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ITT Tops Fourth-quarter 2010 Outlook and Reports Record-breaking Full-year Adjusted Earnings Per Share – Reaffirms 2011 EPS Guidance - ITT Corporation (NYSE: ITT) reported 2010 fourth-quarter revenue of $3 billion and income from continuing operations of $272 million, or $1.46 per share
ITT Tops Fourth-quarter 2010 Outlook and Reports Record-breaking Full-year Adjusted Earnings Per Share – Reaffirms 2011 EPS Guidance

 

NewswireToday - /newswire/ - White Plains, NY, United States, 2011/02/03 - ITT Corporation (NYSE: ITT) reported 2010 fourth-quarter revenue of $3 billion and income from continuing operations of $272 million, or $1.46 per share . NYSE: ITT

   
 
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• Fourth-quarter revenue grew 8 percent with strong growth in both defense and commercial businesses. Exceptional productivity drove a 39 percent increase in earnings from continuing operations to $1.46 per share. Adjusted earnings per share grew 42 percent to $1.36, topping previous guidance.
• Full-year 2010 revenue grew 3 percent; and earnings from continuing operations were $3.53 per share. Adjusted earnings per share grew 18 percent to a record $4.41, while the company made significant investments in acquisitions and organic growth.
• 2010 cash from operations was $1.2 billion, and strong free cash flow of $937 million represented a 104 percent conversion of adjusted net income.
• 2011 adjusted earnings per share guidance maintained at $4.62 to $4.82 per share.

ITT Corporation (NYSE: ITT) today reported 2010 fourth-quarter revenue of $3 billion and income from continuing operations of $272 million, or $1.46 per share. Excluding special items, income from continuing operations was $253 million, or $1.36 per share, reflecting year-over-year growth of 42 percent.

For the full year 2010, ITT reported revenue of $11 billion and income from continuing operations of $654 million, or $3.53 per share. Excluding special items, income from continuing operations was $818 million, resulting in a record $4.41 per share, an 18 percent increase over 2009. For the full year, free cash flow was $937 million, a 104 percent conversion of net income from continuing operations adjusted for non-cash special items.

"We are very pleased with the exceptional strategic and operating performance delivered by our teams across the globe in 2010. We realized outstanding productivity across our businesses, while driving overall top-line growth, generating very strong free cash flow and investing for our future, " said Steve Loranger, ITT's chairman, president and chief executive officer. "This record-breaking year provides momentum for continuing strong performance in 2011 and sets a solid foundation for our transformation into three independent publicly traded companies by year end."

2010 Fourth-Quarter and Full-Year Business Segment Results

Defense & Information Solutions
• Fourth-quarter 2010 revenue for the Defense segment was $1.6 billion, up 5 percent compared to the same period in 2009, driven largely by increased volumes for tactical radios and special purpose jammers. Fourth-quarter operating income for the segment grew to $239 million, up 18 percent on a comparable basis, primarily driven by operational productivity initiatives.
• Full-year 2010 revenue for the segment was $5.9 billion, down 3 percent compared with 2009, as expansion into growth areas was offset primarily by previously anticipated declines in counter improvised explosive device units. For the full year, operating income for the segment was $752 million, a 1 percent year-over-year decline, with productivity gains partially offsetting the impact of lower revenue.
• Incumbent protests on $2.7 billion in service contracts were resolved, including the NASA Space Communications Network Systems contract and the Kuwait facilities contract.

Fluid Technology
• The Fluid Technology segment reported fourth-quarter 2010 revenue of $1.1 billion, up 16 percent on a year-over-year basis, primarily driven by the strategic acquisitions completed during the year. Organic revenue (defined as total revenue excluding the impacts of foreign exchange and acquisition and divestiture activity) was up 4 percent, driven by growth in the Industrial Process business within the chemical and oil and gas sectors in emerging markets, and strong performance by the Residential & Commercial Water business in North America. Fourth-quarter segment operating income was $142 million, up 36 percent from the comparable prior-year period, driven by higher revenue, incremental productivity and lower restructuring and realignment expense.
• For the full year, segment revenue rose 9 percent to $3.7 billion, primarily driven by acquisitions. The segment generated operating income of $479 million, a 22 percent year-over-year increase, driven primarily by higher revenue and outstanding operating performance.

