Pentair Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net sales of $1,750,932,000 compared to $865,692,000 a year ago. Operating loss was $304,106,000 compared to $186,175,000 a year ago. Loss before income taxes and non-controlling interest was $397,786,000 compared to $203,282,000 a year ago. Net loss attributable to the company was $273,083,000 or $1.31 per basic and diluted common share compared to net loss attributable to the company of $174,487,000 or $1.77 per diluted common share a year ago. Operating income-as adjusted was $149.7 million compared to $94.0 million a year ago. Net income from continuing operations attributable to the company as adjusted was $99.7 million compared to $55.7 million a year ago. Diluted earnings per common share-as adjusted were $0.47 compared to $0.56 a year ago.

For the year, the company reported net sales of $4,416,146,000 compared to $3,456,686,000 a year ago. Operating loss was $43,119,000 compared to $100,203,000 a year ago. Loss before income taxes and non-controlling interest was $183,965,000 compared to income before income taxes and non-controlling interest of $43,266,000 a year ago. Net loss attributable to the company was $107,186,000 or $0.84 per diluted common share compared to $7,450,000 or $0.08 per diluted common share a year ago.
For the quarter, the company reported goodwill impairment of $200,520,000. Net cash provided by operating activities was $67,960,000 compared to $320,226,000 a year ago. Capital expenditures were $94,532,000 compared to $73,348,000 a year ago. Operating income-as adjusted was $488.5 million compared to $403.7 a year ago. Net income from continuing operations attributable to the company as adjusted was $312.9 million compared to $240.7 a year ago. Diluted earnings per common share-as adjusted were $2.39 compared to $2.41 a year ago.

For the quarter, the company reported impairment of trade names and goodwill of $60,718,000 against $200,500,000 a year ago.

For the first quarter of 2013, the company expects net sales of $1,800 million, which is up slightly compared to first quarter 2012 adjusted pro-forma revenue and up significantly versus historical first quarter 2012 revenue of $858 million. The company expects operating income of $97 million, adjusted operating income of $175 million, net income attributable to the company of $58 million, adjusted net income from continuing operations attributable the company of $117 million, diluted continuing earnings per common share attributable to the company in the range of $0.26-$0.28 and adjusted diluted continuing earnings per common share attributable to the company in the range of $0.54-$0.56.

For the fiscal year 2013, the company expects operating income of $865 million, adjusted operating income of $950 million, net income attributable to the company of $591 million, adjusted net income from continuing operations attributable the company of $655 million, diluted continuing earnings per common share attributable to the company in the range of $2.79-$2.99 and adjusted diluted continuing earnings per common share attributable to the company in the range of $3.10-$3.30, which represents an increase of approximately 22% to 30% from 2012 adjusted pro forma EPS of $2.54. The company anticipates full year 2013 sales to be approximately $7.6 billion, or up approximately 3% to 5% over 2012 adjusted pro forma sales. The company expects to generate free cash flow in excess of 100% of net income once again. The company is forecasting a 25% tax rate.