Itt Inc (ITT) Q3 2014 10-Q Quarterly Earnings

Short answer

Itt Inc (ITT) filed its Q3 2014 10-Q quarterly report on Oct 31, 2014 for the quarter ended Sep 30, 2014.

AI summary of MD&A and risk factor updates

Revenue $657.1, up 3.6% YoY from $634.0
Operating margin 18.2% vs 12.1%, gross margin 33.5% vs 32.0%
Best segment Motion Technologies: revenue $197.0, up 11.4%, operating margin 18.5% vs 14.0%
Worst segment Interconnect Solutions: revenue $98.4, down 5.3%
Operating cash flow $131.9, up 33.8% year-to-date, capital expenditures $71.9; no commercial paper outstanding
Headwinds: oil and gas project delays, defense and communications declines, geopolitical instability in Russia and Venezuela

Asbestos exposure: annual remeasurement reduced estimated liability $42.8M, while future claims remain materially uncertain
Asbestos insurance recovery: expected coverage declines from 41% to 25% by year ten
Environmental compliance: reasonably possible remediation liability ranges from $68.5M to $156.5M
Tax examinations: audits across Germany, Italy, Korea, the U.K. and U.S. could change unrecognized tax benefits by approximately $84.1M
Liquidity: commercial paper declined from $38.0M to zero, with total debt and leases at $9.3M

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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