ITT (ITT) FY2013 results: revenue $2.5 billion, up 12.1% on the year
ITT Inc. (ITT) reported revenue of $2.5 billion for fiscal 2013, the year ended 31 December 2013, up 12.1% on the year before. Net income was $488 million, up 289.6%, and diluted earnings per share $5.29. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$2.5 billion
+12.1% on the year
FY2007FY2013
Operating margin
7.4%
6.8% a year earlier
FY2007FY2013
Net income
$488 million
+289.6% on the year
FY2007FY2013
Diluted EPS
$5.29
+297.7% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,497
2,228
2,086
+12.1%
Cost of revenue
1,697
1,548
1,441
+9.7%
Gross profit
800
680
645
+17.6%
Gross margin
32.0%
30.5%
30.9%
Research and development
67.3
62.7
63.5
+7.3%
Operating income
184
152
-245
+21.2%
Operating margin
7.4%
6.8%
-11.7%
Interest expense
6.3
0.1
76.4
+6,200.0%
Pre-tax income
180
149
-316
+21.1%
Income tax
-310
39.6
261
Effective tax rate
-171.5%
26.6%
n/a
Net income
488
125
-130
+289.6%
Net margin
19.6%
5.6%
-6.2%
Diluted EPS
$5.29
$1.33
-$1.40
+297.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
n/a
244
n/a
Capital expenditure
123
83.8
102
+46.7%
Free cash flow
n/a
160
n/a
Free cash flow margin
n/a
7.2%
n/a
Depreciation and amortisation
86.9
71.1
71.3
+22.2%
Share-based compensation
13.1
12.4
11.5
+5.6%
Buybacks
87.9
117
6.6
-24.7%
Dividends paid
36.4
34.2
193
+6.4%
Dividend per share
$0.40
$0.36
$1.59
+9.9%
Diluted shares, weighted
92m
94m
93m
-1.9%
Shares outstanding at period end
91m
92m
94m
-1.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,201
703
694
+70.8%
Non-controlling interest
5.9
0.0
n/a
Debt
8.9
12.1
4.3
-26.4%
Other liabilities
2,524
2,671
2,973
-5.5%
Total liabilities and equity
3,740
3,386
3,671
+10.5%
Fixed assets
426
373
321
+14.2%
Goodwill
660
651
498
+1.3%
Intangible assets
107
123
76.6
-13.3%
Investments
113
38.2
n/a
+195.5%
Cash and equivalents
507
544
690
-6.8%
Receivables
497
440
390
+12.8%
Inventory
316
304
248
+3.8%
Other assets
1,114
911
1,447
+22.3%
Total assets
3,740
3,386
3,671
+10.5%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.