good you, morning, and everyone. Thank John,
Slide discussing QX year turn will Performance. XX. Slide labeled be to Pentair Please also full X, performance our XXXX on I
growth were quarter levels growth to XX%, as with sales of expected more times Industrial lead price our decline. and fourth to with volume of due declining communicated, commercial X% previously levels. delivered sales return channel was XX% contribution core down to beginning in strong and sales offset as inventory normal Consumer sales We to and core result not core enough strong X% rebalancing reported strength as industrial a & residential flow Solutions Flow Technologies solutions.
delivered core with core up year, sales Solutions Industrial Consumer and core of X%. Technologies full saw & sales sales X% XX%. Flow sales growth, grew growth the For X%
was lower versus by inflation. volume other our tax represented guidance to price, but with exceeded on count acquisition. of a for Fourth quarter sales expanded $X.XX Productivity expense full post the quarter rate XXX negatively $XX.X and And XXX.X impacted the prior was our down income by driven and year, X% Net XX%, share million, Adjusted of the which basis XX.X%, XX.X% quarter. return offsetting our million. was significantly Manitowoc was quarter. primarily new the EPS increased in adjusted quarter, the financing of during first points interest year-over-year segment
and For grew for Adjusted the XX.X%. income segment to to expanded $X.XX. on increased XX% year, basis EPS return points the year sales X% full XX
the count Our our and million. at XX.X%, year ended share tax XXX.X rate was
Solutions XX, Slide to Consumer turn Please labeled QX XXXX Performance.
referencing fourth the performance Solutions, year Consumer quarter the In be full addition performance on for XX. also I will Slide to
and correction Consumer decline fourth channels. pricing points Manitowoc and with income comparisons with quarter, declining contribution core decline. sales comprised as due offset points in X%, declined out along volume with of expanded continued XX.X%, Segment play in of was This on XX%, XX to to across strong sales to volume XX was of the our expectations. difficult basis the price, The from line lines XXX the year-over-year In many residential Solutions our points Ice. anticipated measures grew X% sales return inventory product by
income year, sales sales XX% Segment the sales grew with Consumer XX.X%. core to X%. points grew basis Solutions declined up and XX%, return XX on For
contribution the saw had Ice was completed led acquisition, the business Water of X% sales growth pool which of the end July. year. Manitowoc growth Our sales at XX%, of treatment for by from
XXXX Please XX, & labeled QX Flow turn Technologies Industrial to Slide Performance.
fourth also full performance year XX. In Technologies, the Slide Flow be on will addition to I Industrial referencing the performance for & quarter
core greater XX%, Technologies XXX basis sales basis significant FX income and strong was The expansion Industrial moderating XX%. XX.X%, with quarter the X% marking price offset to & consecutive return increasing Segment X% improvement. grew an expanded grew of of margin impressive a result a in XXX partially on than and points inflation. headwind Flow second points of sales quarter, contribution the by sales
IFT headwinds. increasing with more across the income up XX%. points increased and XXX sales on For X%, saw return up residential industrial to segment than up growth Segment increased and strong sales X% sales offset commercial and with flow core inflation XX%, year, FX solutions price basis as sales grew XX%. X% flow XX.X%, the
labeled turn Please and Slide Flow. Cash XX, Balance to Sheet
reminder, a was with Manitowoc reflects the two-thirds less variable times, as Ice. XX.X%, closing like We return of at interest the remind to and that would acquisition pro of slide into longer. for capital on rising the due invested I lock are rate Manitowoc this environment, we quarter the end leverage forma our were to a to the acquisition the being slightly of given inclined we ended higher X.X of rates you As declining July. at comfortable
three generated no to earnings cash for We is next was the few majority call. have from operations maturing year, debt on We of years in QX out our long-term which line of with the and the free flow messaging continuing the in million loans term in five $XXX years. significant going our debt
which issue timing Working has significant led capital to flow. a primarily on a headwind inventories, this was cash year,
supply inventories were [buy-ahead] due inefficiencies to the in inflation, largely chain. higher Our and (ph)
