Short answer
Itt Inc (ITT) filed its fiscal 2013 10-K annual report with the SEC on Feb 21, 2014.
- Top risk flagged: Asbestos litigation: pending and estimated claims span 10 years, with primary coverage-in-place agreements exhausting within months
Itt Inc FY2013 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 $2,496.9, up $269.1 or 12.1% YoY, with organic growth of 6.3%
- Operating margin 7.4% vs 6.8%, gross margin 32.0% vs 30.5%
- Best segment: Industrial Process revenue $1,107.4, up 15.9%; worst: Control Technologies revenue $278.2, up 0.4%
- Operating cash flow $226.6, capex $122.9, shareholder returns $124.3 including $36.4 dividends
- 2014 outlook: revenue expected above 2013, with asbestos exposure and projected net cash outflows of $10 to $20 posing risks
Risk Factors
- Asbestos litigation: pending and estimated claims span 10 years, with primary coverage-in-place agreements exhausting within months
- International exposure: 64% of 2013 sales outside the United States, including geopolitical and currency risks across China, India and the Middle East
- Supply chain vulnerability: single-source suppliers for certain castings, motors and other critical components
- Competitive pressure: rivals may develop superior products or adopt new technologies faster, intensifying pricing pressure
- Customer concentration: significant revenue tied to one automaker customer through OE pad contracts and OES agreements
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