Delivers results in challenging environment,
updates 2015 EPS and revenue guidance
GAAP Results:
- Total revenue down 5% to $628
million
- Segment operating margins expanded
90 bps to 14.3%
- EPS increased to $1.56
Adjusted Results:
- Organic revenue up 1%
- Segment operating margins expanded
110 bps to record 15.2%
- EPS increased 15% to $0.69;
excluding foreign exchange, EPS up 25%
ITT Corporation (NYSE:ITT) today reported 2015 second-quarter
financial results, including stronger operating margins and
earnings per share growth, that reflected net operating
productivity, restructuring savings from proactive actions and
effective cost containment in a challenging macroeconomic
environment.
On a GAAP basis, the company delivered revenue of $628 million
in the second quarter, reflecting a 5 percent decline, primarily
due to unfavorable foreign exchange. GAAP segment operating margins
expanded 90 basis points to 14.3 percent. Second-quarter GAAP EPS
increased to $1.56, compared with $0.44 in the prior year,
primarily due to the recognition of a $101 million pre-tax benefit,
or $0.70 per share, associated with implementing a new single-firm
asbestos defense strategy.
On an adjusted basis, organic revenue (defined as total revenue
excluding foreign exchange, acquisition and divestiture impacts)
increased 1 percent, reflecting higher volume and market share
growth in global automotive brake pads and industrial pump projects
and aftermarket. These gains were offset by declines in short-cycle
baseline pumps, connector delivery delays and the timing of
commercial aerospace shipments and aftermarket softness. Adjusted
segment operating margins expanded 110 basis points to a record
15.2 percent for the second consecutive quarter, as strong net
operating productivity funded strategic investments and more than
offset operational disruption costs due to the relocation of
certain connectors operations within North America. Adjusted EPS,
which excludes special items, increased 15 percent to $0.69,
reflecting solid segment operational performance, lower corporate
costs and a lower share count. Adjusted EPS, excluding the $0.06
negative impact from foreign exchange, grew 25 percent in the
quarter.
“Despite the persistent headwinds from foreign exchange and
global oil and gas and industrial markets, we continued our track
record of delivering solid results, as reflected in our improved
operating margins and earnings per share growth in the quarter,”
said Denise Ramos, Chief Executive Officer and President. “In
addition, we are already starting to realize the benefits from
effectively deploying our capital in the second quarter to acquire
Hartzell Aerospace. The integration and performance of the business
are on track, and we are seeing new opportunities to enhance our
presence on key high-growth and next-generation aerospace
platforms.
“However, while we are pleased with our first-half execution, we
are mindful of the ongoing volatility in the global macro-economic
environment, including recent intensifying pressures in global
industrial markets, as well as the operational disruptions within
our Interconnect Solutions business. As we manage through these
conditions, we will continue our strong focus on optimizing our
businesses and improving our execution across the company to drive
enhanced long-term value for shareowners.”
2015 Second-Quarter Business Segment Results
All quarterly results are compared with the respective
prior-year periods
Industrial Process designs and manufactures industrial
pumps and valves for the oil and gas, chemical, mining and
industrial markets.
- Second-quarter GAAP revenue decreased 1
percent to $288 million. Second-quarter GAAP operating income
increased 63 percent to $42 million.
- Organic revenue increased 4 percent, as
growth in the Latin American and the Middle East aftermarket –
coupled with strong project pumps, which was supported by a solid
backlog entering into 2015 – was partially offset by softness in
short-cycle baseline pumps and valves.
- Adjusted operating income increased 49
percent to $41 million due to strong net operating productivity,
including restructuring benefits and cost containment actions,
higher volume and favorable mix, and lower postretirement
costs.
Motion Technologies designs and manufactures braking
technologies and shock absorbers for the automotive and rail
markets.
- Second-quarter GAAP revenue decreased 7
percent to $184 million. Second-quarter GAAP operating income
increased 7 percent to $37 million.
- Organic revenue increased 9 percent,
reflecting automotive OEM brake pad sales growth across major
geographies, including Europe, China and North America. The results
also reflect an increase in aftermarket due to solid Original
Equipment Service volumes, an anticipated beneficial shift in an
independent aftermarket customer’s order patterns and strength in
our shock absorber business.
