- Email: [email protected]
Pentair Inc, USA
August 1997
Pump Industry Analyst
Idex Corporation, USA
Pentair Inc, USA KEY FIGURES (US$ million) Quarter ended 30.6 1997
1996
Net Sales
422.3
362.9
Cost of Goods Sold
293.3
256.4
Operating Income
38.6
32.9
Net Income
20.5
17.1
Six months ended 30.6 1997
1996
Net Sales Of Which: Fluid Handling Group Industrial Products Group
165.2
131.2
127.6 37.7
96.5 34.7
1996
Cost of Sales
100.1
80.1
Gross Profit
65.0
51.0
Net Income
14.9
12.7
4.2
3.7
Net Sales
833.4
729.2
Cost of Goods Sold
578.5
507.9
Operating Income
76.0
65.5
Net Income
39.9
33.6
Pentair Inc has reported net income of US$20.5 million on net sales of US$422.3 million for the quarter ended 30 June 1997. This represents a 17.5 per cent earnings per share gain over second quarter 1996 net income of US$17.1 million on net sales of US$362.9 million. Net income in the first half of 1997 totalled US$39.9 million on net sales of US$833.4 million, compared with 1996 first half net income of US$33.6 million on net sales of US$729.2 million. Winslow H Buxton, Pentair chairman and chief executive officer, stated: "We recorded another excellent quarter and completed a solid first half. The impact of a soft European economy and a strong US dollar continued to affect some of our businesses in the second quarter. However, better than expected performance in a number of our North American businesses virtu-
KEY FIGURES (US$ million) Second quarter ended 30.6 1997
ally offset the European market and foreign currency concerns". The performance of the Water Products businesses was fiat compared with second quarter 1996 results. Pentair announced plans on 16 June 1997 to sell Federal Cartridge to Blount Intemational Inc. On 21 July 1997, Pentair announced it had entered into an agreement to acquire the Pump Group of General Signal Corporation (see Pump Industry Analyst, July 1997). Pentair, with approximately 10 000 employees worldwide, is a diversified manufacturer operating in three principal markets: electrical and electronic enclosures; professional tools and equipment; and water products. Headquartered in St Paul, Minnesota, Pentair operates from 50 manufacturing and distribution locations in North America, Europe, and Asia. •
Capital Expenditures
Six months ended 30.6 1997
1996
2Z L)
<
Net Sales Of Which:
317.0
265.1
Fluid Handling Group Industrial Products Group
245.3 71.9
193.1 72.0
Cost of Sales
193.1
162.3
Gross Profit
123.9
102.7
Net Income
28.4
24.9
7.2
6.4
Capital Expenditures
Idex Corporation has set new records in sales and net income for the second quarter and the first half of 1997. Sales in the second quarter of 1997 were US$165.2 million, an increase of 26 per cent over US$131.2 million in the corresponding period of 1996. Net income of US$15.0 million rose by 18 per cent over the US$12.7 million recorded in the second quarter of 1996. The company's Fluid Handling Group accounted for 77 per cent of sales and 80 per cent of operating profits in the second quarter, while the Industrial Products Group contributed 23 per
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cent of sales and 20 per cent of profits. In the six months ended 30 June 1997, Idex recorded sales of US$317.0 million, up 20 per cent from last year's level of US$265.1 million. Net income of US$28.4 million was up 14 per cent from last year's US$24.9 million. Incoming orders in the first six months totalled US$323.8 million, slightly in excess of sales. The company ended the period with a typical backlog of about 1.5 months' sales. International sales accounted for 40 per cent of the total in the first half of this year, up from 38 per cent in the first half of 1996. •
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Pump Industry Analyst
Idex Corporation, USA
Pentair Inc, USA KEY FIGURES (US$ million) Quarter ended 30.6 1997
1996
Net Sales
422.3
362.9
Cost of Goods Sold
293.3
256.4
Operating Income
38.6
32.9
Net Income
20.5
17.1
Six months ended 30.6 1997
1996
Net Sales Of Which: Fluid Handling Group Industrial Products Group
165.2
131.2
127.6 37.7
96.5 34.7
1996
Cost of Sales
100.1
80.1
Gross Profit
65.0
51.0
Net Income
14.9
12.7
4.2
3.7
Net Sales
833.4
729.2
Cost of Goods Sold
578.5
507.9
Operating Income
76.0
65.5
Net Income
39.9
33.6
Pentair Inc has reported net income of US$20.5 million on net sales of US$422.3 million for the quarter ended 30 June 1997. This represents a 17.5 per cent earnings per share gain over second quarter 1996 net income of US$17.1 million on net sales of US$362.9 million. Net income in the first half of 1997 totalled US$39.9 million on net sales of US$833.4 million, compared with 1996 first half net income of US$33.6 million on net sales of US$729.2 million. Winslow H Buxton, Pentair chairman and chief executive officer, stated: "We recorded another excellent quarter and completed a solid first half. The impact of a soft European economy and a strong US dollar continued to affect some of our businesses in the second quarter. However, better than expected performance in a number of our North American businesses virtu-
KEY FIGURES (US$ million) Second quarter ended 30.6 1997
ally offset the European market and foreign currency concerns". The performance of the Water Products businesses was fiat compared with second quarter 1996 results. Pentair announced plans on 16 June 1997 to sell Federal Cartridge to Blount Intemational Inc. On 21 July 1997, Pentair announced it had entered into an agreement to acquire the Pump Group of General Signal Corporation (see Pump Industry Analyst, July 1997). Pentair, with approximately 10 000 employees worldwide, is a diversified manufacturer operating in three principal markets: electrical and electronic enclosures; professional tools and equipment; and water products. Headquartered in St Paul, Minnesota, Pentair operates from 50 manufacturing and distribution locations in North America, Europe, and Asia. •
Capital Expenditures
Six months ended 30.6 1997
1996
2Z L)
<
Net Sales Of Which:
317.0
265.1
Fluid Handling Group Industrial Products Group
245.3 71.9
193.1 72.0
Cost of Sales
193.1
162.3
Gross Profit
123.9
102.7
Net Income
28.4
24.9
7.2
6.4
Capital Expenditures
Idex Corporation has set new records in sales and net income for the second quarter and the first half of 1997. Sales in the second quarter of 1997 were US$165.2 million, an increase of 26 per cent over US$131.2 million in the corresponding period of 1996. Net income of US$15.0 million rose by 18 per cent over the US$12.7 million recorded in the second quarter of 1996. The company's Fluid Handling Group accounted for 77 per cent of sales and 80 per cent of operating profits in the second quarter, while the Industrial Products Group contributed 23 per
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cent of sales and 20 per cent of profits. In the six months ended 30 June 1997, Idex recorded sales of US$317.0 million, up 20 per cent from last year's level of US$265.1 million. Net income of US$28.4 million was up 14 per cent from last year's US$24.9 million. Incoming orders in the first six months totalled US$323.8 million, slightly in excess of sales. The company ended the period with a typical backlog of about 1.5 months' sales. International sales accounted for 40 per cent of the total in the first half of this year, up from 38 per cent in the first half of 1996. •
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