Total revenue increased 9 percent to
- GAAP EPS from continuing operations up 63 percent to
- Adjusted EPS from continuing operations up 18 percent to
- GAAP segment operating margins expanded 130 basis points to 13.4 percent
- Adjusted segment operating margins expanded 100 basis points to 14.1 percent
Revenue results also reflect growth in key geographies, including 9 percent growth in both
Second-quarter GAAP earnings from continuing operations increased to
On a GAAP basis, segment operating margins increased 130 basis points year-over-year. Adjusted segment operating margins expanded by 100 basis points to 14.1 percent. The growth reflects increased volume and strong net operating productivity, partially offset by growth investments.
"In the second quarter, ITT continued its proven track record of execution with outstanding organic revenue growth, and we delivered our strongest adjusted segment operating margin as today's ITT," said CEO and President
"These strategies - including driving Lean transformations, turning around our connectors and shock absorber businesses and making strategic investments for growth - reflect our ongoing commitment to profitable growth and value creation for employees, customers and shareowners in 2014 and beyond."
2014 Second-Quarter Business Segment Results
All results are compared with the prior-year second quarter
Industrial Process manufactures engineered fluid process equipment for the oil and gas, chemical, mining and industrial markets and provides aftermarket services and parts.
- Second-quarter revenue was up 8 percent to
- GAAP operating income decreased 10 percent to
Motion Technologies manufactures braking technologies and shock absorbers for the automotive and rail markets.
- Second-quarter total revenue increased 16 percent to
- GAAP operating income and adjusted operating income were up 49 percent and 37 percent, respectively, to
Interconnect Solutions manufactures highly specialized connectors for the oil and gas, medical, industrial and transportation, and aerospace and defense markets.
- Second-quarter total revenue increased 3 percent to
- GAAP operating income was up 84 percent to
Control Technologies manufactures specialized equipment including actuation, valve, and noise and energy absorption components for the aerospace and industrial markets.
- Second-quarter total and organic revenue increased 5 percent to
- GAAP operating income and adjusted operating income increased 5 percent to
The company is increasing its full-year total revenue growth guidance to a range of 5 to 7 percent and its full-year organic revenue growth guidance to a range of 5 to 6 percent, respectively, versus the prior year. Both the total and organic revenue growth guidance ranges were previously 4 to 6 percent. The company is also raising its earnings per share guidance. GAAP EPS is expected to be in the range of
Investor Call Today
ITT's senior management will host a conference call for investors today at
For a reconciliation of GAAP to non-GAAP items and a statement regarding the usefulness of these measures to management, please see the tables attached to this press release and visit the Non-GAAP Reconciliations page on the company's website.
ITT is a focused multi-industrial company that designs and manufactures highly engineered critical components and customized technology solutions. Our customers in the energy, transportation and industrial markets depend on us to solve their most critical problems, and we focus on partnering with them to find solutions to their unique challenges. Founded in 1920, ITT is headquartered in
Safe Harbor Statement
This press 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 presentation 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 press 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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