- Second-quarter adjusted operating
income increased 6 percent to $37 million, reflecting higher
volume, net operating productivity and a $2 million insurance
recovery gain, partially offset by $7 million of unfavorable
foreign exchange, prior-year legal settlement favorability and
negative pricing impacts. Adjusted operating income, before the
negative impact from foreign exchange, grew 27 percent in the
quarter.
Interconnect Solutions designs and manufactures
connectors and interconnects for the oil and gas, industrial and
transportation, and aerospace and defense markets.
- Second-quarter GAAP revenue decreased
20 percent to $83 million. Second-quarter GAAP operating results
decreased to a loss of $1 million.
- Organic revenue declined 14 percent due
to delayed shipments resulting from operational disruptions caused
by the relocation of certain operations within North America,
declines in market share and weakness across our major markets
including oil and gas, and expected declines in non-strategic
connectors.
- Adjusted operating income declined 67
percent to $5 million, as savings from restructuring initiatives
were more than offset by a $6 million impact from operational
disruptions due to the relocation of certain operations within
North America and volume declines.
Control Technologies designs and manufactures products
including fuel management, actuation, and noise and energy
absorption components for the aerospace and industrial markets, as
well as aerospace environmental control system components.
- Second-quarter GAAP revenue increased 1
percent to $75 million. The acquisition of Hartzell Aerospace
contributed approximately $10 million in revenue and orders.
Second-quarter GAAP operating income decreased 25 percent to $12
million.
- Organic revenue decreased 10 percent,
due to timing of commercial aerospace shipments and aftermarket
softness, as well as industrial declines driven by softer
international markets and a difficult prior-year comparison in
North America.
- Adjusted operating income decreased 22
percent to $13 million, as net operating productivity was more than
offset by lower volume, unfavorable mix and higher legal
costs.
2015 Guidance
On a GAAP basis, the company is lowering its previously
announced full-year 2015 GAAP revenue guidance and raising its
full-year EPS guidance. GAAP revenue is expected to be down 9 to 7
percent. GAAP EPS is now expected to be in the range of $2.32 to
$2.50.
On an adjusted basis, the company is lowering its full-year EPS
guidance by $0.05 at the mid-point, as the continuation of
first-half operational execution, incremental second-half
restructuring savings and favorable corporate cost controls are
expected to be more than offset by lower second-half volumes and
the disruption impacts at Interconnect Solutions. Adjusted EPS is
now expected to be in the range of $2.45 to $2.55. Organic revenue
is now expected to range from down 3 percent to down 1 percent,
reflecting improved project execution at Industrial Process, which
is expected to be more than offset by weakness at Interconnect
Solutions and weaker second-half markets due to macroeconomic
uncertainty.
Investor Call Today
ITT's senior management will host a conference call for
investors today at 9 a.m. EDT to review performance and answer
questions. The briefing can be monitored live via webcast at the
following address on the company's Web site: www.itt.com/investors
and will be available on the website from two hours after the
webcast until Friday, Aug. 14, 2015, at midnight.
For a reconciliation of GAAP to non-GAAP results, please click
here.
All references to EPS are defined as diluted earnings per share
from continuing operations.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for the
energy, transportation and industrial markets. Building on its
heritage of innovation, ITT partners with its customers to deliver
enduring solutions to the key industries that underpin our modern
way of life. Founded in 1920, ITT is headquartered in White Plains,
N.Y., with employees in more than 35 countries and sales in a total
of approximately 125 countries. The company generated 2014 revenues
of $2.7 billion. For more information, visit www.itt.com.
Safe Harbor Statement
This release contains “forward-looking statements” intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995 (the “Act”). No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. All forward-looking
statements included in this release are based on information
available to us on the date hereof, and we undertake no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise. The
forward-looking statements are not historical facts, but rather are
based on current expectations, estimates, assumptions and
projections about the business and future financial results of the
industry in which we operate, and other legal, regulatory and
economic developments. These forward-looking statements include,
but are not limited to, future strategic plans and other statements
that describe the company’s business strategy, outlook, objectives,
plans, intentions or goals, and any discussion of future operating
or financial performance.
We use words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target,” “future,” “may,”
“will,” “could,” “should,” “potential,” “continue,” “guidance” and
other similar expressions to identify such forward-looking
statements. Forward-looking statements are uncertain and to some
extent unpredictable, and involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from those expressed or implied in, or
reasonably inferred from, such forward-looking statements.