with improvement of generate performance benefit We free of income. XXX% expect line flow our in net working to XXXX from in capital cash historical and
returned dividends debt we'll XXXX, amid on rate we cash reduction environment. free roughly shareholders plan repurchases. remain and focus interest of We continue In and with higher the flow our to to capital, through share two-thirds our to disciplined
Beginning in Structure Please Slide XX, turn XXXX. to Segment labeled
to reporting January three John we discussed, segments As XX, XXXX. moved effective
for realigned from XXXX historical presentation. section segments information supplemental the earnings these to We in data of have our included XXXX
revenue the digits roughly of large term XX%. Industrial a industry. Our billion of ROS sales over very business XXXX grows approximately Technologies & $X.X at with Flow segment roughly in long single had a This in
basis Solutions large when and commercial industry. a was on digit full of year This roughly forma the is contributor a operating billion $X.X Water a sales of consists a and mid-single growth Manitowoc very Ice. long pro residential revenue term, including over in of
profitability highest digit billion and is $X.X in roughly grow over was of the Pool term. XXXX mid-single that long we segment sales our will Finally, revenue expect plus
Slide Please Transformation labeled Expectations. turn XX, to
primary contribute from with material progress In transformation funnel transformation benefits longer-term on have we more to XXXX, we and our in expect value our pricing We themes: and a margin strategic to three targets. of two driver Overall, a our focus execution, the expansion key to we excellence key made moved next four initiatives will years. transformation believe strategic creation on sourcing. be over
we margin the sourcing, by our to most on roughly pricing through transformation excellence impact represent significant XXX our overall which XX% will points expansion Day. focus a the have significant that For believe our identified sales. discussed at costs, efficiencies. have that up By material is due and on of XXX driving of initiative, cost we Investor transformation basis from targeted example, basis through A XXXX, points we previous portion of over this
believe XXXX, work in With XX% can XXXX. the in have on we to we we approximately expand that return completed sales
pricing, This foundation strategic one, our go-to-market better pricing which wave across programs new and distributor and them. optimize our pricing a has strategies different looking a to creates at dealer have completed established In we for playbook. includes
customer category using product better and We and remains a insight big We drive believe profitability pricing opportunity. to forecast. into data our are gaining by this
see building starting are benefits We to capabilities and materialize.
expect all across implementation to include playbook categories. our We of future waves pricing the
our initiatives. are furthest in sourcing along strategic We
completed over opportunities. have MRO. castings, categories, that key electronics, We Wave packaging, savings logistics one spend has focused and XX% one roughly generated material on in motors included like drives, of XX% and wave and
resources, inventory enhanced reduction, solutions, supplier-dedicated supply rebate relationships level unlock base expect We and executive supplier value through programs. to
our plus supply members hours to XX% of team instruction in entire some We and topics. formal expect across reduction supplier and commodity attended chain groups. of reduce see organization complexity XX to to close workshops in classroom our Pentair X,XXX Over
our as will institutionalize we categories. wave look future at waves we we this expect learnings, As one additional drive
as spend management and start molding, planned commodity supplies. goods, and scheduled transportation, XXXX is purchase spend finished cover groups as and metals, XX% material fleet two for such to in such another is Wave IT, to of indirect and office plastics
We expect XXXX. for this savings will create of and a XXXX funnel
few all In We out complexity we operations the excellence, made optimization. reducing focused XXXX driving on funnel. opportunities, processes on lean longer-term a small operations. XXXX, this we believe but and our In we are build strides and not across until presents as footprint beyond,
organization. we within our excellence complexity standpoint, effectiveness, top are for sales ample across Lastly, entire on opportunities and of organizational believe a in organizational portfolio functional the our reduction remain simplify focusing we to realignment From an and skills needed priorities.
