Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 26, 2013

Commission file number 001-11625

 

 

Pentair Ltd.

(Exact name of Registrant as specified in its charter)

 

 

 

Switzerland   98-1050812

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification number)

Freier Platz 10, 8200 Schaffhausen, Switzerland

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: 41-52-630-48-00

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 7.01 Regulation FD Disclosure

On April 23, 2013, Pentair Ltd. (the “Company”) issued a press release announcing its earnings for the first quarter of 2013. The Company is furnishing the following information to (1) correct the forecast second quarter 2013 and forecast year 2013 net sales for the Company’s Valves & Controls segment and (2) provide ranges for the forecast second quarter 2013 and forecast year 2013 operating income for all three of its segments.

Pentair Ltd. and Subsidiaries

Reconciliation of the GAAP “As Reported” year ended December 31, 2013 to the “Adjusted” non-GAAP

excluding the effect of 2013 adjustments (Unaudited)

 

In millions

   First Quarter
2013
    Forecast
Second Quarter
2013
    Forecast
Year
2013
 

Water & Fluid Solutions

          

Net sales

   $ 782        approx        $940        approx        $3,410   
  

 

 

   

 

 

   

 

 

 

Operating income - as reported

     75        approx        142-147        approx        437-442   

% of net sales

     9.6     approx        15.6     approx        13.0

Adjustments:

          

Restructuring

     7          —          approx        7   

Inventory step-up and customer backlog

     1          —          approx        1   
  

 

 

   

 

 

   

 

 

 

Operating income - as adjusted

     83        approx        142-147        approx        445-450   

% of net sales

     10.6     approx        15.6     approx        13.2

Valves & Controls

          

Net sales

   $ 586        approx        $610        approx        $2,440   
  

 

 

   

 

 

   

 

 

 
          

Operating income (loss) - as reported

     (19     approx        70-75        approx        201-206   

% of net sales

     (3.2 %)      approx        11.9     approx        8.4

Adjustments:

          

Restructuring

     8          —          approx        8   

Inventory step-up and customer backlog

     70        approx        8        approx        78   
  

 

 

   

 

 

   

 

 

 

Operating income - as adjusted

     59        approx        78-83        approx        287-292   

% of net sales

     10.1     approx        12.8     approx        12.0

Technical Solutions

          

Net sales

   $ 410        approx        $410        approx        $1,710   
  

 

 

   

 

 

   

 

 

 
          

Operating income - as reported

     53        approx        66-71        approx        305-310   

% of net sales

     13.0     approx        17.4     approx        18.1

Adjustments:

          

Restructuring

     11          —          approx        11   

Inventory step-up and customer backlog

     6          —          approx        6   
  

 

 

   

 

 

   

 

 

 

Operating income - as adjusted

     70        approx        66-71        approx        322-327   

% of net sales

     17.0     approx        17.4     approx        19.1

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, on April 26, 2013.

 

PENTAIR LTD.
Registrant
By:  

/s/ John L. Stauch

  John L. Stauch
  Executive Vice President and Chief Financial Officer