Pentair (PNR)

Ayer se completó el spinoff de este Dividend Champion (42 años) que pasa bastante desapercibido y que tantas alegrías da a los inversores pacientes. Veremos de que forma afecta al dividendo esta operación

http://www.startribune.com/pentair-officially-splits-into-two-with-spinoff-of-nvent/481300041/

Every Pentair (PNR) shareholder received one share of nVent Electric (NVT) for every share they owned in Pentair as of 4:59 p.m. on Monday. Like Pentair, nVent’s global headquarters are in London, while it is run out of its U.S. headquarters in St. Louis Park

The split, announced by Pentair’s board one year ago, is seen as a way to get Pentair’s remaining water technology company and the new nVent Electric to grow faster

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Resultados del 1er trimestre:

Lleva cayendo a plomo desde que presentó resultados el 17 de Abril. Después del spinoff pasó a ser una posición bastante pequeña en mi cartera y me había marcado los 35$ como objetivo para ampliar. De las empresas relacionadas con el agua es sin duda la que cotiza a mejor precio pero su yield bajo y su mediana capitalización no parece levantar mucho interés entre los inversores DGI. Creo que M* la tiene con un fair value de 43$

El “recorte” del dividendo es por el spin-off, ¿verdad?

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Efectivamente, después del spinoff se redujo a la mitad

Pentair Reports Second Quarter 2019 Results (23/07/2019)

  • Sales were up 2 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 1 percent in the second quarter.
  • Second quarter 2019 earnings per diluted share from continuing operations (“EPS”) were $0.68 compared to $0.44 in the second quarter of 2018. On an adjusted basis, the company reported EPS of $0.69 compared to $0.71 in the second quarter of 2018. Segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.
  • Second quarter 2019 operating income was $134 million, up 9 percent compared to operating income for the second quarter of 2018, and return on sales (“ROS”) was 16.7 percent, an increase of 100 basis points when compared to the second quarter of 2018. On an adjusted basis, the company reported segment income of $154 million for the second quarter, down 6 percent compared to segment income for the second quarter of 2018, and ROS was 19.3 percent, a decrease of 170 basis points when compared to the second quarter of 2018.

Net cash provided by operating activities of continuing operations was $356 million and free cash flow provided by continuing operations was $343 million for the quarter.

Outlook

The company updates its estimated 2019 GAAP EPS to approximately $2.13 and on an adjusted EPS basis to approximately $2.35. The company updates its full year 2019 sales guidance to approximately flat to up 1 percent on a reported basis and approximately flat to down 1 percent on a core basis compared to full year 2018. The company expects full year free cash flow to approximate adjusted net income.

In addition, the company introduces third quarter 2019 GAAP EPS of approximately $0.50 - $0.52 and on an adjusted EPS basis of approximately $0.54 - $0.56. The company expects third quarter sales to be approximately flat to up 2 percent on a reported basis and approximately down 1 to 3 percent on a core basis compared to third quarter 2018.

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Me pasó lo mismo y al final decidí (no con pena) deshacerme de ellas y de la surgida del desdoblamiento. Tener que seguirlas y apuntar los dividendos para el poco dinero que era… Compré otras empresas. No descarto volver a entrar si se diera el caso pero la verdad que ya no la sigo.

Saludos.

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Pentair Reports Third Quarter 2019 Results (23/10/2019)

  • Sales were flat compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 2 percent in the third quarter.
  • Third quarter 2019 earnings per diluted share from continuing operations (“EPS”) were $0.54 compared to $0.52 in the third quarter of 2018. On an adjusted basis, the company reported EPS of $0.58 compared to $0.54 in the third quarter of 2018. Segment income, adjusted net income, free cash flow and adjusted EPS are described in the attached schedules.
  • Third quarter 2019 operating income was $109 million, flat compared to operating income for the third quarter of 2018, and return on sales (“ROS”) was 15.2 percent, flat compared to the third quarter of 2018. On an adjusted basis, the company reported segment income of $123 million for the third quarter, up 1 percent compared to segment income for the third quarter of 2018, and ROS was 17.2 percent, an increase of 10 basis points when compared to the third quarter of 2018.
  • Net cash provided by operating activities of continuing operations was $167 million and free cash flow provided by continuing operations was $152 million for the quarter.
  • Pentair paid a regular cash dividend of $0.18 per share in the third quarter of 2019. Pentair previously announced on December 10, 2018 that its Board of Directors approved a 3 percent increase in the company’s regular annual cash dividend rate for 2019 to $0.72 from $0.70, adjusted for the spin-off of nVent Electric plc. This marks the 43rd consecutive year that Pentair has increased its dividend.

Outlook

  • The company maintains its estimated 2019 GAAP EPS of approximately $2.09 and on an adjusted EPS basis of approximately $2.35.
  • The company updates its full year 2019 sales guidance to approximately flat on a reported basis and approximately down 1 percent on a core basis compared to full year 2018. The company is targeting full year free cash flow to approximate adjusted net income.
  • The company introduces fourth quarter 2019 GAAP EPS of approximately $0.60 - $0.62 and on an adjusted EPS basis of approximately $0.64 - $0.66.
  • The company expects fourth quarter sales to be up approximately 2 percent on a reported basis and approximately flat on a core basis compared to fourth quarter 2018.
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