* Revenue up 17 percent to
* GAAP income from continuing operations of
* Adjusted EPS from continuing operations up 32 percent to
* Adjusted segment operating income up 29 percent and margins up 130 basis points * Revenue up 12 percent to
* GAAP income from continuing operations of
* Adjusted EPS from continuing operations up 20 percent to
* Adjusted segment operating income up 21 percent and margins up 100 basis points * Revenue up 4 to 6 percent with a range of
* Fourth-quarter adjusted operating income was up 58 percent to
* Full-year total revenue was up 16 percent to
* Full-year adjusted segment operating income was up 18 percent to
* Fourth-quarter adjusted operating income was up 24 percent to
* Full-year total revenue for Motion Technologies was up 15 percent to
* Full-year adjusted segment operating income was up 26 percent to
* Adjusted operating income for the fourth quarter increased 56 percent to
* Full-year total revenue was up 5 percent to
* Full-year adjusted operating income was up 111 percent to
* Fourth-quarter total revenue was up 2 percent to
* Fourth-quarter adjusted operating income decreased to
* Full-year total and organic revenue for Control Technologies was up slightly to
* Full-year adjusted segment operating income was
In the fourth quarter, the company delivered revenue of
2013 annual revenue totaled
On a GAAP basis, 2013 income from continuing operations totaled
"Over the past two years, our outstanding team at ITT has continued to leverage our sharper focus to build a strong multi-industrial company with a track record of proven performance," said CEO and President
"Each of our businesses has worked individually and collectively to make remarkable strides. We have driven growth in key end markets including oil and gas, automotive and aerospace, and expanded our global manufacturing and R&D capabilities in
"As we look ahead to 2014, we'll continue to build on the strong foundation and momentum we have created to drive profitable growth and value creation. At the same time, we will continue making investments -- in our capabilities and in our people -- that will position us to realize the full long-term power of our committed employees, leading-edge technologies and strong customer relationships." 2013 Fourth-Quarter and Full-Year Business Segment Results
All full-year and quarterly results are compared with the respective prior-year periods
Industrial Process designs and manufactures industrial pumps and valves for the oil and gas, chemical, mining and industrial markets.
Motion Technologies designs and manufactures braking technologies and shock absorbers for the automotive and rail markets.
Interconnect Solutions designs and manufactures connectors and interconnects for the oil and gas, medical, industrial and transportation, and aerospace and defense markets.
Control Technologies designs and manufactures products including fuel management, actuation, and noise and energy absorption components for the aerospace and industrial markets. 2014 Guidance
The company announced 2014 guidance with total and organic revenue up 4 to 6 percent to
Revenue growth is expected to be driven by the global oil and gas pump market, and share gains and market growth in the global automotive market, partially offset by non-strategic connector product lines and an aerospace program ramp down.
The company also expects solid adjusted segment operating margin expansion of 70-90 basis points due to benefits from volume, productivity, proactive restructuring actions and Lean transformation activities across its facilities, which will more than fund increased strategic investments. Investor Call Today
ITT's senior management will host a conference call for investors today at
For a reconciliation of GAAP to non-GAAP results, please click here .
ITT 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
This release contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 (the "Act"). No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. All forward-looking statements included in this release are based on information available to us on the date hereof, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the business and future financial results of the industry in which we operate, and other legal, regulatory and economic developments. 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.
We use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "future," "may," "will," "could," "should," "potential," "continue," "guidance" and other similar expressions 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.
Forward-looking statements in this release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the
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