ITT (ITT) FY2016 results: revenue $2.4 billion, down 3.2% on the year
ITT Inc. (ITT) reported revenue of $2.4 billion for fiscal 2016, the year ended 31 December 2016, down 3.2% on the year before. Net income was $186 million, down 47.1%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2017.
Revenue
$2.4 billion
-3.2% on the year
FY2009FY2016
Operating margin
11.5%
15.3% a year earlier
FY2009FY2016
Net income
$186 million
-47.1% on the year
FY2009FY2016
Diluted EPS
$2.07
-46.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,405
2,486
2,655
-3.2%
Cost of revenue
1,647
1,676
1,788
-1.7%
Gross profit
761
809
866
-6.0%
Gross margin
31.6%
32.6%
32.6%
Research and development
80.5
78.9
76.6
+2.0%
Operating income
277
380
266
-27.2%
Operating margin
11.5%
15.3%
10.0%
Interest expense
n/a
n/a
4.0
Pre-tax income
258
382
262
-32.4%
Income tax
76.0
70.1
71.3
+8.4%
Effective tax rate
29.4%
18.3%
27.2%
Net income
186
352
184
-47.1%
Net margin
7.7%
14.2%
7.0%
Diluted EPS
$2.07
$3.88
$1.99
-46.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
241
230
n/a
+4.8%
Capital expenditure
111
86.7
119
+28.5%
Free cash flow
129
143
n/a
-9.6%
Free cash flow margin
5.4%
5.8%
n/a
Depreciation and amortisation
102
90.0
88.3
+13.3%
Share-based compensation
12.6
15.7
14.0
-19.7%
Buybacks
77.8
84.0
60.2
-7.4%
Dividends paid
44.6
42.8
40.7
+4.2%
Dividend per share
$0.50
$0.47
$0.44
+4.8%
Diluted shares, weighted
90m
91m
93m
-0.9%
Shares outstanding at period end
88m
90m
91m
-1.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,426
1,362
1,215
+4.7%
Non-controlling interest
2.0
3.3
5.4
-39.4%
Short-term borrowings
n/a
n/a
1.5
Debt
214
246
7.1
-12.8%
Other liabilities
1,959
2,112
2,403
-7.3%
Total liabilities and equity
3,602
3,724
3,632
-3.3%
Fixed assets
464
444
444
+4.7%
Goodwill
775
778
632
-0.5%
Intangible assets
160
187
91.4
-14.4%
Investments
0.0
64.9
5.4
Cash and equivalents
461
416
584
+10.8%
Receivables
524
585
500
-10.4%
Inventory
295
293
302
+0.9%
Other assets
922
956
1,072
-3.6%
Total assets
3,602
3,724
3,632
-3.3%
10-K for the year ended 31 December 2016, filed 17 February 2017: the filing.