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ITT Reports Strong Results in 2012 Third Quarter - Celebrates One-Year Anniversary of Spin-Offs, Delivers Significant Strategic Progress (NYSE: ITT) - ITT.com
ITT Reports Strong Results in 2012 Third Quarter

 

PRZOOM - /newswire/ - White Plains, NY, United States, 2012/11/02 - Celebrates One-Year Anniversary of Spin-Offs, Delivers Significant Strategic Progress (NYSE: ITT) - ITT.com. NYSE: ITT

   
 
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• Third-quarter revenue up 8 percent to $556 million
- Organic revenue up 10 percent
- U.S. organic revenue up 14 percent, emerging market organic revenue up 11 percent
• Earnings from continuing operations increased to $0.65 per share
• Adjusted earnings from continuing operations increased significantly to $0.44 per share
• Guidance for full-year 2012 adjusted earnings per share maintained at $1.67 midpoint, range tightened to $1.64-$1.70; guidance for full-year 2012 organic revenue maintained at 5-7 percent

ITT Corporation (NYSE: ITT) today reported third-quarter 2012 revenue of $556 million, including 10 percent growth in organic revenue (defined as total revenue excluding foreign exchange, acquisition and divestiture impacts) compared with the 2011 third quarter.

Revenue results reflected the geographic and end-market diversification of company operations. ITT’s 14 percent U.S. organic growth and 11 percent emerging market organic growth in the third quarter were driven primarily by strength in the global industrial pump market and share gains in the global automotive market. ITT also grew revenues slightly in Western Europe despite the continuing weakness in those markets.

On a GAAP basis, earnings from continuing operations totaled $0.65 per share compared with a loss from continuing operations of $0.32 per share in the prior-year third quarter. Adjusted earnings from continuing operations, which excludes special items, increased to $0.44 per share compared with pro forma adjusted earnings of $0.33 per share in the third quarter of 2011. This increase in adjusted EPS reflects a 10 percent increase in adjusted segment operating income as well as lower interest expense and a lower tax rate.

“A year ago this week, ITT executed two successful spin-offs and emerged as a focused and truly global diversified industrial company. Today, we can clearly see the benefits of our transformation. We have gained advantages from our portfolio that is balanced and diversified across key end markets, business cycles and geographies, and we have leveraged our sharper focus to propel the swift and consistent execution of our strategies to drive profitable growth and value creation,” said CEO and President Denise Ramos.

“Our focus has accelerated our ability to expand our emerging and aftermarket presence, strengthen our relationships with customers and deploy capital in a value-creating way – exemplified by our recent agreement to acquire Bornemann Pumps – that best supports the priorities and goals of our businesses. I am extremely proud of the performance and accomplishments of the ITT team, especially given the uncertain economic conditions we have faced throughout the year.”

2012 Third-Quarter Business Segment Results
Industrial Process designs and manufactures pumps and valves for the oil and gas, chemical, mining and industrial markets.

• 2012 third-quarter revenue was up 27 percent to $240 million and organic revenue was up 23 percent compared to the prior year, reflecting the fourth consecutive quarter of record revenue for the Industrial Process business. Results in the 2012 third quarter were driven by strength in all end markets served in North America, global chemical strength and an 18 percent organic emerging market expansion driven by oil and gas and mining.

• Adjusted operating income in the third quarter was $33 million, a 46 percent year-over-year increase, driven by increased volume and net operating productivity.

• On Oct. 15, ITT announced an agreement to acquire Bornemann Pumps, a leading global provider of highly engineered pumps and systems for the oil and gas industry known for its leading edge technologies. Bornemann Pumps would align strategically with the Industrial Process business, complement its Goulds Pumps brand and expand ITT’s presence in upstream oil and gas production. The transaction is expected to close by year-end subject to customary closing conditions, including appropriate regulatory approvals.

Motion Technologies designs and manufactures braking technologies and shock absorbers for the automotive and rail markets.

• 2012 third-quarter revenue was flat at $151 million as 11 percent growth in organic revenue was offset by unfavorable foreign exchange translation. Results reflect 13 percent growth in global automotive friction components driven by share gains in the U.S. and China. Organic revenue in Western Europe increased 1 percent due to automotive share gains, despite a weak economic environment.