Forward-looking statements in this release should be evaluated
together with the risks and uncertainties that affect our business,
particularly those mentioned in the Risk Factors section of the
Company's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other documents filed from time to time with the
Securities and Exchange Commission.
ITT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED INCOME STATEMENTS (In millions,
except per share) (Unaudited)
Three Months Six Months For the Periods
Ended June 30,
2015 2014
2015 2014 Revenue $ 628.2 $
663.0 $ 1,216.9 $ 1,337.5 Costs of revenue
414.3 448.2 804.0
907.9
Gross Profit
213.9 214.8
412.9 429.6 General and
administrative expenses 66.5 69.5 126.6 147.2 Sales and Marketing
expenses 48.8 56.3 96.1 111.6 Research and development expenses
18.9 18.6 37.2 36.3 Asbestos-related (benefit) costs, net
(84.8 ) 15.9 (69.4
) 31.7
Operating Income 164.5
54.5 222.4 102.8 Interest and
non-operating expenses, net 0.3
0.5 1.5 1.6
Income from continuing operations before income tax expense
164.2 54.0 220.9 101.2 Income
tax expense 23.5 12.4
41.6 25.4
Income from
continuing operations 140.7 41.6 179.3
75.8 Income (loss) from discontinued operations
1.7 (2.9 ) 5.1
(3.9 )
Net Income
142.4 38.7
184.4 71.9 Less:
Income attributable to noncontrolling interests 0.1
0.4 -
1.4
Net Income attributable to ITT Corporation
$ 142.3 $ 38.3
$ 184.4 $
70.5 Amounts attributable to ITT Corporation:
Income from continuing operations, net of tax $ 140.6 $ 41.2 $
179.3 $ 74.4 Income (loss) from discontinued operations, net
of tax 1.7 (2.9 )
5.1 (3.9 )
Net Income
$ 142.3 $ 38.3
$ 184.4 $ 70.5
Earnings (loss) per share attributable to ITT
Corporation: Basic: Continuing operations $ 1.57 $ 0.45 $ 1.99
$ 0.81 Discontinued operations 0.02
(0.03 ) 0.06 (0.04 )
Net income $ 1.59 $ 0.42
$ 2.05 $ 0.77 Diluted:
Continuing operations $ 1.56 $ 0.44 $ 1.97 $ 0.80 Discontinued
operations 0.02 (0.03 )
0.06 (0.04 )
Net income $
1.58 $ 0.41 $ 2.03 $
0.76 Weighted average common shares - basic 89.3 91.7
90.0 91.5 Weighted average common shares - diluted 90.2 93.0 91.0
92.8
ITT CORPORATION AND
SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions) June 30,
December 31, 2015
2014 (Unaudited)
Assets Current Assets: Cash and cash
equivalents $ 497.4 $ 584.0 Receivables, net 558.0 500.1
Inventories, net 294.9 302.3 Other current assets
283.1 249.8 Total current assets
1,633.4 1,636.2 Plant, property and equipment,
net 421.4 443.9 Goodwill 625.6 632.1 Other intangible assets, net
110.1 91.4 Asbestos-related assets 331.9 374.0 Deferred income
taxes 300.1 304.1 Other non-current assets
153.2 149.8 Total non-current assets
1,942.3 1,995.3
Total assets
$ 3,575.7 $ 3,631.5
Liabilities and Shareholders' Equity Current Liabilities:
Commercial Paper $ 68.7 $ - Accounts payable 299.2 309.6
Accrued liabilities 448.1 465.8
Total current liabilities 816.0 775.4
Asbestos-related liabilities 999.5 1,116.6 Postretirement benefits
240.9 249.7 Other non-current liabilities
251.5 269.5 Total non-current liabilities
1,491.9 1,635.8
Total
liabilities $ 2,307.9 $
2,411.2 Total ITT Corporation shareholders' equity
1,262.4 1,214.9 Noncontrolling interests
5.4 5.4 Total shareholders'
equity 1,267.8 1,220.3
Total
liabilities and shareholders' equity $
3,575.7 $ 3,631.5 ITT
CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS (In millions)
(Unaudited) For the Six Months Ended June 30,
2015 2014
Operating Activities Net income $ 184.4 $ 71.9 Less: Income
(loss) from discontinued operations 5.1 (3.9 ) Less: Income
attributable to noncontrolling interests -
1.4 Income from continuing operations - ITT
Corporation 179.3 74.4 Adjustments to income from continuing
operations: Depreciation and amortization 41.9 42.2 Stock-based
compensation 6.9 6.8 Asbestos-related costs, net (69.4 ) 31.7
Asbestos-related payments, net (6.5 ) (6.9 ) Changes in assets and
liabilities: Change in receivables (71.8 ) (79.3 ) Change in
inventories 2.0 5.8 Change in accounts payable 4.5 (0.4 ) Change in
accrued expenses (19.6 ) (3.5 ) Change in accrued income taxes 30.4