Motion & Flow Control
• Fourth-quarter 2010 revenue for the Motion & Flow Control segment was $333 million, which was flat on a comparable basis. Organic revenue was up 4 percent, as significant growth in the aerospace and connector markets offset reductions in automotive volume as the prior-year automotive stimulus programs expired. The segment reported fourth-quarter 2010 operating income of $37 million, reflecting a 118 percent year-over-year increase, driven by operational productivity and lower restructuring expense, which were partially offset by increased growth investments.
• Full-year 2010 revenue for the segment was $1.4 billion, up 15 percent compared with the prior year, driven by double-digit organic revenue growth across all divisions. Operating income increased 52 percent during 2010 to $179 million, driven by the significant increase in revenue, exceptional productivity and lower restructuring expense.

2011 Transformation
On January 12, 2011 ITT announced plans to separate into three distinct, publicly traded companies. Following completion of the transaction, ITT will continue to trade on the New York Stock Exchange as a company that supplies highly engineered solutions in the aerospace, transportation, energy and industrial markets. Under the separation plan, the company will execute tax-free spinoffs of its water-related businesses and its Defense & Information Solutions business. Upon completion of the transaction, ITT shareholders will own shares in all three companies. ITT expects to complete the transaction by the end of the year.

Guidance
The company is maintaining its previously announced guidance for full-year 2011 adjusted earnings in the range of $4.62 to $4.82 per share. This guidance excludes future impacts to earnings per share that will result from the company's recently announced transformation plan.

Revenue for the full year is expected to grow to $11.4 billion. Organic revenue is expected to grow 2 percent, with solid growth in the commercial businesses more than offsetting a slight decline in the defense segment.

Full-year revenue for Defense & Information Solutions is expected to decline approximately 2 percent, and operating margin is expected to be approximately 12.4 percent. Fluid Technology revenue is expected to grow 12 percent, and organic revenue growth is projected at 5 percent. Fluid Technology operating margin is expected at approximately 14 percent. Motion & Flow Control revenue growth is expected to be approximately 7 percent and organic revenue growth for the business is projected at approximately 5 percent. Operating margin for Motion & Flow Control is estimated at 15 percent.

First-quarter total revenue growth for the company is expected to be approximately 3 percent, and adjusted earnings per share are expected to be in the range of $0.88 to $0.92, an increase of 9 percent at the midpoint.

Investor Call Today
ITT's senior management will host a conference call for investors today at 9:00 am. Eastern Standard Time to review fourth-quarter and full-year performance and answer questions. The briefing can be monitored live via webcast at itt.com/investors/.

About ITT Corporation
ITT Corporation (itt.com) is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 billion.

Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the separation of the Company into three independent publicly-traded companies, the terms and the effect of the separation, the nature and impact of such a separation, capitalization of the companies, 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. 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 or implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include: Economic, political and social conditions in the countries in which we conduct our businesses; Changes in U.S. or international government defense budgets; Decline in consumer spending; Sales and revenue mix and pricing levels; Availability of adequate labor, commodities, supplies and raw materials; Interest and foreign currency exchange rate fluctuations and changes in local government regulations; Competition, industry capacity and production rates; Ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; Our ability to borrow or to refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; Changes in the value of goodwill or intangible assets; Our ability to achieve stated synergies or cost savings from acquisitions or divestitures; The number of personal injury claims filed against the company or the degree of liability; Uncertainties with respect to our estimation of asbestos liability exposures, third party recoveries, and net cash flow; Our ability to effect restructuring and cost reduction programs and realize savings from such actions; Government regulations and compliance therewith, including compliance with and costs associated with new Dodd-Frank legislation; Changes in technology; Intellectual property matters; Governmental investigations; Potential future employee benefit plan contributions and other employment and pension matters; Contingencies related to actual or alleged environmental contamination, claims and concerns; Changes in generally accepted accounting principles; Other factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and our other filings with the Securities and Exchange Commission. In addition, there are risks and uncertainties relating to the planned tax-free spinoffs of our Water and Defense businesses, including the timing and certainty of the completion of those transactions and the ability of each business to operate as an independent entity. The guidance for full-year 2011 is based on the company's current structure and does not give effect to the separation of our Water and Defense businesses into newly independent public companies.

The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact: Thomas Scalera / T: +1 914 641 2030 / E: thomas.scalera[.]itt.com.

 
 
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Written by / Agency / Source: ITT Night Vision and Imaging

 
 

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ITT Tops Fourth-quarter 2010 Outlook and Reports Record-breaking Full-year Adjusted Earnings Per Share – Reaffirms 2011 EPS Guidance

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ITT Corporation |
Publisher Contact: Jenny Schiavone - ITT.com 
914-641-2160 jennifer.schiavone[.]itt.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ITT Night Vision and Imaging securities in any jurisdiction including any other companies listed or named in this release.

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