ITT (ITT) FY2018 results: revenue $2.7 billion, up 6.2% on the year
ITT Inc. (ITT) reported revenue of $2.7 billion for fiscal 2018, the year ended 31 December 2018, up 6.2% on the year before. Net income was $334 million, up 194.0%, and diluted earnings per share $3.76. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$2.7 billion
+6.2% on the year
FY2011FY2018
Operating margin
14.5%
12.4% a year earlier
FY2011FY2018
Net income
$334 million
+194.0% on the year
FY2011FY2018
Diluted EPS
$3.76
+193.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,745
2,585
2,405
+6.2%
Cost of revenue
1,858
1,768
1,647
+5.1%
Gross profit
887
820
761
+8.2%
Gross margin
32.3%
31.7%
31.6%
Research and development
98.4
93.5
80.5
+5.2%
Operating income
397
319
277
+24.4%
Operating margin
14.5%
12.4%
11.5%
Pre-tax income
391
309
258
+26.4%
Income tax
57.7
195
76.0
-70.3%
Effective tax rate
14.8%
62.9%
29.4%
Net income
334
114
186
+194.0%
Net margin
12.2%
4.4%
7.7%
Diluted EPS
$3.76
$1.28
$2.07
+193.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
368
245
241
+50.2%
Capital expenditure
95.5
113
111
-15.7%
Free cash flow
272
132
129
+106.9%
Free cash flow margin
9.9%
5.1%
5.4%
Cash from investing
-52.3
-223
n/a
Cash from financing
-129
-112
n/a
Depreciation and amortisation
109
105
102
+3.9%
Share-based compensation
21.6
18.1
12.6
+19.3%
Buybacks
56.1
32.9
77.8
+70.5%
Dividends paid
47.3
45.4
44.6
+4.2%
Dividend per share
$0.54
$0.51
$0.50
+4.7%
Diluted shares, weighted
89m
89m
90m
-0.3%
Shares outstanding at period end
88m
88m
88m
-0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,822
1,596
1,426
+14.2%
Non-controlling interest
2.5
1.7
2.0
+47.1%
Debt
116
164
214
-29.0%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,906
1,939
1,959
-1.7%
Total liabilities and equity
3,847
3,700
3,602
+4.0%
Fixed assets
519
522
464
-0.6%
Goodwill
876
887
775
-1.2%
Intangible assets
136
156
160
-12.9%
Investments
0.0
0.0
0.0
Cash and equivalents
561
390
461
+44.0%
Receivables
540
630
524
-14.2%
Inventory
380
312
295
+22.0%
Other assets
834
804
922
+3.7%
Total assets
3,847
3,700
3,602
+4.0%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.