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News and Information Article
- Fourth quarter revenue up 11 percent to $2.1 billion on strong growth in
all segments; organic revenue up 8 percent; strong cash flow performance.
- Fourth quarter operating margins improve in commercial segments.
- Full year 2006 revenues increase 11 percent to $7.8 billion; 10 percent
organic revenue growth.
- Dividend increasing by 27 percent to $0.56 per share.
WHITE PLAINS, N.Y., Feb. 2 /-FirstCall/ -- ITT Corporation
(NYSE: ITT) today reported fourth quarter 2006 net income of $140.8 million
or $0.75 per share, including the impact of special items of $3.4 million
or $0.02 per share. Excluding special items, earnings from continuing
operations were $0.73 per share. Fourth quarter 2006 revenue was $2.1
billion, up 11 percent over the fourth quarter last year.
"We are quite pleased with our performance in the quarter and for 2006
as a whole," said Steve Loranger, Chairman, President and Chief Executive
Officer. "We have delivered double-digit annual organic growth for three
straight years, placing ITT in a leadership position among multi-industry
companies. Our continuing organic growth demonstrates our ability to
anticipate market needs with new products, to expand geographically and to
compete in a wide range of markets. We believe our diverse range of
products and attractive end markets also provide resilience to economic
cycles. Based on our strong portfolio, coupled with our continuing
improvement in operating performance, we believe we are well positioned to
achieve our goals as we enter 2007."
The company also announced that its Board of Directors had approved a
27 percent increase in the annual dividend on ITTs common shares from
$0.44 per share to $0.56 per share effective April 1, 2007.
Full Year 2006 Results
Reported net income for 2006 was $581.1 million and full year reported
earnings per share was $3.10, including the impact of special items.
Excluding special items, earnings from continuing operations were $534.7
million or $2.85 per share, up 11 percent over 2005. As previously
announced, 2006 fourth quarter operating results included a charge to net
income of $25 million ($0.13 per share) in anticipation of resolution of a
legal matter at the companys Night Vision business. Full year 2006
revenues were $7.8 billion, up 11 percent from the prior year. Organic
revenue, which excludes the impact of acquisitions and currency
translation, grew 10 percent in 2006. Free cash flow (defined as cash from
operations before pension pre-funding net of tax, minus capital spending)
was $669 million compared to $614 million in 2005.
2007 Outlook
"With our strong fourth quarter performance, we are confirming our full
year guidance for 2007," Loranger said. "We continue to expect earnings per
share of $3.30 - $3.38, an increase of 16 - 19 percent over full year 2006
operating results excluding special items. We expect to achieve revenues of
$8.29 to $8.38 billion, with segment operating margins in the 13 percent
range and free cash flow at or above our income from continuing
operations."
Primary Business Results
Fluid Technology
* Fourth quarter 2006 Fluid Technology revenue was $838.8 million, up $89
million or 12 percent from the previous year. Full year revenues were
$3.1 billion up 10 percent over 2005. 2006 organic revenues grew 6
percent in the fourth quarter and 7 percent for the year.
* Fourth quarter 2006 operating income was $108.2 million including the
impact of restructuring. Excluding restructuring, fourth quarter
operating income was up 17 percent over the same period in 2005 to
$123.4 million. Full-year 2006 operating income was $370.6 million,
including restructuring. Excluding restructuring, operating income was
up 13 percent to $397.3 million over the same period in 2005.
* Fourth quarter segment operating margin excluding restructuring
increased 70 basis points over the prior year, reflecting a continued
focus on lean initiatives, refinement of the manufacturing footprint,
and global sourcing. The company anticipates continued margin
improvement in Fluid Technology in 2007.
* The companys water and wastewater businesses continued to grow
organically, with growth in de-watering particularly robust in the
quarter.
