ITT (ITT) FY2014 results: revenue $2.7 billion, up 6.3% on the year
ITT Inc. (ITT) reported revenue of $2.7 billion for fiscal 2014, the year ended 31 December 2014, up 6.3% on the year before. Net income was $184 million, down 62.2%, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$2.7 billion
+6.3% on the year
FY2007FY2014
Operating margin
10.0%
7.4% a year earlier
FY2007FY2014
Net income
$184 million
-62.2% on the year
FY2007FY2014
Diluted EPS
$1.99
-62.4% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,655
2,497
2,228
+6.3%
Cost of revenue
1,788
1,697
1,548
+5.4%
Gross profit
866
800
680
+8.3%
Gross margin
32.6%
32.0%
30.5%
Research and development
76.6
67.3
62.7
+13.8%
Operating income
266
184
152
+45.1%
Operating margin
10.0%
7.4%
6.8%
Interest expense
4.0
6.3
0.1
-36.5%
Pre-tax income
262
180
149
+45.2%
Income tax
71.3
-310
39.6
Effective tax rate
27.2%
-171.5%
26.6%
Net income
184
488
125
-62.2%
Net margin
7.0%
19.6%
5.6%
Diluted EPS
$1.99
$5.29
$1.33
-62.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
n/a
244
Capital expenditure
119
123
83.8
-3.3%
Free cash flow
n/a
n/a
160
Free cash flow margin
n/a
n/a
7.2%
Depreciation and amortisation
88.3
86.9
71.1
+1.6%
Share-based compensation
14.0
13.1
12.4
+6.9%
Buybacks
60.2
87.9
117
-31.5%
Dividends paid
40.7
36.4
34.2
+11.8%
Dividend per share
$0.44
$0.40
$0.36
+10.0%
Diluted shares, weighted
93m
92m
94m
+0.5%
Shares outstanding at period end
91m
91m
92m
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,215
1,201
703
+1.2%
Non-controlling interest
5.4
5.9
0.0
-8.5%
Short-term borrowings
1.5
n/a
n/a
Debt
7.1
8.9
12.1
-20.2%
Other liabilities
2,403
2,524
2,671
-4.8%
Total liabilities and equity
3,632
3,740
3,386
-2.9%
Fixed assets
444
426
373
+4.2%
Goodwill
632
660
651
-4.2%
Intangible assets
91.4
107
123
-14.5%
Investments
5.4
113
38.2
-95.2%
Cash and equivalents
584
507
544
+15.1%
Receivables
500
497
440
+0.7%
Inventory
302
316
304
-4.3%
Other assets
1,072
1,114
911
-3.8%
Total assets
3,632
3,740
3,386
-2.9%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.