Short answer
Itt Inc (ITT) filed its fiscal 2012 10-K annual report with the SEC on Feb 27, 2013.
- Top risk flagged: Asbestos liabilities: primary insurance coverage expected to exhaust within 12 months, increasing net cash outflows
Itt Inc FY2012 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Section 'business' was empty or not found.
Management Discussion & Analysis
- Revenue $2,227.8, up 6.8% YoY from $2,085.6, led by Industrial Process growth and emerging markets
- Operating margin 6.8% vs (11.7)%, gross margin 30.5% vs 30.9%, net income $125.4 vs $(129.5)
- Best segment Industrial Process: revenue $955.8, up 24.7%, operating margin 10.4%; worst ICS: revenue $375.7, down 10.1%, margin 1.8%
- Operating cash flow $247.1, capex $78.5, share repurchases $116.8, dividends $34.2, shareholder returns $147.6
- 2013 focus: margin improvement and ICS recovery, with European automotive weakness, asbestos exposure, and restructuring as key risks
Risk Factors
- Asbestos liabilities: primary insurance coverage expected to exhaust within 12 months, increasing net cash outflows
- International exposure: 61.0% of 2012 sales to non-U.S. customers amid European sovereign-debt and geopolitical instability
- Distribution concentration: two distributors generated approximately 60% of Motion Technologies revenue and 16% of consolidated revenue
- Competitive disruption: competitors may develop superior products or adopt new technologies faster than ITT
- Structural tax risk: IRS could apply Internal Revenue Code Section 355(e), creating substantial federal tax liability for the Distribution
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