Defense Electronics & Services
* ITTs Defense Electronics & Services segment reported 2006 fourth
quarter revenues of $952.3 million, up 10 percent over the same period
in 2005, with full year revenues of $3.7 billion, up 13 percent over
2005. Organic revenue growth for Defense for the fourth quarter and
full year was up 10 percent and 13 percent, respectively, over 2005.
Revenue growth in the fourth quarter was driven by continued strong
demand in Tactical Communications, Night Vision and Advanced Engineering
and Sciences.
* Operating income for the fourth quarter of 2006 including restructuring
was $95.3 million and $404.3 million for the full year 2006. Excluding
restructuring, operating income in the quarter declined 6 percent to
$97.8 million, and was up 13 percent for the full year 2006 to $410.6
million. Fourth quarter 2006 operating income for Defense was negatively
affected by a charge relating to the resolution of a legal matter
involving the Night Vision business.
* 2006 full year orders increased by 21 percent and order backlog was up
12 percent at year end compared to 2005. Both Advanced Engineering and
Sciences and Electronic Systems businesses received over $100 million in
orders during the fourth quarter of 2006.
Motion & Flow Control
* Starting with the fourth quarter 2006 results, ITTs Motion & Flow
Control segment includes the Connectors business, formerly reported as
part of Electronic Components. Electronic Components had also included
the Switches business, which is reported in discontinued operations.
Prior periods have been restated to reflect this change.
* Fourth quarter 2006 revenues were $263.1 million, up 11 percent from the
fourth quarter of 2005. Fourth quarter 2006 operating income for the
segment including restructuring was $35.9 million. Excluding
restructuring, fourth quarter operating income was $36.6 million, up 14
percent from the comparable period in 2005.
* 2006 full year segment revenues rose 6 percent to $1.1 billion over
2005. On an organic basis, fourth quarter and full year revenues
increased 6 percent compared to 2005. 2006 full year segment operating
income including restructuring was $149.7 million. Excluding
restructuring, operating income rose 7 percent to $166.2 million over
2005. This performance reflects both market share gains in the friction
materials business, and strong order growth across all value centers.
* Operating margins, excluding restructuring, increased by 30 basis points
for the quarter and 10 basis points for the year compared to 2005.
* Organic orders grew by 10 percent for the full year, compared to 2005.
About ITT Corporation
ITT Corporation (http://www.itt.com) supplies advanced technology products and
services in several growth markets. ITT is a global leader in the
transport, treatment and control of water, wastewater and other fluids. The
company plays a vital role in international security through its defense
communications and electronics products; space surveillance and
intelligence systems; and advanced engineering and related services. It
also serves the growing leisure marine and electronic components markets
with a wide range of products. Headquartered in White Plains, NY, the
company generated $7.8 billion in 2006 sales. In addition to the New York
Stock Exchange, ITT Corporation stock is traded on the Paris, London and
Frankfurt exchanges.
For free B-roll/video content and logo about ITT Corporation, please
log onto http://www.thenewsmarket.com/ITT to preview and request video. You can
receive broadcast-standard video quality digitally or by tape from this
site. Registration and video are free to the media.
"Safe Harbor Statement" under the Private Securities Litigation Reform
Act of 1995 ("the Act"):
Certain material presented herein includes forward-looking statements
intended to qualify for the safe harbor from liability established by the
Act. These forward-looking statements include statements that describe the
Companys 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 in, or
implied from, such forward-looking statements. Factors that could cause
results to differ materially from those anticipated by the Company include
general global economic conditions, decline in consumer spending, interest
and foreign currency exchange rate fluctuations, availability of
commodities, supplies and raw materials, competition, acquisitions or
divestitures, changes in government defense budgets, employment and pension
matters, contingencies related to actual or alleged environmental
contamination, claims and concerns, intellectual property matters, personal
injury claims, governmental investigations, tax obligations, and changes in
generally accepted accounting principles. Other factors are more thoroughly
set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7.
Managements Discussion and Analysis of Financial Condition and Results of
Operations - Forward-Looking Statements in the ITT Industries, Inc. Annual
Report on Form 10-K for the fiscal year ended December 31, 2005, and other
of its 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.
