ITT (ITT) FY2019 results: revenue $2.8 billion, up 3.7% on the year
ITT Inc. (ITT) reported revenue of $2.8 billion for fiscal 2019, the year ended 31 December 2019, up 3.7% on the year before. Net income was $325 million, down 2.6%, and diluted earnings per share $3.67. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$2.8 billion
+3.7% on the year
FY2012FY2019
Operating margin
14.5%
14.5% a year earlier
FY2012FY2019
Net income
$325 million
-2.6% on the year
FY2012FY2019
Diluted EPS
$3.67
-2.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,846
2,745
2,585
+3.7%
Cost of revenue
1,936
1,858
1,768
+4.2%
Gross profit
910
887
820
+2.6%
Gross margin
32.0%
32.3%
31.7%
Research and development
97.9
98.4
93.5
-0.5%
Operating income
411
397
319
+3.5%
Operating margin
14.5%
14.5%
12.4%
Pre-tax income
414
391
309
+6.0%
Income tax
89.9
57.7
195
+55.8%
Effective tax rate
21.7%
14.8%
62.9%
Net income
325
334
114
-2.6%
Net margin
11.4%
12.2%
4.4%
Diluted EPS
$3.67
$3.76
$1.28
-2.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
359
368
245
-2.4%
Capital expenditure
91.4
95.5
113
-4.3%
Free cash flow
267
272
132
-1.8%
Free cash flow margin
9.4%
9.9%
5.1%
Cash from investing
-203
-52.3
-223
Cash from financing
-102
-129
-112
Depreciation and amortisation
113
109
105
+3.7%
Share-based compensation
15.7
21.6
18.1
-27.3%
Buybacks
41.4
56.1
32.9
-26.2%
Dividends paid
52.1
47.3
45.4
+10.1%
Dividend per share
$0.59
$0.54
$0.51
+9.7%
Diluted shares, weighted
89m
89m
89m
-0.1%
Shares outstanding at period end
88m
88m
88m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,075
1,822
1,596
+13.9%
Non-controlling interest
2.9
2.5
1.7
+16.0%
Debt
86.5
116
164
-25.6%
Operating lease liabilities
76.0
0.0
n/a
Other liabilities
1,867
1,906
1,939
-2.0%
Total liabilities and equity
4,108
3,847
3,700
+6.8%
Fixed assets
532
519
522
+2.4%
Goodwill
927
876
887
+5.9%
Intangible assets
138
136
156
+1.4%
Investments
0.0
0.0
0.0
Cash and equivalents
612
561
390
+9.1%
Receivables
578
540
630
+7.1%
Inventory
393
380
312
+3.3%
Other assets
928
834
804
+11.2%
Total assets
4,108
3,847
3,700
+6.8%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.