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Pentair Inc, USA
COMPANY WATCH
SPX Corp, USA
Pentair Inc, USA Key Figures (US$ million) Second quarter ended 30.6.2012
Key Figures (US$ million) Three months ended 30.6.2012
2.7.2011
Net Sales Of Which: Water & Fluid Solutions
941.5
910.2
675.5
632.0
Revenues Of Which: Flow Technology
Cost of Goods Sold
629.4
622.4
Gross Profit
312.1
287.7
20.9
19.9
Operating Income Of Which: Water & Fluid Solutions
117.8
109.4
92.0
84.5
Income before Taxes
102.3
95.5
71.8
66.7
R&D Costs
Net Income
Six months ended 30.6.2012 Net Sales Of Which: Water & Fluid Solutions Cost of Goods Sold
2.7.2011
1799.7
1700.4
1262.5
1147.4
1206.9
1163.7
592.8
536.8
41.6
38.0
Operating Income Of Which: Water & Fluid Solutions
202.7
195.6
155.7
141.0
Income before Taxes
173.6
172.6
Net Income
132.6
117.3
Gross Profit R&D Costs
COMMENT Pentair Inc has posted second quarter 2012 sales of US$942 million, an increase of 3.4% on a year earlier, while net income grew 7.6% to US$71.8 million. “Pentair delivered another strong quarter of margin expansion led by pricing and productivity, which demonstrates the power of the Pentair Integrated Management System and our strong brands and market positions,” said Randall Hogan, Pentair’s chair and CEO. “While the global macro environment remains challenging, we continue to see pockets of growth in several verticals, including
8
Pump Industry Analyst
North American industrial, agriculture, pool, aquaculture, water reuse, and energy.” Pentair’s Water & Fluid Solutions division saw sales lift 6.9% year-over-year to US$675.5 million, with its 2011 filtration acquisition Clean Process Technologies adding six percentage points and a negative three-percentage point impact from foreign exchange. For the corresponding half year consolidated sales were up 5.8% at US$1.8 billion, with Water & Fluid Solutions revenues climbing 10.0% to US$1.3 billion. ■ www.pentair.com
2.7.2011
1260.3
1136.8
677.3
492.8
Cost of Products Sold
923.0
822.4
Selling, General and Administrative
249.5
231.9
70.0
47.9
Operating Income Income from Continuing Operations
38.5
25.0
Net Income
48.2
35.0
Six months ended 30.6.2012
2.7.2011
Revenues Of Which: Flow Technology
2425.5
2121.7
1305.4
948.7
Cost of Products Sold
1786.8
1514.5
Selling, General and Administrative
523.0
474.3
Operating Income
86.8
90.3
Income from Continuing Operations
46.4
45.7
Net Income
61.0
59.8
COMMENT SPX Corp’s Flow Technology segment saw revenues increase 37.4% in the second quarter of 2012 to US$677.3 million compared with US$492.8 million in the second quarter of 2011. Organic revenues were up 11.9%, reflecting growth in all of the segment’s end markets. Sales of large-scale food and beverage systems in Asia Pacific experienced the strongest growth. Geographically, Flow Technology delivered organic growth in the Americas and Asia Pacific, which was partially offset by a decline in Europe. Acquisitions increased reported revenues by 31.5%, driven primarily by pump manufacturer ClydeUnion where revenues increased 15.1% sequentially. Currency fluctuations, primarily
involving the Euro, decreased reported revenues by 6.0% from the year-ago quarter. Flow Technology’s income was US$69.8 million, or 10.3% of revenues, in the second quarter of 2012, compared with US$56.6 million, or 11.5% of revenues, a year earlier. The increase in segment income mainly reflects the impact of organic revenue growth. The decline in segment margin was due primarily to 240 basis points of dilution from the operating performance of ClydeUnion and to purchase accounting charges, partially offset by the leverage from the organic revenue growth and increased year-over-year pricing. ■ www.spx.com