ITT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED INCOME STATEMENTS
(In millions, except per share)
(Unaudited)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2006 2005 2006 2005
Sales and revenues $2,051.3 $1,845.5 $7,807.9 $7,040.8
Costs of sales and revenues 1,458.9 1,281.3 5,618.4 5,072.6
Selling, general and administrative
expenses 331.7 310.1 1,175.9 1,032.0
Research and development expenses 41.3 40.4 160.9 156.8
Restructuring and asset impairment
charges 19.7 10.8 51.7 53.9
Total costs and expenses 1,851.6 1,642.6 7,006.9 6,315.3
Operating income 199.7 202.9 801.0 725.5
Interest expense 25.4 23.1 86.2 75.0
Interest income 10.6 6.4 25.4 42.7
Miscellaneous (income) expense, net (0.7) 6.8 12.9 19.7
Income from continuing operations
before income taxes 185.6 179.4 727.3 673.5
Income tax expense 63.7 56.9 227.6 144.7
Income from continuing operations 121.9 122.5 499.7 528.8
Cumulative effect of change in
accounting principle, net of tax
benefit of $2.2 - (6.5) - (6.5)
Discontinued operations, net of tax 18.9 (200.0) 81.4 (162.8)
Net income (loss) $140.8 $(84.0) $581.1 $359.5
Earnings Per Share:
Income from continuing operations:
Basic $0.66 $0.66 $2.71 $2.86
Diluted $0.65 $0.65 $2.67 $2.80
Cumulative effect of change in
accounting principle:
Basic $- $(0.04) $- $(0.03)
Diluted $- $(0.04) $- $(0.03)
Discontinued operations:
Basic $0.10 $(1.08) $0.44 $(0.88)
Diluted $0.10 $(1.06) $0.43 $(0.86)
Net income (loss):
Basic $0.76 $(0.46) $3.15 $1.95
Diluted $0.75 $(0.45) $3.10 $1.91
Average Common Shares - Basic 184.0 184.5 184.3 184.6
Average Common Shares - Diluted 187.1 188.1 187.4 188.5
ITT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
December 31, December 31,
2006 2005
Assets
Current Assets:
Cash and cash equivalents $937.1 $451.0
Receivables, net 1,288.9 1,197.7
Inventories, net 755.9 622.9
Current assets of discontinued operations 183.0 474.4
Deferred income taxes 69.4 73.7
Other current assets 102.8 66.9
Total current assets 3,337.1 2,886.6
Plant, property and equipment, net 833.0 782.0
Deferred income taxes 272.0 70.8
Goodwill, net 2,336.8 2,227.3
Other intangible assets, net 213.2 211.5
Other assets 563.2 893.7
Total assets $7,555.3 $7,071.9
Liabilities and Shareholders Equity
Current Liabilities:
Accounts payable $929.4 $751.5
Accrued expenses 899.0 715.5
Accrued taxes 168.3 192.8
Current liabilities of discontinued
operations 96.5 190.3
Notes payable and current maturities of
long-term debt 597.0 750.9
Pension and postretirement benefits -
Current Portion 68.9 -
Other current liabilities 47.9 10.0
Total current liabilities 2,807.0 2,611.0
Pension and postretirement benefits 735.5 721.8
Long-term debt 500.4 516.0
Other liabilities 659.4 499.7
Total liabilities 4,702.3 4,348.5
Shareholders equity 2,853.0 2,723.4
Total liabilities and shareholders
equity $7,555.3 $7,071.9
ITT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Twelve Months Ended
December 31,
2006 2005
Operating Activities
Net income $581.1 $359.5
Cumulative effect of change in accounting
principle - 6.5
(Income) loss from discontinued operations (81.4) 162.8
Income from continuing operations 499.7 528.8
Adjustments to income from continuing
operations:
Depreciation and amortization 171.6 174.4