0.2 Other, net (8.2 ) 13.3
Net Cash - Operating Activities 89.5
84.3
Investing Activities Capital
expenditures (46.0 ) (45.7 ) Acquisitions, net of cash acquired
(53.5 ) (2.8 ) Purchases of investments (73.0 ) (120.6 ) Maturities
of investments 20.6 135.8 Proceeds from sale of assets and
businesses 8.9 1.3 Proceeds from insurance recoveries 2.5 - Other,
net 0.3 (0.6 )
Net Cash -
Investing Activities (140.2 ) (32.6
)
Financing Activities Short-term debt, net 68.7 (15.5 )
Long-term debt, repaid (1.9 ) (0.7 ) Repurchase of common stock
(83.7 ) (14.9 ) Proceeds from issuance of common stock 5.3 11.4
Dividends Paid (11.0 ) (10.3 ) Excess tax benefit from equity
compensation activity 3.0 6.4 Other, net -
(1.6 )
Net Cash - Financing Activities
(19.6 ) (25.2 ) Exchange rate effects on cash
and cash equivalents (14.0 ) (1.6 ) Net Cash – Operating activities
of discontinued operations (2.3 ) (4.5
) Net change in cash and cash equivalents (86.6 ) 20.4 Cash and
cash equivalents - beginning of year 584.0
507.3
Cash and cash equivalents - end of
period $ 497.4 $ 527.7
Key Performance Indicators and
Non-GAAP Measures
Management reviews key performance indicators including revenue,
segment operating income and margins, earnings per share, order
growth, and backlog, among others. In addition, we consider certain
measures to be useful to management and investors when evaluating
our operating performance for the periods presented. These measures
provide a tool for evaluating our ongoing operations and management
of assets from period to period. This information can assist
investors in assessing our financial performance and measures our
ability to generate capital for deployment among competing
strategic alternatives and initiatives, including, but not limited
to, dividends, acquisitions and share repurchases. These metrics,
however, are not measures of financial performance under GAAP and
should not be considered a substitute for measures determined in
accordance with GAAP. We consider the following non-GAAP measures,
which may not be comparable to similarly titled measures reported
by other companies, to be key performance indicators for purposes
of our reconciliation tables.
Organic Revenues and Organic Orders are defined as
revenues and orders, excluding the impact of foreign currency
fluctuations and acquisitions and divestitures. Divestitures
include sales of portions of our business that did not meet the
criteria for presentation as a discontinued operation. The
period-over-period change resulting from foreign currency
fluctuations is estimated using a fixed exchange rate for the
current and prior periods.
Adjusted Segment Operating Income and Adjusted Segment
Operating Margin are defined as operating income, adjusted to
exclude special items that include but are not limited to,
restructuring and realignment costs, asset impairment charges,
transformation costs, repositioning costs, certain
acquisitions-related expenses, and other unusual or infrequent
operating items. Special items represent significant charges or
credits that impact the current results, but may not be related to
the Company's ongoing operations and performance. Adjusted segment
operating margin is defined as adjusted segment operating income
divided by total revenue.
Adjusted Income from Continuing Operations, Adjusted
EPS and Adjusted EPS Guidance are defined as income from
continuing operations attributable to ITT Corporation and income
from continuing operations attributable to ITT Corporation per
diluted share, adjusted to exclude special items that include, but
are not limited to, asbestos-related costs, transformation costs,
repositioning costs, restructuring and realignment costs, asset
impairment charges, certain acquisition-related expenses, income
tax settlements or adjustments, and other unusual and infrequent
non-operating items. Special items represent significant charges or
credits on an after-tax basis that impact current results, but may
not be related to the Company’s ongoing operations and
performance.
