipment for the Gulf Intracoastal Waterway project in New Orleans. Filtration Solutions sales were up 9% led by growth in desalination and energy markets, along with increased system sales. ■ www.pentair.com
COMMENT Roper Industries Inc achieved record results in 2010 with the highest sales, orders, net earnings, EBITDA and cash flow in its history. “Our record performance reflects our strategy of growing high margin, asset light businesses with exceptional cash conversion characteristics. Our focus on working capital management, combined with outstanding execution by our operating people, led to record operating cash flow of US$500 million, representing 155% of
net earnings,” said chairman, president and CEO Brian Jellison. Roper expects 2011 full year diluted earnings per share (DEPS) of US$3.82–4.02 with operating cash flow in excess of US$550 million. “We enter 2011 with a record backlog of US$785 million, and improving end markets with businesses well positioned to continue their growth in 2011,” said Jellison. ■ www.roperind.com
Pump Industry Analyst
9