Short answer
Itt Inc (ITT) filed its fiscal 2016 10-K annual report with the SEC on Feb 17, 2017. It reported revenue of $2.4B and net income of $186M.
- Top risk flagged: Asbestos claims: 2011 spin-off indemnity obligations and insurer coverage exhaustion could increase net cash outflows
FY2016 key financial metrics · XBRL
- Revenue
- $2.4B
- Net income
- $186M
- Operating margin
- 10.8%
- Gross margin
- 31.5%
- EPS (diluted)
- $2.07
- ROE
- 13.0%
- Operating cash flow
- $241M
Source: XBRL data from the Itt Inc (ITT) FY2016 10-K on SEC EDGAR. USD.
Itt Inc FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified manufacturer of engineered components and technology solutions for energy, transportation, and industrial applications
- Four-segment portfolio: Industrial Process, Motion Technologies, Interconnect Solutions, and Control Technologies
- 2016 emphasis on global expansion, new product development, Lean enterprise efficiencies, and targeted acquisitions
- Approximately 9,500 employees, with 63% of sales outside the U.S. and 30% from emerging markets
- Approximately half of manufacturing facilities located outside the U.S., supporting customer proximity and international growth
Management Discussion & Analysis
- Revenue $2,405.4, down $80.2 or 3.2% YoY, organic revenue down 7.3%
- Operating margin 10.8% vs 15.3%, gross margin 31.5% vs 32.6%
- Best segment Motion Technologies: revenue $983.4, up 28.2%, margin 17.4% vs 16.5%
- Worst segment Industrial Process: revenue $830.1, down 25.5%, margin 4.0% vs 12.7%
- Operating cash flow $240.7, capex $111.4, dividends $44.6, buybacks $70.0, 2017 restructuring actions approximately $30 ▪ Emerging risks: oil volatility, pricing, commodities, dollar strength, asbestos costs
Risk Factors
- Asbestos claims: 2011 spin-off indemnity obligations and insurer coverage exhaustion could increase net cash outflows
- International exposure: 63% of 2016 sales outside the United States, including emerging markets facing political instability and repatriation restrictions
- Supply chain: limited single-source suppliers for castings, motors, and critical components could delay deliveries
- Customer concentration: Continental ATE generated approximately 10% of total revenue
- Cybersecurity: phishing, ransomware, or denial-of-service attacks could disrupt operations and expose intellectual property
Generated from the filing text; verify against the original. How to read a 10-K
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