Adjusted Free Cash Flow is defined as net cash provided
by operating activities less capital expenditures, adjusted for
cash payments for restructuring actions, transformation costs,
repositioning costs, net asbestos cash flows and other significant
items that impact current results which management believes are not
related to our ongoing operations and performance. Due to other
financial obligations and commitments, the entire free cash flow
may not be available for discretionary purposes.
ITT Corporation Non-GAAP Reconciliation Reported
vs. Organic Revenue / Order Growth Second Quarter 2015 &
2014 (In Millions)
(As Reported -
GAAP) (As Adjusted - Organic) (A) (B) (C) (D) (E)
= B-C-D (F) = E / A Change % Change
Acquisition /Divestitures
FX Impact Change % Change 3M 2015 3M 2014 2015 vs. 2014 2015 vs.
2014 3M 2015 3M 2015
Adj. 2015 vs. 2014
Adj. 2015 vs. 2014
Revenues
ITT Corporation - Consolidated 628.2 663.0 (34.8) (5.2%) 8.7 (52.2)
8.7 1.3% Industrial Process 287.5 289.4 (1.9) (0.7%) 0.0
(13.6) 11.7 4.0% Motion Technologies 184.4 198.0 (13.6) (6.9%) 0.0
(31.8) 18.2 9.2% Interconnect Solutions 82.7 103.7 (21.0) (20.3%)
0.0 (6.3) (14.7) (14.2%) Control Technologies 74.5 73.7 0.8 1.1%
8.7 (0.5) (7.4) (10.0%)
Orders
Total Segment Orders 586.2 674.4 (88.2) (13.1%) 9.2 (54.5) (42.9)
(6.4%) Industrial Process 232.1 291.5 (59.4) (20.4%) 0.0
(14.2) (45.2) (15.5%) Motion Technologies 185.7 208.9 (23.2)
(11.1%) 0.0 (33.2) 10.0 4.8% Interconnect Solutions 83.1 98.3
(15.2) (15.5%) 0.0 (6.7) (8.5) (8.6%) Control Technologies 86.3
77.2 9.1 11.8% 9.2 (0.4) 0.3 0.4% Note: Excludes
intercompany eliminations Immaterial differences due to rounding
ITT Corporation Non-GAAP Reconciliation
Reported vs Adjusted Segment Operating Income & Operating
Margin Second Quarter 2015 & 2014 (In Millions)
3M
2015 3M 2015 3M 2015 3M 2014 3M 2014 3M 2014 % Change % Change As
Reported Special Items As Adjusted As Reported Special Items As
Adjusted
As Reported2015 vs. 2014
As Adjusted2015 vs. 2014
Revenue: Industrial Process 287.5 287.5 289.4 289.4
(0.7%) (0.7%) Motion Technologies 184.4 184.4 198.0 198.0 (6.9%)
(6.9%) Interconnect Solutions 82.7 82.7 103.7 103.7 (20.3%) (20.3%)
Control Technologies 74.5 74.5 73.7 73.7 1.1% 1.1% Intersegment
eliminations (0.9) (0.9) (1.8) (1.8) Total Revenue
628.2 628.2 663.0 663.0 (5.2%) (5.2%)
Operating
Margin: Industrial Process 14.4% (20) BP 14.2% 8.8% 70 BP 9.5%
560 BP 470 BP Motion Technologies 20.1% - BP 20.1% 17.5% 10 BP
17.6% 260 BP 250 BP Interconnect Solutions (1.0%) 690 BP 5.9% 11.9%
240 BP 14.3% (1,290) BP (840) BP Control Technologies 16.4% 60 BP
17.0% 22.0% - BP 22.0% (560) BP (500) BP Total Operating Segments
14.3% 90 BP 15.2% 13.4% 70 BP 14.1% 90 BP 110 BP
Income (loss): Industrial Process 41.5 (0.6) 40.9 25.4 2.0
27.4 63.4% 49.3% Motion Technologies 37.0 0.0 37.0 34.7 0.2 34.9
6.6% 6.0% Interconnect Solutions (0.8) 5.7 4.9 12.3 2.5 14.8
(106.5%) (66.9%) Control Technologies 12.2 0.5 12.7 16.2 0.0 16.2
(24.7%) (21.6%) Total Segment Operating Income 89.9 5.6 95.5 88.6
4.7 93.3 1.5% 2.4% Note: Immaterial differences due to
rounding.
Special items include, but are not limited to, certain costs
associated with the repositioning costs associated with
spin-related activities, restructuring and realignment costs and
other unusual and infrequent non-operating items.
