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Last $39.32 USD
Change Today +0.33 / 0.85%
Volume 536.5K
As of 8:04 PM 03/26/15 All times are local (Market data is delayed by at least 15 minutes).

itt corp (ITT) Key Developments

ITT Corporation Makes Additional $20 Million Investment in Wuxi, China Facility

ITT Corporation announced that it is investing approximately $20 million to further expand its braking technology production capabilities in Wuxi, Jiangsu Province, China, bringing its total investment in the facility to nearly $50 million over the past three years. The investment in the company’s Motion Technologies business demonstrates ITT’s ongoing commitment in China as it ensures the facility is prepared for future opportunities to support customers and the automotive market in the region. ITT’s Motion Technologies business produces and supplies braking and friction technologies for all categories of passenger cars for major vehicle manufacturers in China and around the world. The investment also reflects the contributions and successes of Wuxi team, who are continually developing and applying their expertise to raising industry standards for safety and performance while partnering with OEMs and brake manufacturers to create the most effective solution for an efficient and high-performing brake system.

ITT Corporation Elects Timothy H. Powers to its Board of Directors

ITT Corporation announced that it has elected Timothy H. Powers to its board of directors. Powers is the former chairman, president and chief executive officer of Hubbell Inc. Powers formerly served as senior vice president and chief financial officer for Hubbell; executive vice president, finance and business development, Americas Region, at ABB Inc.; and vice president and corporate controller at BBC Brown Boveri Inc. Powers is also a member of the board of directors of MeadWestvaco Corp.

ITT Corporation Approves Cash Dividend for the First Quarter of 2015, Payable on April 1, 2015

ITT Corporation announced that it will continue to return capital to shareowners by increasing its dividend by 7.5% to 11.83 cents per share. The ITT Board of Directors has approved the cash dividend for the first quarter of 2015, which will be payable on April 1, 2015, to shareholders of record as of the close of business on March 13, 2015.

ITT Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

ITT Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue of $660.0 million compared to $645.5 million reported a year ago. Net income attributable to company was $33.7 million or $0.36 per diluted share compared to $11.2 million or $0.12 per diluted share reported a year ago. Operating income was $43.9 million compared to $28 million reported a year ago. Income from continuing operations before income tax expense was $41.8 million compared to $27.5 million reported a year ago. Income from continuing operations was $33.9 million or $0.36 per diluted share compared to $12.1 million or $0.12 per diluted share reported a year ago. Adjusted income from continuing operations before tax was $72.8 million compared to $65.2 million reported a year ago. Adjusted income from continuing operations was $54.8 million compared to $46.4 million reported a year ago. Adjusted income attributable to company was $54.3 million compared to $45.2 million reported a year ago. Adjusted EPS from continuous operation was $0.59 compared to $0.49 reported a year ago. For the year, the company reported revenue of $2,654.6 million compared to $2,496.9 million reported a year ago. Net income attributable to company was $184.5 million or $1.99 per diluted share compared to $488.5 million or $5.29 per diluted share reported a year ago. Operating income was $266.4 million compared to $183.6 million reported a year ago. Income from continuing operations before income tax expense was $262.0 million compared to $180.5 million reported a year ago. Income from continuing operations was $190.7 million or $2.03 per diluted share compared to $490.1 million or $5.28 per diluted share reported a year ago. Net cash from operating activities was $244.7 million compared to $226.6 million reported a year ago. Capital expenditures were $118.8 million compared to $122.9 million reported a year ago. Adjusted income from continuing operations before tax was $315.0 million compared to $269.9 million reported a year ago. Adjusted income from continuing operations was $231.1 million compared to $188.7 million reported a year ago. Adjusted income attributable to company was $228.8 million compared to $186.3 million reported a year ago. Adjusted EPS from continuous operation was $2.47 compared to $2.02 reported a year ago. Free cash flow was $125.9 million compared to $103.7 million reported a year ago. Adjusted free cash flow was $173.0 million compared to $181.6 million reported a year ago. The company announced 2015 guidance with total revenue down 1% to 3% and organic revenue up 1% to 3%. Organic revenue growth is expected to be driven by share gains and market growth in automotive, aerospace, and chemical and industrial pumps that more than offsets market-driven declines in oil and gas. The total revenue guidance reflects unfavorable foreign exchange impacts, partially offset by benefits from a pending $30 million revenue producing aerospace acquisition. The company expects GAAP segment operating margin expansion of approximately 100 basis points as well as solid adjusted segment operating margin expansion of 60-80 basis points due to benefits from improved operational performance and Lean transformation activities across its facilities including incremental benefits from 2014 and 2015 restructuring actions. GAAP EPS in 2015 is expected to be in the range of $1.80 to $2.01. Adjusted EPS is expected to be in the range of $2.55 to $2.65 per share, up 5% at the mid-point and up 13% at the mid-point excluding the impact of foreign exchange. The company estimates 2015 effective tax rate to be in the range of 26% to 26.5%.

ITT Corporation Eyes Acquisitions

ITT Corporation (NYSE:ITT) Chief Executive Officer Denise Ramos said "we're aggressively going after acquisitions within our pipeline. Some of the key focus areas for us right now would be in aerospace, would be in industrial, and would be in rail. And so, we're looking at deals of all sizes to be honest, anywhere from smaller ones. We're announcing the $30 million acquisition in aerospace today all the way up to some larger ones. So would we be willing to take on debt for the right kind of deal? Yes, we would. What's important to us is we would like to maintain our investment grade rating."

 

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