Itt Inc. · NYSE:ITT
Itt — ITT Industries — Q4 2003 Earnings Presentation
6 slides from Itt's earnings presentation, Jan 23, 2004
Slide 1: Fourth Quarter 2003 Investor Review
Fourth Quarter 2003 Investor Review January 23, 2004 Financial Results – As Reported 1 4Q02 4Q03 FY02 FY03 $5,627 • Strong Organic Growth $1,517 $4,985 Revenues $1,244 • 4Q +14%, FY +5% +21.9% +12.9% • Led by Defense & W/WW $161.9 $598.3 $603.2 • Before Restructuring Segment $155.5 Operating • 4Q +1
Slide 2: Net Income / EPS and Special Items
Net Income / EPS 2 4Q02 4Q03 $∆ FY02 FY03 $∆ Income from Operations $154.0 $174.6 +$20.6 $595.1 $632.4 +$37.3 Corporate Expense (15.6) (21.5) (5.9) (61.0) (73.4) (12.4) Interest, Net(1) (4.9) (4.5) +0.4 (32.4) (22.1) +10.3 Other (0.3) (3.1) (2.8) 3.6 (7.9) (11.5) Taxes (1) (39.3) (46.4) (7.1) (158.4
Slide 3: Cash from Operations and Balance Sheet
Cash from Operations $, Millions 4 2002 2003 Income from Continuing Ops 379.9 390.9 Depreciation 152.0 167.4 Amortization 19.4 20.6 Working Capital 48.6 87.2 Pension Pre-funding (50.0) (200.0) Other 44.9 109.5 CFOA 594.8 575.6 Capital Expenditures (153.2) (153.6) Pension Pre-funding 50.0 200.0 Free
Slide 4: Fluid Technology and Defense Electronics & Services
Fluid Technology 6 Financial Results Fourth Quarter Full Year 2002 2003 % Chg 2002 2003 % Chg Revenues $522.7 $611.6 17.0% $1,956.3 $2,249.9 15.0% Operating $72.0 $79.6 10.6% $256.0 $285.2 11.4% Income Operating 13.8% 13.0% (80) b.p. 13.1% 12.7% (40) b.p. Margin Financial Highlights Market Highlight
Slide 5: Motion & Flow Control and Electronic Components
Motion & Flow Control 8 Financial Results Fourth Quarter Full Year 2002 2003 % Chg 2002 2003 % Chg Revenues $227.4 $248.5 9.3% $935.5 $992.3 6.1% Operating $31.5 $31.4 Flat $123.8 $139.1 12.4% Income Operating 13.9% 12.6% (130) b.p. 13.2% 14.0% +80 b.p. Margin Financial Highlights Segment Highlights
Slide 6: 2004 Earnings Outlook
2004 Earnings Outlook 10 Revenue Segment 2004 Trends 1Q04 FY04 Fluid – Continued growth in Water/Wastewater Technology – Broad Global opportunities $540 - 550 $2,450 - 2,500 Defense – Growth in Services through broader offering – Capabilities at “Sweet Spot” of DoD priorities $450 – 460 $1,900 – 1,9