Amortization of stock compensation 22.9 1.5
Restructuring and asset impairment charges, net 51.7 53.9
Payments for restructuring (43.4) (42.0)
Change in receivables (61.2) (183.9)
Change in inventories (101.4) (26.2)
Change in accounts payable and accrued
expenses 246.4 120.5
Change in accrued and deferred taxes 30.3 94.9
Change in other current and non-current
assets (74.0) (16.2)
Change in other non-current liabilities 30.7 7.6
Other, net 7.4 (0.4)
Net cash - operating activities 780.7 712.9
Investing Activities
Additions to plant, property and equipment (177.1) (164.4)
Acquisitions, net of cash acquired (89.5) (69.0)
Proceeds from sale of assets and businesses 226.6 24.9
Other, net (6.3) (2.2)
Net cash - investing activities (46.3) (210.7)
Financing Activities
Short-term debt, net (155.6) 27.2
Long-term debt repaid (13.3) (17.6)
Long-term debt issued 0.5 0.4
Repurchase of common stock (210.0) (334.4)
Proceeds from issuance of common stock 69.0 151.9
Dividends paid (77.6) (65.6)
Tax benefit from stock option exercises 16.7 -
Other, net 0.1 (0.1)
Net cash - financing activities (370.2) (238.2)
Exchange Rate Effects on Cash and Cash
Equivalents 50.6 (25.1)
Net Cash - Discontinued Operations Operating
Activities 80.2 (31.3)
Net Cash - Discontinued Operations Investing
Activities (9.3) (18.0)
Net Cash - Discontinued Operations Financing
Activities 0.4 (1.5)
Net change in cash and cash equivalents 486.1 188.1
Cash and cash equivalents - beginning of year 451.0 262.9
Cash and Cash Equivalents - end of period $937.1 $451.0
ITT Corporation Non-GAAP Press Release Reconciliation
Reported vs. Organic Revenue / Orders Growth
Fourth Quarter 2006 & 2005
($ Millions)
(As Reported - GAAP)
% Change
Sales & Sales & Change 2006
Revenues Revenues 2006 vs. vs.
3M 2006 3M 2005 2005 2005
ITT Corporation - Consolidated 2,051.3 1,845.5 205.8 11.2%
Fluid Technology 838.8 749.8 89.0 11.9%
Industrial & BioPharm Group 153.7 140.4 13.3 9.5%
Wastewater 330.6 279.4 51.2 18.3%
Advanced Water Treatment 100.7 103.9 (3.2) -3.1%
Residential and Commercial Water
Group 265.8 233.5 32.3 13.8%
Motion & Flow Control 263.1 236.8 26.3 11.1%
Aerospace Controls 20.3 18.5 1.8 9.7%
Friction Materials 75.3 61.1 14.2 23.2%
Connectors 93.9 88.5 5.4 6.1%
(As Adjusted - Organic)
Acqui-
Sales sition FX %
& Contr- Contr- Adj. Change Change
Revenues ibution ibution Sales & Sales & Adj. Adj.
3M 3M 3M Revenues Revenues 06 06
2006 2006 2006 3M 2006 3M 2005 vs. 05 vs. 05
ITT Corporation -
Consolidated 2,051.3 (20.7) (39.2) 1,991.4 1,845.5 145.9 8%
Fluid Technology 838.8 (16.7) (28.4) 793.7 749.8 43.9 6%
Industrial &
BioPharm Group 153.7 0.0 (1.6) 152.1 140.4 11.7 8%
Wastewater 330.6 0.0 (17.3) 313.3 279.4 33.9 12%
Advanced Water
Treatment 100.7 (16.0) (3.5) 81.2 103.9 (22.7) -22%
Residential and
Commercial
Water Group 265.8 (0.7) (6.4) 258.7 233.5 25.2 11%
Motion & Flow
Control 263.1 (0.3) (10.8) 252.0 236.8 15.2 6%
Aerospace
Controls 20.3 (0.3) 0.0 20.0 18.5 1.5 8%
Friction
Materials 75.3 0.0 (5.3) 70.0 61.1 8.9 15%
Connectors 93.9 0.0 (2.4) 91.5 88.5 3.0 3%
ITT Corporation Non-GAAP Press Release Reconciliation
Reported vs. Organic Revenue / Orders Growth
Full Year 2006 & 2005
($ Millions)
(As Reported - GAAP)
%
Change Change
Sales & Sales & 2006 2006
Revenues Revenues vs. vs.