transformation value initiatives to continue our for large opportunity We that will be creation believe Pentair. a
to QX Pentair Full Outlook. turn and Please Year Slide XXXX XX, labeled
year, X% approximately represents are to year-over-year For which X%. to introducing guidance up of full down EPS a the $X.XX, adjusted $X.XX range of we
up We X%. expect roughly X% sales be to to down
XXX an a to net million to We expect of X% $XXX XX%, of increase roughly rate segment of expense with count to XX% million, $XX income million, approximately corporate million. adjusted and share approximately expense interest of tax XXX
as inventory targeting expect to flow XXX% improve come down. of levels capital to cash income working We of approximately net and we are free
quarter, first of we $X.XX EPS guidance of a approximately the to represents year-over-year approximately adjusted $X.XX, to For introducing XX%. which decrease X% are
We be X%, from flat as offset of contribution of expect declines to roughly inventory. up sales channel Manitowoc expected the residential volume Ice the to rebalancing helps
$XX coming million, rate X%, net share tax roughly a expect XX% to XXX million, income approximately We of an adjusted $XX to to count million. million segment expense around corporate of expense with and in X% XXX increase interest of
the walk we be Midpoint. at The will sales you XXXX XX midpoint of at segment Slide XXXX sales turn guidance. midpoint. left-hand the a shows Slide to From Full our the to Year sales labeled income the side, chart on full see and expect Guidance year X% of that Please XX, at down on walk roughly
primarily volume businesses. expect approximately We our XX%, to be residential to down due
offset expect the water businesses Manitowoc solutions. Ice, benefit primarily in and roughly benefit of due We a exits from X% price year of and full approximately partially of acquisitions/divestitures a to X%, by residential
after on XXXX created XXXX. from between low in We to Pool the XXXX supply from and results. X% pool higher-than-normal and the at in sales XXXX, impact overall roughly in XXXX led disruptions perspective, digits an XXXX midpoint think about XX% the rebalancing sell-through that and in XXXX believe timing be levels. and to industry in a year basis reflected chain that larger-than-normal do in We a grew was our industry. and, expect estimate line therefore, sell-in sell-through with XXXX, to historical inventory X% in down there growing in a of industry We across volume the We be double level will demand XX% that XXXX
have sales pools be including At in XX% new XXXX be from XX%. XX% down of and from remodels we XX% will and approximately and remodels consists the QX from the As XX% midpoint, approximately expect we pools our that discussed, corrections business, QX, Pool through in down aftermarket. new the will aftermarket inventory
We mid-single expect carryover for digit. will up be roughly price Pool
industry to do a of later and normalized the balance distribution patterns. return We our in revenue to XXXX more expect and Pool buying sell-through and XXXX, more even reflecting in growth
As a a in to down Pool an reminder, (ph) from digit of with we in even expect digits XXXX at year XXXX, CAGR grow XXXX. through double double [Pool] expected
business midpoint, to approximately business. our down Water segment full Ice up approximately We with of XX% the Manitowoc a at sales be residential mid-teens in Solutions our including expect our year XX% up and commercial in
and double sales with the up IFT up industrial slightly to mid-single expect businesses approximately midpoint infrastructure the residential approximately digits digits. be commercial, We and at down
to income approximately segment at to basis midpoint roughly ROS and expect income we side, expand the X% On the segment points. grow XXX
inflation. price expect slightly exceed We to
and acquisitions our divestitures. from ROS XX% approximately expect We
volume. should margin on roughly And XXX in transformation through expansion. points the XX% expect we drop initiatives of of Our over and basis decrease deliver productivity
benefit XXXX, transformation productivity our rightsizing points the results basis initiatives. and be in repeat quarter expect XXXX will volume the in of of that will that not we actions greater inefficiencies our undertook in XXXX result XXX of than and fourth transformation our We
based demand are interest be the of would reflective on rates, and sales comments range interest increasing impacting of the housing end The lower our Our midpoint expense. and our of range. higher residential
outcome think and of benefits. As residential a primarily be main some higher drivers we would of range, the end better Pool, the transformation businesses, our overdriving the about our in
diversified expect by Pool In of our closing, to and portfolio initiatives. offset transformation the in lower the XXXX our strength we year be
We are momentum, funnel we and only XXXX, to savings continued strong to with expansion. initiatives our expected and gaining build transformation XXXX, benefits a not confident drive ROS we from are believe in the in for but significant XXXX
We also more expect residential beyond. and normalized ROS expansion businesses growth to XXXX as our return in
like call the which operator will line now turn a open for to to closing I'd remarks. please over Q&A, the the have Thank few after for questions. John you. Kate,
