Short answer
Itt Inc (ITT) filed its fiscal 2017 10-K annual report with the SEC on Feb 16, 2018. It reported revenue of $2.6B (+7.5% year over year) and net income of $114M.
- Top risk flagged: Asbestos litigation: ITT LLC indemnified Exelis and Xylem for pre-2011 spin-off asbestos claims, with costs beyond 10 years unestimable
FY2017 key financial metrics · XBRL
- Revenue
- $2.6B
- +7.5% YoY
- Net income
- $114M
- −39.0% YoY
- Operating margin
- 12.0%
- +1.2 pp YoY
- Gross margin
- 31.6%
- +0.1 pp YoY
- EPS (diluted)
- $1.28
- −38.2% YoY
- ROE
- 7.1%
- −5.9 pp YoY
- Operating cash flow
- $247M
- +2.8% YoY
Source: XBRL data from the Itt Inc (ITT) FY2017 10-K on SEC EDGAR. USD.
Itt Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Engineered critical components and customized technology solutions for transportation, industrial, and oil and gas markets
- Three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies
- Strategic emphasis on global expansion, new product development, Lean enterprise efficiency, and targeted acquisitions
- Approximately 10,000 employees, 67% of sales outside the U.S., including 33% from emerging markets
- Approximately half of manufacturing facilities located outside the U.S. for customer proximity, growth, and cost reduction
Management Discussion & Analysis
- Revenue $2,585.3, up 7.5% YoY from $2,405.4, with organic growth of 3.2%
- Operating margin 12.0% vs 10.8%, gross margin 31.6% vs 31.5%
- Best segment: Motion Technologies revenue $1,176.0, up 19.6%, operating income $190.0, margin 16.2%
- Worst segment: Industrial Process revenue $807.2, down 2.8%, operating margin 7.4% vs 4.0%
- Operating cash flow $247.4, capex $113.3, dividends $45.4, buybacks $30.0; 2018 outlook includes up to approximately $50 in repurchases, with asbestos and commodity costs key risks
Risk Factors
- Asbestos litigation: ITT LLC indemnified Exelis and Xylem for pre-2011 spin-off asbestos claims, with costs beyond 10 years unestimable
- GDPR: European Union rules effective May 2018 impose new personal-data requirements and significant noncompliance fines
- International exposure: 67% of 2017 sales to non-U.S. customers, including emerging markets such as China, Russia and the Middle East
- Supply chain: Limited single-source suppliers for certain materials, manufacturing and assembly could disrupt product deliveries
- Customer concentration: Continental ATE generated approximately 11% of total revenue through brake-pad contracts and aftermarket distribution
Generated from the filing text; verify against the original. How to read a 10-K
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