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Last $41.57 USD
Change Today +1.05 / 2.59%
Volume 1.2M
ITT On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:04 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

itt corp (ITT) Key Developments

ITT Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Full Year 2015

ITT Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, revenue was $588.7 million against $674.5 million a year ago. Operating income was $57.9 million against $48.3 million a year ago. Income from continuing operations before income tax was $56.7 million against $47.2 million a year ago. Income from continuing operations was $38.6 million or $0.42 per basic and diluted share against $34.2 million or $0.36 per basic and diluted share a year ago. Net income attributable to the company was $42.1 million or $0.46 per basic and diluted share against $32.2 million or $0.35 per basic and diluted share a year ago. Net cash from operating activities was $8.2 million against net cash used in operating activities of $13.2 million a year ago. Capital expenditures was $30.2 million against 419.0 million a year ago. Adjusted income from continuing operations before tax was $81.5 million against $81.4 million a year ago. Income from Continuing Operations was $59.8 million or $0.65 per diluted share against $58.4 million or $0.62 per diluted share a year ago. Negative free cash flow was $22.0 million against $32.2 million a year ago. Adjusted negative free cash flow was $9.1 million against $19.3 million a year ago. On a GAAP basis, the company's revenue reflecting a 13% decline primarily driven by unfavorable foreign exchange and lower organic revenue. First-quarter GAAP EPS increased due to increased operating income, partially offset by a higher effective tax rate. Adjusted net income of $59.9 million and adjusted net income per share of $0.65, above the $0.62 a share reported in the year-earlier period. For the full year 2015, on a GAAP basis, the company is lowering its previously announced full-year 2015 GAAP EPS and revenue guidance. GAAP EPS is expected to be in the range of $1.65 to $1.83 and GAAP revenue is expected to be down 8.5 to 5.5%. On an adjusted basis, the company is lowering its full-year adjusted EPS guidance by $0.05 at the mid-point, driven by the expected negative impact of foreign exchange. Adjusted EPS is now expected to be in the range of $2.50 to $2.60, up 3% at the mid-point. Excluding the impact of foreign exchange, adjusted EPS would be up 14% at the mid-point. Organic revenue is now expected to range from down 2% to up 1%, compared to a previous range of up 1 to 3%, reflecting incremental pressures in the oil and gas and industrial markets partially offset by stronger global automotive OEM volumes.

ITT Corporation and BIW Connector Systems Introduce New High-Temperature Wellhead Penetrator System for Extreme Temperature Applications

ITT Corporation and its BIW Connector Systems brand will introduce a new high-temperature wellhead penetrator system for extreme temperature applications at the Electric Submersible Pump workshop, booth 50-52, April 22, 2015 to April 24, 2015 in The Woodlands, Texas. Metal-Lok Ultra with k-PaC Technology comprises a completely redesigned wellhead penetrator and an advanced design downhole connector suitable for use in temperatures of up to 500 degrees Fahrenheit/260 degrees Celsius and pressures of up to 3000 psi. The system allows electrical power to pass safely and reliably to submerged pumps through the well pressure barrier while withstanding extreme temperature applications. Metal-Lok Ultra with k-PaC Technology works at extreme temperatures previously unprecedented for penetrator systems. With the use of this technology, production operations such as steam-assisted gravity drainage can explore techniques that deliver higher production and higher profitability with confidence. Successful trials have already been completed with positive results. BIW's patented k-PaC Technology is also debuting at ESP 2015 along with the Presta family of mechanical splices. Metal-Lok Ultra with k-PaC Technology offers ease of installation and use and is completely compatible with BIW's existing line of high-temperature and surface connectors. It joins BIW's existing line of Metal-Lok and Metal-Lok High Temp electrical feedthru systems.

ITT and its BIW Connector Systems Brand to Introduce Breakthrough Electrical Penetrator Technology at ESP Workshop 2015

ITT Corporation and its BIW Connector Systems brand will introduce a sophisticated new electric submersible pump (ESP) cable penetrator technology at the Society of Petroleum Engineers’ ESP Workshop, booth 50-52, April 22-24 in The Woodlands, Texas. ITT’s BIW Connector Systems’ k-PaC™ Technology is the result of years of research, development and extensive lab and field-testing. The patented technology answers a pressing need for increased product lifetimes and reliability in the upstream artificial lift market, while also offering significantly improved ease of use and installation in the field. Applicable to a variety of electrical penetrator systems, k-PaC™ Technology establishes a pressure balance between the well conditions and the electrical connection. This balance eliminates forces on the cable and connector insulators and prevents conductive well fluids from damaging the connection. Eliminating these common sources of failure in existing penetrator technology allows systems with k-PaC™ Technology to operate with a longer life in harsher conditions, thereby ensuring continuous oil production.

ITT Corporation to Report Q1, 2015 Results on May 01, 2015

ITT Corporation announced that they will report Q1, 2015 results at 9:00 AM, US Eastern Standard Time on May 01, 2015

ITT Corporation, Q1 2015 Earnings Call, May 01, 2015

ITT Corporation, Q1 2015 Earnings Call, May 01, 2015

 

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