YTD 2006 YTD 2005 2005 2005
ITT Corporation - Consolidated 7,807.9 7,040.8 767.1 11%
Defense Electronics & Services 3,659.3 3,224.2 435.1 13%
ACD - Tactical Radios 757.9 537.9 220.0 41%
Space Systems 626.8 634.5 (7.7) -1%
Advanced Engineering & Sciences 326.8 304.7 22.1 7%
Electronic Systems 371.7 358.0 13.7 4%
Night Vision 419.8 339.6 80.2 24%
Systems 1164.3 1058.4 105.9 10%
Fluid Technology 3,070.1 2,799.1 271.0 10%
Industrial & BioPharm Group 586.5 552.3 34.2 6%
Wastewater 1,140.7 979.1 161.6 17%
Advanced Water Treatment 309.7 334.5 (24.8) -7%
Residential and Commercial Water
Group 1,070.8 966.1 104.7 11%
Motion & Flow Control 1,092.9 1,030.9 62.0 6%
Aerospace Controls 82.7 73.6 9.1 12%
Marine & Leisure 224.4 214.3 10.1 5%
Friction Materials 318.4 292.1 26.3 9%
Koni Shocks 87.2 90.0 (2.8) -3%
Connectors 380.2 361.0 19.2 5%
%
Change Change
2006 2006
Orders Orders vs. vs.
YTD 2006 YTD 2005 2005 2005
Fluid Technology 3,144.1 2,812.6 331.5 12%
Defense Electronics & Services 4,118.0 3,401.5 716.5 21%
Motion & Flow Control 1,141.4 1,030.3 111.1 11%
(As Adjusted - Organic)
Acqui-
sition FX %
Sales Contri- Contri- Adj. Change Change
& bution bution Sales & Sales & Adj. Adj.
Revenues YTD YTD Revenues Revenues 06 06
YTD 2006 2006 2006 YTD 2006 YTD 2005 vs. 05 vs. 05
ITT Corporation -
Consolidated 7,807.9 (53.2) (30.8) 7,723.9 7,040.8 683.1 10%
Defense Electronics
& Services 3,659.3 (3.7) (0.1) 3,655.5 3,224.2 431.3 13%
ACD - Tactical
Radios 757.9 (3.7) 0.0 754.2 537.9 216.3 40%
Space Systems 626.8 0.0 (0.1) 626.7 634.5 (7.8) -1%
Advanced
Engineering &
Sciences 326.8 0.0 0.0 326.8 304.7 22.1 7%
Electronic
Systems 371.7 0.0 0.0 371.7 358.0 13.7 4%
Night Vision 419.8 0.0 0.0 419.8 339.6 80.2 24%
Systems 1,164.3 0.0 0.0 1,164.3 1,058.4 105.9 10%
Fluid Technology 3,070.1 (49.2) (28.9) 2,992.0 2,799.1 192.9 7%
Industrial &
BioPharm Group 586.5 0.0 (3.3) 583.2 552.3 30.9 6%
Wastewater 1,140.7 (10.4) (15.9) 1,114.4 979.1 135.3 14%
Advanced Water
Treatment 309.7 (37.5) (1.6) 270.6 334.5 (63.9) -19%
Residential and
Commercial
Water Group 1,070.8 (1.3) (8.5) 1,061.0 966.1 94.9 10%
Motion & Flow
Control 1,092.9 (0.3) (1.8) 1,090.8 1,030.9 59.9 6%
Aerospace
Controls 82.7 (0.3) 0.0 82.4 73.6 8.8 12%
Marine & Leisure 224.4 0.0 (0.8) 223.6 214.3 9.3 4%
Friction
Materials 318.4 0.0 (1.3) 317.1 292.1 25.0 9%
Koni Shocks 87.2 0.0 (0.4) 86.8 90.0 (3.2) -4%
Connectors 380.2 0.0 0.7 380.9 361.0 19.9 6%
Acqui-
sition FX %
Contri- Contri- Adj. Change Change
bution bution Orders Orders Adj. Adj.
