Itt Inc. · NYSE:ITT
Itt — ITT Industries — Q2 2003 Earnings Presentation
7 slides from Itt's earnings presentation, Jul 28, 2003
Slide 1: Second Quarter 2003 Investor Review
Second Quarter 2003 Investor Review July 28, 2003 Financial Results, As Reported 1 2Q02 2Q03 1,438.2 • Growth above expectations 1,320.1 Revenues • Acquisitions contributed 4.1% +8.9% • Led by Water/Wastewater, Defense 161.1 159.8 • Growth in 3 of 4 segments Segment Operating • O.I. up 3% before res
Slide 2: Net Income / EPS; Non-recurring Items
Net Income / EPS 2 $, Millions except EPS 2Q02 2Q03 $∆ Income from Operations 161.1 165.4 + 4.3 Restructuring - (5.9) -5.9 Corporate & Other (16.0) (18.0) -2.0 Operating Income 145.1 141.5 -3.6 Interest, Net (10.0) (5.8) +4.2 Taxes (43.8) (41.5) +2.3 Other (1) 1.6 5.7 +4.1 Net Income 92.9 99.9 + 7.0
Slide 3: Cash from Operations; Balance Sheet
Cash from Operations $, Millions 4 1H02 1H03 Income from Continuing Ops 164.4 178.8 Depreciation 75.4 83.2 Amortization 9.7 10.2 Working Capital (51.7) (101.1) Pension Pre-funding - (200.0) Other 38.5 (4.5) CFOA 236.3 (33.4) Capital Expenditures (52.1) (57.7) Pension Pre-funding - 200.0 Free Cash Fl
Slide 4: Fluid Technology; Defense Electronics & Services
6 Fluid Technology Revenues Operating Income Operating Margin 570.6 504.7 74.1 13.2% 13.0% 66.4 +13.1% +11.6% (20)b.p. 2Q02 2Q03 2Q02 2Q03 2Q02 2Q03 Financial Highlights Market Highlights • Raising FY03 revenue guidance to • Bid activity remains strong in W/WW +10-12% • Continue to take share in Eur
Slide 5: Motion & Flow Control; Electronic Components
8 Motion & Flow Control Revenues Operating Income Operating Margin 262.7 15.2% 40.0 14.1% 251.7 35.4 +4.4% +13.0% +110 b.p. 2Q02 2Q03 2Q02 2Q03 2Q02 2Q03 Financial Highlights Market Highlights • Revenue growth in high margin • Leisure Marine growth from new businesses products and market share gains
Slide 6: EC Update; FY03 Earnings Outlook
EC Update 10 Issues Actions 1. Late introduction of new products • Key new product introductions (2H03) 2. Unfavorable volume/mix • Continue to improve cost structure •SG&A reductions •Outsourcing •Lean Manufacturing 3. Increasing pricing pressure • New product introductions • Qualification of Asian
Slide 7: ITT Industries
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