ITT Corporation Non-GAAP Reconciliation Reported
vs. Adjusted Income from Continuing Operations & Adjusted
EPS Second Quarter of 2015 & 2014 (In Millions,
except per share amounts)
Percent Change Q2 2015 Non-GAAP Q2 2015 Q2 2014
Non-GAAP Q2 2014 2015 vs. 2014 2015 vs. 2014 As Reported
Adjustments As Adjusted As Reported Adjustments As Adjusted As
Adjusted As Adjusted
Segment Operating Income 89.9 5.6 #A 95.5 88.6 4.7 #A 93.3
Interest Income (Expense) - (0.8) #B (0.8) - - -
Other Income (Expense) (0.3) - (0.3) (0.5) - (0.5) Corporate
(Expense) 74.6 (84.6) #C (10.0) (34.1) 16.8 #C (17.3)
Income from Continuing Operations
before Tax 164.2 (79.8) 84.4 54.0 21.5 75.5
Income Tax Benefit (Expense) (23.5) 1.4
#D (22.1) (12.4) (7.3) #D (19.7)
Income from Continuing Operations 140.7 (78.4) 62.3 41.6
14.2 55.8 Less: Non Controlling Interest 0.1 - 0.1 0.4 - 0.4
Income from Continuing
Operations - ITT Corporation 140.6 (78.4) 62.2 41.2 14.2 55.4
EPS from Continuing
Operations 1.56 (0.87) 0.69 0.44 0.16 0.60 0.09 15.0% Note:
Amounts may not calculate due to rounding. #A - 2015 segment
operating income includes restructuring and realignment costs
($6.8M), Hartzell backlog amortization ($0.5), and a reversal of
prior year contract loss in Venezuela ($1.7). #A - 2014 segment
operating income includes restructuring and realignment costs
($4.7M). #B - 2015 Interest income for change in uncertain
tax position. #C - 2015 corporate (expense) includes
repositioning and restructuring costs ($0.2M) and net asbestos
related income of ($84.8M). Note: ($84.8M) net asbestos related
income includes ($100.7M) for defense strategy benefit and ($15.9M)
asbestos related expense. #C - 2014 corporate (expense) includes
repositioning costs ($0.9M); asbestos related expense ($15.9M).
#D - 2015 includes various tax-related
special items including changes in tax on undistributed foreign
earnings ($18.7M), uncertain tax positions ($4.0M), in addition to
the tax impact of other operating special items.
#D - 2014 includes various tax-related
special items including tax impact of change in valuation allowance
assessment ($1.5M), tax basis step-up $2.3M and U.S. tax on foreign
earnings of ($1.2M), in addition to the tax impact of other
operating special items.
ITT Corporation Non-GAAP Reconciliation Net Cash -
Operating Activities vs. Adjusted Free Cash Flow Conversion
Second Quarter 2015 & 2014 (In Millions)
6M 2015 6M 2014
Net Cash - Operating
Activities 89.5 84.3 Capital Expenditures
46.0 45.7
Free Cash Flow 43.5 38.6
Transformation, Repositioning & Realignment Related Cash
Payments, including Capex 2.6 7.5 Restructuring Cash
Payments 13.1 9.2 Asbestos Cash Payments, net 6.5 6.9
Adjusted Free Cash Flow 65.7 62.2
Income from Continuing Operations - ITT Corporation
179.3 74.4 Special Items (57.2) 38.4
Income from Continuing Operations - ITT Corporation,
Excluding Special Items 122.1 112.8
Adjusted Free Cash Flow Conversion 53.8%
55.1% ITT Corporation Non-GAAP
Reconciliation GAAP vs. Adjusted EPS Guidance Full
Year 2015 2015
Full-Year Guidance Low High EPS from
Continuing Operations - GAAP $ 2.32 $
2.50 Estimated Asbestos Related (Benefit), Net of Tax
(0.24 ) (0.28 )
$ 2.08 $
2.22 Estimated Restructuring and Realignment Costs,
Net of Tax 0.37 0.33
EPS from Continuing
Operations - Adjusted $ 2.45 $
2.55
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150731005118/en/
ITT CorporationInvestors:Melissa Trombetta,
914-641-2030melissa.trombetta@itt.comorMedia:Kathleen Bark,
914-641-2103kathleen.bark@itt.com
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