Orders YTD YTD YTD YTD 06 06
YTD 2006 2006 2006 2006 2005 vs. 05 vs. 05
Fluid Technology 3,144.1 (34.3) (26.8) 3,083.0 2,812.6 270.4 10%
Defense Electronics
& Services 4,118.0 (3.7) (0.1) 4,114.2 3,401.5 712.7 21%
Motion & Flow
Control 1,141.4 0.0 (3.7) 1,137.7 1,030.3 107.4 10%
Note: Excludes intercompany eliminations.
ITT Corporation Non-GAAP Press Release Reconciliation
Segment Operating Income & OI Margin Adjusted for Restructuring
Fourth Quarter of 2006 & 2005
($ Millions)
% Q4 Adjust
Q4 2006 Q4 2005 Change 2006 for 2006
As As 06 vs. As Restruc-
Reported Reported 05 Reported turing
Sales and Revenues:
Defense Electronics & Services 952.3 862.3 952.3
Fluid Technology 838.8 749.8 838.8
Motion & Flow Control 263.1 236.8 263.1
Intersegment eliminations (2.9) (3.4) (2.9)
Total Sales and Revenues 2,051.3 1,845.5 2,051.3
Operating Margin:
Defense Electronics & Services 10.0% 12.1% 10.0%
Fluid Technology 12.9% 12.9% 12.9%
Motion & Flow Control 13.6% 12.4% 13.6%
Total Ongoing Segments 11.7% 12.5% 11.7%
Income:
Defense Electronics & Services 95.3 104.2 -8.5% 95.3 2.5
Fluid Technology 108.2 97.0 11.5% 108.2 15.2
Motion & Flow Control 35.9 29.4 22.1% 35.9 0.7
Total Segment Operating Income 239.4 230.6 3.8% 239.4 18.4
%
Adjust Change
Q4 2006 Q4 2005 for 2005 Q4 2005 Adj.
As As Restruc- As 06 vs.
Adjusted Reported turing Adjusted 05
Sales and Revenues:
Defense Electronics & Services 952.3 862.3 862.3
Fluid Technology 838.8 749.8 749.8
Motion & Flow Control 263.1 236.8 236.8
Intersegment eliminations (2.9) (3.4) (3.4)
Total Sales and Revenues 2,051.3 1,845.5 1,845.5
Operating Margin:
Defense Electronics & Services 10.3% 12.1% 12.1% (180)BP
Fluid Technology 14.7% 12.9% 14.0% 70 BP
Motion & Flow Control 13.9% 12.4% 13.6% 30 BP
Total Ongoing Segments 12.6% 12.5% 13.1% (50)BP
Income:
Defense Electronics & Services 97.8 104.2 0.0 104.2 -6%
Fluid Technology 123.4 97.0 8.1 105.1 17%
Motion & Flow Control 36.6 29.4 2.7 32.1 14%
Total Segment Operating Income 257.8 230.6 10.8 241.4 7%
ITT Corporation Non-GAAP Press Release Reconciliation
Segment Operating Income & OI Margin Adjusted for Restructuring
Full Year of 2006 & 2005
($ Millions)
% YTD Adjust
YTD 2006 YTD 2005 Change 2006 for 2006
As As 06 vs. As Restruc-
Reported Reported 05 Reported turing
Sales and Revenues:
Defense Electronics & Services 3,659.3 3,224.2 3,659.3
Fluid Technology 3,070.1 2,799.1 3,070.1
Motion & Flow Control 1,092.9 1,030.9 1,092.9
Intersegment eliminations (14.4) (13.4) (14.4)
Total Sales and Revenues 7,807.9 7,040.8 7,807.9
Operating Margin:
Defense Electronics & Services 11.0% 11.3% 11.0%
Fluid Technology 12.1% 11.4% 12.1%
Motion & Flow Control 13.7% 12.9% 13.7%
Total Ongoing Segments 11.8% 11.6% 11.8%
Income:
Defense Electronics & Services 404.3 363.7 11.2% 404.3 6.3
Fluid Technology 370.6 319.6 16.0% 370.6 26.7
Motion & Flow Control 149.7 133.3 12.3% 149.7 16.5
Total Segment Operating Income 924.6 816.6 13.2% 924.6 49.5
%
Adjust YTD Change
YTD 2006 YTD 2005 for 2005 2005 Adj.
