ITT Interconnect Solutions Corp. engages in the manufacture and supply of connectors, including circular, environment, mini circular, miniature ZIF, PCB interface, rectangular, fiber optic, RF, power and high voltage, audio, PCMCIA, compact flash card, enclosures, cable assemblies, and application specific custom solutions for automotive, computer/consumer, industrial instrumentation, military/aerospace, telecom/handsets, oil and gas, medical, and transportation markets. Its global presence supports manufacturing sites worldwide, rapid tooling/prototyping, fast time-to-market, high volume/high yield capacity, design and integrated product development, off-the-shelf availability of product th...
666 East Dyer Road
Santa Ana, CA 92705
Founded in 1915
Interconnect Solutions Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Feb 13 15
Interconnect Solutions announced earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, total revenue decreased 10% to $91 million, with organic revenue down 7% as growth in North American and Middle Eastern oil and gas connectors was more than offset by weakness in defense and expected declines in non-strategic connectors. GAAP operating results increased $4 million to $2 million of income. Adjusted operating income increased 21% to $11 million, as net operating productivity and restructuring benefits more than offset lower volume and negative mix shift.
For the full-year, total revenue decreased 1% to $393 million. GAAP operating income increased 56% to $22 million, and adjusted operating income was up 66% to $52 million, due to benefits from restructuring and improved operational performance.