Pentair plc Q4 FY2023 results: revenue $985 million, down 1.8% on the year

Pentair plc (PNR) reported revenue of $985 million for Q4 FY2023, the quarter ended 31 December 2023, down 1.8% on the same quarter a year earlier. Net income was $208 million, up 118.9% on the year, and diluted earnings per share $1.25. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$985 milliondown 1.8%

Net income$208 millionup 118.9%

Diluted EPS$1.25

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	985	1,009	n/a	n/a
Cost of revenue	618	637	n/a	n/a
Gross profit	366	372	n/a	n/a
Gross margin	37.2%	36.9%	n/a
Research and development	23.5	25.5	n/a	n/a
Selling, general and administrative	176	166	n/a	n/a
Operating income	167	180	n/a	n/a
Operating margin	17.0%	17.9%	n/a
Pre-tax income	134	153	n/a	n/a
Income tax	-74.1	20.8	n/a	n/a
Effective tax rate	-55.3%	13.6%	n/a
Net income	208	132	n/a	n/a
Net margin	21.1%	13.1%	n/a
Diluted EPS	$1.25	$0.79	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	118	162	n/a	n/a
Capital expenditure	21.2	19.4	n/a	n/a
Free cash flow	97.3	143	n/a	n/a
Free cash flow margin	9.9%	14.2%	n/a
Depreciation and amortisation	29.0	28.7	n/a	n/a
Share-based compensation	7.8	7.2	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Dividends paid	36.3	36.4	n/a	n/a
Dividend per share	n/a	$0.22	n/a	n/a
Diluted shares, weighted	166m	167m	n/a	n/a
Shares outstanding at period end	165m	165m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	6,563	6,411	n/a	n/a
Cash and equivalents	170	137	n/a	n/a
Inventory	678	713	n/a	n/a
Goodwill	3,275	3,242	n/a	n/a
Total debt, as filed	1,988	n/a	n/a	n/a
Long-term debt	1,988	1,994	n/a	n/a
Borrowings, as the company tags them	2,007	2,013	n/a	n/a
Operating lease liabilities	79.1	72.0	n/a	n/a
Shareholders' equity	3,217	3,041	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	1,082	1,009	985	1,017	1,099	993	973	1,010	1,123	1,022	1,020	1,037
Cost of revenue	683	637	618	627	661	600	595	607	666	603	609	603
Gross profit	400	372	366	390	438	393	378	403	457	419	412	433
Gross margin	37%	37%	37%	38%	40%	40%	39%	40%	41%	41%	40%	42%
R&D	25.9	25.5	23.5	24.1	24.8	22.9	21.8	23.6	25.1	24.7	22.5	24.5
SG&A	165	166	176	185	165	190	161	177	214	162	184	199
Operating income	208	180	167	181	248	180	195	203	218	232	205	210
Operating margin	19%	18%	17%	18%	23%	18%	20%	20%	19%	23%	20%	20%
Pre-tax income	182	153	134	153	221	160	184	183	172	217	184	189
Tax rate	15%	14%	-55%	13%	16%	13%	10%	15%	14%	15%	12%	15%
Net income	153	132	208	133	186	140	166	155	148	184	166	172
Net margin	14%	13%	21%	13%	17%	14%	17%	15%	13%	18%	16%	17%
Diluted EPS	$0.92	$0.79	$1.25	$0.80	$1.11	$0.84	$0.99	$0.93	$0.90	$1.12	$1.01	$1.05
Operating cash flow	445	162	118	-108	539	249	86.5	-38.9	607	196	50.8	-67.4
Capital expenditure	18.8	19.4	21.2	19.3	17.0	15.4	22.7	16.8	10.9	17.4	23.7	18.5
Free cash flow	426	143	97.3	-127	522	233	63.8	-55.7	596	179	27.1	-85.9
Buybacks	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	36.3	36.4	36.3	38.0	38.2	38.1	38.0	41.2	41.2	40.9	41.0	44.1
Shares outstanding	165m	165m	165m	166m	165m	165m	165m	165m	164m	164m	163m	162m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0000077360-24-000007: the filing on EDGAR. All of Pentair plc's filings: EDGAR company page.

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