As As Restruc- As 06 vs.
Adjusted Reported turing Adjusted 05
Sales and Revenues:
Defense Electronics & Services 3,659.3 3,224.2 3,224.2
Fluid Technology 3,070.1 2,799.1 2,799.1
Motion & Flow Control 1,092.9 1,030.9 1,030.9
Intersegment eliminations (14.4) (13.4) (13.4)
Total Sales and Revenues 7,807.9 7,040.8 7,040.8
Operating Margin:
Defense Electronics & Services 11.2% 11.3% 11.3% (10)BP
Fluid Technology 12.9% 11.4% 12.5% 40 BP
Motion & Flow Control 15.2% 12.9% 15.1% 10 BP
Total Ongoing Segments 12.5% 11.6% 12.4% 10 BP
Income:
Defense Electronics & Services 410.6 363.7 0.0 363.7 13%
Fluid Technology 397.3 319.6 31.6 351.2 13%
Motion & Flow Control 166.2 133.3 21.9 155.2 7%
Total Segment Operating Income 974.1 816.6 53.5 870.1 12%
ITT Corporation Non-GAAP Press Release Reconciliation
Reported vs. Adjusted Net Income & EPS
Fourth Quarter of 2006 & 2005
($ Millions, except EPS and shares)
Q4 2006 Q4 2006 Q4 2006 Q4 2005 Q4 2005 Q4 2005
As Adjust- As As Adjust- As
Reported ments Adjusted Reported ments Adjusted
Segment Operating Income 239.4 18.4 #A 257.8 230.6 10.8 #E 241.4
Interest Income (Expense) (14.8) - (14.8) (16.7) 1.4 #F (15.3)
Other Income (Expense) 0.7 - 0.7 (6.8) - (6.8)
Gain on sale of Assets - - - - - -
Corporate (Expense) (39.7) 1.3 #A (38.4) (27.7) - (27.7)
Income from Continuing
Operations before Tax 185.6 19.7 205.3 179.4 12.2 191.6
Income Tax Items (2.4) 2.2 #B (0.2) 3.4 (0.4)#G 3.0
Income Tax Expense (61.3) (6.4)#C (67.7) (60.3) (3.4)#H (63.7)
Total Tax Expense (63.7) (4.2) (67.9) (56.9) (3.8) (60.7)
Income from Continuing
Operations 121.9 15.5 137.4 122.5 8.4 130.9
Cumulative Effect of a
Change in Accounting
Principle (6.5) 6.5 #I -
Income (loss) from
Discontinued Operations 18.9 (18.9)#D - (200.0) 200.0 #J -
Net Income 140.8 (3.4) 137.4 (84.0) 214.9 130.9
Diluted EPS 0.75 (0.02) 0.73 (0.45) 1.15 0.70
Change Percent Change
2006 vs. 2005 2006 vs. 2005
As Adjusted As Adjusted
Segment Operating Income
Interest Income (Expense)
Other Income (Expense)
Gain on sale of Assets
Corporate (Expense)
Income from Continuing Operations
before Tax
Income Tax Items
Income Tax Expense
Total Tax Expense
Income from Continuing Operations
Cumulative Effect of a Change in
Accounting Principle
Income (loss) from Discontinued
Operations
Net Income 6.5 5.0%
Diluted EPS $0.03 4.3%
#A - Remove Restructuring Expense of $18.4M & $1.3M.