August 2012
SPX Corp, USA
Pentair Inc, USA Key Figures (US$ million) Second quarter ended 30.6.2012
Key Figures (US$ million) Three months ended 30.6.2012
2.7.2011
Net Sales Of Which: Water & Fluid Solutions
941.5
910.2
675.5
632.0
Revenues Of Which: Flow Technology
Cost of Goods Sold
629.4
622.4
Gross Profit
312.1
287.7
20.9
19.9
Operating Income Of Which: Water & Fluid Solutions
117.8
109.4
92.0
84.5
Income before Taxes
102.3
95.5
71.8
66.7
R&D Costs
Net Income
Six months ended 30.6.2012 Net Sales Of Which: Water & Fluid Solutions Cost of Goods Sold
2.7.2011
1799.7
1700.4
1262.5
1147.4
1206.9
1163.7
592.8
536.8
41.6
38.0
Operating Income Of Which: Water & Fluid Solutions
202.7
195.6
155.7
141.0
Income before Taxes
173.6
172.6
Net Income
132.6
117.3
Gross Profit R&D Costs
COMMENT Pentair Inc has posted second quarter 2012 sales of US$942 million, an increase of 3.4% on a year earlier, while net income grew 7.6% to US$71.8 million. “Pentair delivered another strong quarter of margin expansion led by pricing and productivity, which demonstrates the power of the Pentair Integrated Management System and our strong brands and market positions,” said Randall Hogan, Pentair’s chair and CEO. “While the global macro environment remains challenging, we continue to see pockets of growth in several verticals, including
8
Pump Industry Analyst
North American industrial, agriculture, pool, aquaculture, water reuse, and energy.” Pentair’s Water & Fluid Solutions division saw sales lift 6.9% year-over-year to US$675.5 million, with its 2011 filtration acquisition Clean Process Technologies adding six percentage points and a negative three-percentage point impact from foreign exchange. For the corresponding half year consolidated sales were up 5.8% at US$1.8 billion, with Water & Fluid Solutions revenues climbing 10.0% to US$1.3 billion. ■ www.pentair.com
2.7.2011
1260.3
1136.8
677.3
492.8
Cost of Products Sold
923.0
822.4
Selling, General and Administrative
249.5
231.9
70.0
47.9
Operating Income Income from Continuing Operations
38.5
25.0
Net Income
48.2
35.0
Six months ended 30.6.2012
2.7.2011
Revenues Of Which: Flow Technology
2425.5
2121.7
1305.4
948.7
Cost of Products Sold
1786.8
1514.5
Selling, General and Administrative
523.0
474.3
Operating Income
86.8
90.3
Income from Continuing Operations
46.4
45.7
Net Income
61.0
59.8
COMMENT SPX Corp’s Flow Technology segment saw revenues increase 37.4% in the second quarter of 2012 to US$677.3 million compared with US$492.8 million in the second quarter of 2011. Organic revenues were up 11.9%, reflecting growth in all of the segment’s end markets. Sales of large-scale food and beverage systems in Asia Pacific experienced the strongest growth. Geographically, Flow Technology delivered organic growth in the Americas and Asia Pacific, which was partially offset by a decline in Europe. Acquisitions increased reported revenues by 31.5%, driven primarily by pump manufacturer ClydeUnion where revenues increased 15.1% sequentially. Currency fluctuations, primarily
involving the Euro, decreased reported revenues by 6.0% from the year-ago quarter. Flow Technology’s income was US$69.8 million, or 10.3% of revenues, in the second quarter of 2012, compared with US$56.6 million, or 11.5% of revenues, a year earlier. The increase in segment income mainly reflects the impact of organic revenue growth. The decline in segment margin was due primarily to 240 basis points of dilution from the operating performance of ClydeUnion and to purchase accounting charges, partially offset by the leverage from the organic revenue growth and increased year-over-year pricing. ■ www.spx.com
August 2012