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On Feb. 3, 2009,
reported that its Q4 FY08 earnings plunged 90.5%, hurt by restructuring and impairment charges. Net income was $4.59 million or $0.05 per share compared to $48.55 million or $0.48 per share in the prior year's quarter. Net income from continuing operations declined 56.9% to $21.16 million or $0.22 per share. The recent quarterly earnings missed the consensus estimate of $0.41 per share.
Total revenue declined 4.8% to $767.64 million from $806.67 million a year ago. Revenue from Water Group decreased 6.0% to $509.36 million, due to slowing international and nonresidential markets coupled with continuing softness in North American residential markets. Within this segment, revenue from global flow technologies declined 5.0%, global filtration sales decreased 2.0% and global pool equipment sales were down 12.0%. Revenue from Technical Products declined 2.4% to $258.28 million, due to lower industrial and commercial demand. Within this segment, total electrical sales were up slightly, offset by a 6.0% decline in Global electronic sales. Moreover, revenue from both Europe, Middle East and Africa (EMEA) and Asia-Pacific region slipped 7.0%.
Pentair announced its intent to sell its Spa and Bath business to
Balboa Water Group
in a cash transaction. Recently, the company declared a quarterly cash dividend of $0.18 per share payable on Feb. 13, 2009.
During FY08, revenue increased 2.2% to $3.35 billion from $3.28 billion in the previous year. Net income advanced 8.4% to $228.73 million or $2.31 per share from $210.93 million or $2.11 per share in FY07.
Looking forward to Q1 FY09, PNR lowered its earnings per share guidance in the range of $0.20 to $0.30, representing a 43.0% to 62.0% decline from Q1 FY08 levels. However, for FY09, the company reaffirmed its earnings per share guidance range of $1.70 to $2.00.
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