#B - Remove Tax Charge of $2.2M and apply structural tax rate impact in
Q4.
#C - Remove Tax Benefit on Special Items of ($6.4M).
#D - Remove D.O. income of $18.9M.
#E - Remove Restructuring Expense of $10.8M
#F - Remove Interest Income due to Tax Refund ($1.4M).
#G - Remove Tax Items of ($3.4M) and apply structural tax rate impact in
Q4.
#H - Remove Tax Benefit on Special Items of ($3.4M).
#I - Remove Cumulative Effect of ($6.5M).
#J - Remove D.O. Expenses of ($200.0M).
ITT Corporation Non-GAAP Press Release Reconciliation
Reported vs. Adjusted Net Income & EPS
Full Year of 2006 & 2005
($ Millions, except EPS and shares)
YTD YTD YTD YTD
YTD 2006 2006 2006 2005 2005 YTD 2005
As Adjust- As As Adjust- As
Reported ments Adjusted Reported ments Adjusted
Segment Operating
Income 924.6 49.5 #A 974.1 816.6 53.5 #E 870.1
Interest Income
(Expense) (60.8) - (60.8) (32.3) (20.9)#F (53.2)
Other Income (Expense) (12.9) - (12.9) (19.7) - (19.7)
Gain on sale of Assets - - - - - -
Corporate (Expense) (123.6) 2.2 #A (121.4) (91.1) (0.3)#E (91.4)
Income from Continuing
Operations before Tax 727.3 51.7 779.0 673.5 32.3 705.8
Income Tax Items 0.2 (0.5)#B (0.3) 68.8 (62.5)#G 6.3
Income Tax Expense (227.8) (16.2)#C (244.0) (213.5) (16.5)#H (230.0)
Total Tax Expense (227.6) (16.7) (244.3) (144.7) (79.0) (223.7)
Income from Continuing
Operations 499.7 35.0 534.7 528.8 (46.7) 482.1
Cumulative Effect of a
Change in Accounting
Principle (6.5) 6.5 #I -
Income (loss) from
Discontinued
Operations 81.4 (81.4)#D - (162.8) 162.8 #J -
Net Income 581.1 (46.4) 534.7 359.5 122.6 482.1
Diluted EPS 3.10 (0.25) 2.85 1.91 0.65 2.56
Change Percent Change
2006 vs. 2005 2006 vs. 2005
As Adjusted As Adjusted
Segment Operating Income
Interest Income (Expense)
Other Income (Expense)
Gain on sale of Assets
Corporate (Expense)
Income from Continuing Operations
before Tax
Income Tax Items
Income Tax Expense
Total Tax Expense
Income from Continuing Operations
Cumulative Effect of a Change in
Accounting Principle
Income (loss) from Discontinued
Operations
Net Income 52.6 10.9%
Diluted EPS $0.29 11.3%
#A - Remove Restructuring Expense of $49.5M & $2.2M.
#B - Remove Tax Charge of $0.2M and apply structural tax rate impact in
Q4.
#C - Remove Tax Benefit on Special Items of ($16.2M).
#D - Remove D.O. income of $81.4M.
#E - Remove Restructuring Expense of $53.5M & $(0.3)M.
#F - Remove Interest Income due to Tax Refund ($20.9M).
#G - Remove Tax Items of ($68.8M) and apply structural tax rate impact in
Q4.
#H - Remove Tax Benefit on Special Items of ($16.5M).
#I - Remove Cumulative Effect of ($6.5M).
#J - Remove D.O. Expenses of ($162.8M).
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