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)
Registrants 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 Companys 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 |
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Water & Fluid Solutions |
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Net sales |
$ | 782 | approx | $940 | approx | $3,410 | ||||||||||||||
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Operating income - as reported |
75 | approx | 142-147 | approx | 437-442 | |||||||||||||||
% of net sales |
9.6 | % | approx | 15.6 | % | approx | 13.0 | % | ||||||||||||
Adjustments: |
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Restructuring |
7 | | approx | 7 | ||||||||||||||||
Inventory step-up and customer backlog |
1 | | approx | 1 | ||||||||||||||||
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Operating income - as adjusted |
83 | approx | 142-147 | approx | 445-450 | |||||||||||||||
% of net sales |
10.6 | % | approx | 15.6 | % | approx | 13.2 | % | ||||||||||||
Valves & Controls |
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Net sales |
$ | 586 | approx | $610 | approx | $2,440 | ||||||||||||||
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Operating income (loss) - as reported |
(19 | ) | approx | 70-75 | approx | 201-206 | ||||||||||||||
% of net sales |
(3.2 | %) | approx | 11.9 | % | approx | 8.4 | % | ||||||||||||
Adjustments: |
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Restructuring |
8 | | approx | 8 | ||||||||||||||||
Inventory step-up and customer backlog |
70 | approx | 8 | approx | 78 | |||||||||||||||
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Operating income - as adjusted |
59 | approx | 78-83 | approx | 287-292 | |||||||||||||||
% of net sales |
10.1 | % | approx | 12.8 | % | approx | 12.0 | % | ||||||||||||
Technical Solutions |
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Net sales |
$ | 410 | approx | $410 | approx | $1,710 | ||||||||||||||
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Operating income - as reported |
53 | approx | 66-71 | approx | 305-310 | |||||||||||||||
% of net sales |
13.0 | % | approx | 17.4 | % | approx | 18.1 | % | ||||||||||||
Adjustments: |
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Restructuring |
11 | | approx | 11 | ||||||||||||||||
Inventory step-up and customer backlog |
6 | | approx | 6 | ||||||||||||||||
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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 |