Pentair plc announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net income of $189.6 million or $1.04 per diluted share on net sales of $1,260.9 million compared to net income of $131.0 million or $0.71 per diluted share on net sales of $1,188.1 million reported in the same period last year. Operating income was $137.4 million against $161.8 million reported last year. Income from continuing operations before income taxes was $124.3 million against $125.3 million reported last year. Net income from continuing operations was $203.9 million or $1.11 per diluted share against $109.6 million or $0.60 per diluted share reported last year. Net income from continuing operations-as adjusted was $170.7 million or $0.93 per diluted share against $143.8 million or $0.78 per diluted share reported last year.

For the year, the company reported net income of $666.5 million or $3.63 per diluted share on net sales of $4,936.5 million compared to net income of $522.2 million or $2.85 per diluted share on net sales of $4,890.0 million reported in the same period last year. Operating income was $680.8 million against $700.7 million reported last year. Income from continuing operations before income taxes was $489.2 million against $561.0 million reported last year. Net income from continuing operations was $480.0 million or $2.61 per diluted share against $451.6 million or $2.47 per diluted share reported last year. Net cash provided by operating activities was $620.2 million against $861.4 million reported last year. Capital expenditures were $70.9 million against $117.8 million reported last year. Net income from continuing operations-as adjusted was $647.7 million or $3.58 per diluted share against $559.0 million or $3.05 per diluted share reported last year.

The company introduced its 2018 GAAP EPS guidance of approximately $3.57 and on an adjusted basis of approximately $4.00.  The company anticipates full year 2018 sales of $5.1 billion, or up approximately 3% to 5% on a reported basis and up approximately 2% to 4% on a core basis.  The company expects to deliver full year free cash flow of approximately 100% of adjusted net income. The company expects effective tax rate of 18% and interest expense of $50 million.

The company introduced first quarter 2018 GAAP EPS guidance at a range of $0.70 to $0.72 and on an adjusted basis at a range of $0.81 to $0.83.  The company expects first quarter revenue to be approximately $1.26 billion, which would be up approximately 6% on a reported basis and up 3% on a core basis compared to first quarter 2017 revenue. The company expecting tax rate of 18%.