• Adjusted operating income in the third quarter was up 13 percent to $20 million compared with the prior-year quarter. Results reflected net operating productivity and volume increases partially offset by changes in sales mix from reduced aftermarket volume, unfavorable foreign currency exchange and expenses incurred in the start-up of a new production and research facility in Wuxi, China.

Interconnect Solutions designs and manufactures connectors and interconnects for the aerospace, industrial and transportation markets.

• 2012 third-quarter revenue for Interconnect Solutions declined 10 percent to $91 million with organic revenue declining 7 percent as strength in connectors for the oil and gas market was more than offset by decreased demand in the communications, aerospace and defense markets.

• Adjusted operating income for the third quarter of 2012 was $1 million, an 89 percent decrease compared with the 2011 third quarter due to lower volumes and an unfavorable change in sales mix.

• In light of difficult market conditions, Interconnect Solutions has enhanced its focus on harsh environment connector applications and initiated restructuring actions in the third and fourth quarters of 2012 to reduce European costs and improve global efficiency.

Control Technologies designs and manufactures products including fuel management, actuation, and noise and energy absorption components for the aerospace and industrial markets.

• In Control Technologies, third-quarter total and organic revenue declined 6 percent to $76 million, as growth in commercial aerospace was offset by the impact of a prior year rail project and general weakness in the European industrial market.

• 2012 third-quarter adjusted operating income was $15 million, an increase of 3 percent, as net operating productivity and positive foreign currency exchange impacts more than offset lower volumes and an unfavorable change in sales mix.

Annual Asbestos Remeasurement
ITT recognized a minimal after-tax asbestos-related charge of $2 million in the third quarter of 2012, resulting from the annual remeasurement of the underlying assumptions used in liability and asset estimates. In addition, future cash flow expectations related to asbestos matters remain consistent with prior-year estimates.

Guidance
The company maintains its guidance for full-year 2012 adjusted earnings midpoint of $1.67 while tightening the range to $1.64 to $1.70 per share. It also maintains its organic revenue guidance of 5 to 7 percent including expected market share gains as well as the impact of late-cycle strength in mining, chemical, and oil and gas. The company also expects 2012 emerging market growth will be approximately 10 percent driven by mining in Latin America, automotive gains in China and new global platforms and products.

ITT expects to execute up to $50 million in share repurchases in the next six months. These actions will not impact the previously issued 2012 share count guidance.

Investor Call Today
ITT's senior management will host a conference call for investors today at 9 am. EDT to review third-quarter performance and answer questions. The briefing can be monitored live via webcast at the following address on the company's website.

About ITT
ITT (itt.com) is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2011 revenues of $2.1 billion.

Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include, but are not limited to: Uncertainties with respect to our estimate of asbestos exposures, third-party recoveries and net cash flows; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or international sales and operations; contingencies related to actual or alleged environmental contamination, claims and concerns, and related third-party recoveries; decline in consumer spending; sales and revenues mix and pricing levels; availability of adequate union and non-union labor, commodities, supplies and raw materials; foreign currency exchange rate fluctuations; changes in local government regulations and compliance therewith; competition, industry capacity and production rates; declines in orders or sales as a result of industry or geographic downturn; ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; our ability to borrow and availability of liquidity sufficient to meet our needs; changes in the recoverability of goodwill or intangible assets; our ability to achieve stated synergies or cost savings from acquisitions or divestitures; the number of personal injury claims filed against the company or the degree of liability; our ability to effect restructuring and cost reduction programs and realize savings from such actions; changes in our effective tax rate as a result in changes in the geographic earnings mix, valuation allowances, tax examinations or disputes, tax authority rulings or changes in applicable tax laws; changes in technology; intellectual property matters; potential future postretirement benefit plan contributions and other employment and pension matters; susceptibility to market fluctuations and costs as a result of becoming a smaller, more focused company after the spin-off; changes in generally accepted accounting principles with the U.S.; and other factors set forth in our Annual Report on Form 10−K for the fiscal year ended December 31, 2011 and our other filings with the Securities and Exchange Commission.

The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 
 
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ITT Reports Strong Results in 2012 Third Quarter

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ITT Corporation |
Contact: Kathleen Bark / Melissa Trombetta - ITT.com 
914-641-2103 / 914-641-2030 kathleen.bark[.]itt.com / melissa.trombetta[.]itt.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ITT Night Vision and Imaging securities in any jurisdiction including any other companies listed or named in this release.

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