LONDON, UK – Pentair plc (NYSE: PNR) today announced fourth quarter 2024 sales of $973 million. Sales were down 1 percent compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 1 percent in the fourth quarter. Fourth quarter 2024 earnings per diluted share from continuing operations (“EPS”) were $0.99 compared to $1.25 in the fourth quarter of 2023. On an adjusted basis, the Company reported EPS of $1.08 in the fourth quarter compared to $0.87 in the fourth quarter of 2023. Adjusted operating income, reportable segment income, adjusted net income, free cash flow, and adjusted EPS are described in the attached schedules.
Fourth quarter 2024 operating income was $195 million, up 17 percent compared to operating income for the fourth quarter of 2023, and return on sales (“ROS”) was 20.1 percent, an increase of 310 basis points when compared to the fourth quarter of 2023. On an adjusted basis, the Company reported adjusted operating income of $231 million, up 17 percent for the fourth quarter of 2024 compared to adjusted operating income for the fourth quarter of 2023, and ROS was 23.8 percent, an increase of 370 basis points when compared to the fourth quarter of 2023.
Full year 2024 sales were $4.1 billion. Sales were down 1 percent compared to sales last year. Excluding currency translation, acquisitions and divestitures, core sales were flat in 2024. Full year 2024 EPS from continuing operations was $3.74 compared to $3.75 in 2023. On an adjusted basis, the Company reported EPS of $4.33 for 2024 compared to $3.75 in 2023.
Full year 2024 operating income was $804 million, up 9 percent compared to operating income in 2023, and ROS was 19.7 percent, an increase of 170 basis points when compared to 2023. On an adjusted basis, the Company reported adjusted operating income of $959 million, up 12 percent in 2024, compared to adjusted operating income in 2023, and ROS was 23.5 percent, an increase of 270 basis points when compared to 2023.
Water Solutions sales were down 4 percent in the fourth quarter of 2024 compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in the fourth quarter. Reportable segment income of $62 million was up 21 percent compared to the fourth quarter of 2023, and ROS was 24.1 percent, an increase of 500 basis points when compared to the fourth quarter of 2023.
Water Solutions sales were down 4 percent for the full year of 2024 compared to sales for 2023. Excluding currency translation, acquisitions and divestitures, core sales declined 4 percent in 2024. Reportable segment income of $255 million was up 3 percent compared to 2023, and ROS was 22.6 percent, an increase of 160 basis points when compared to 2023.
Full year net cash provided by operating activities of continuing operations was $767 million and free cash flow from continuing operations was $693 million.
Pentair paid a regular cash dividend of $0.23 per share in the fourth quarter of 2024. Pentair previously announced on December 16, 2024 that it will pay a regular quarterly cash dividend of $0.25 per share on February 7, 2025 to shareholders of record at the close of business on January 24, 2025. This $0.25 per share quarterly cash dividend reflects an approximate 9 percent increase in the Company’s regular cash dividend rate as compared to $0.23 per share per quarter in 2024 and marks the 49th consecutive year that Pentair has increased its dividend.
During the fourth quarter, the company repurchased 0.4 million shares for $50 million. During the year ended December 31, 2024, the company repurchased 1.6 million shares for $150 million. As of December 31, 2024, we had $450 million available for share repurchases under our share repurchase authorization.
