Stock Monitor: Ampco-Pittsburgh Post Earnings Reporting

LONDON, UK / ACCESSWIRE / March 29, 2018 / Active-Investors.com has just released a free earnings report on ITT Inc. (NYSE: ITT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ITT. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 16, 2018. The supplier of parts and services to a wide variety of industries outperformed top- and bottom-line expectations, and also provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Ampco-Pittsburgh Corporation (NYSE: AP), which also belongs to the Industrial Goods sector as the Company ITT Inc. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ITT most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=ITT

Earnings Highlights and Summary

For the fourth quarter of the fiscal year 2017, ITT delivered revenues of $683.6 million, reflecting an increase of 16% compared to $588.4 million in Q4 2016. The Company's organic revenues grew 8% in the reported quarter, due to a growth in transportation as a result of a solid performance in auto and rail; a growth in oil and gas due to a strong upstream pump and connector activity; and a growth in general industrial driven by robust baseline pump activity. ITT's revenue numbers beat analysts' estimates of $634.5 million.

During Q4 2017, ITT's GAAP segment operating income surged 36% to $80.6 million, while its adjusted segment operating income advanced 29% to $85.5 million on a y-o-y basis, reflecting strong incremental margins on higher volumes, restructuring savings at Industrial Process and Connect and Control Technologies, and productivity benefits across all business units.

For Q4 2017, ITT reported a GAAP loss of $67.2 million, or $0.75 loss per share, compared to earnings of $25.8 million, or $0.27 per share, in Q4 2016. The decline was primarily due to the provisional charges of $1.45 per share related to the US Tax Cuts and Jobs Act 2017 (TCJA), consisting mainly of a one-time tax on historic unremitted foreign earnings, and the write-down of US deferred tax assets from the lower US corporate tax rate, partially offset by lower restructuring costs y-o-y, and the benefit of an insurance settlement in FY17.

For Q4 2017, ITT's adjusted earnings per share (EPS) surged 33% to $0.64 compared to $0.48 in Q4 2016, driven by a strong segment operating income growth from higher volume, net productivity, and restructuring benefits, along with a favorable tax rate and benefits from the Axtone acquisition. The Company's earnings beat Wall Street's estimates of $0.59 per share.

For the full fiscal year 2017, ITT's revenues totaled $2.59 billion, reflecting an increase of 8% from $2.41 billion in FY16. On an adjusted basis, the Company's organic revenues grew 3% in FY17, due to a growth of 7% in transportation markets, driven by automotive brake pads and high-speed rail.

For FY17, ITT reported earnings of $113.5 million, or $1.29 per share, compared to $186.1 million, or $2.09 per share, in FY16. The decline was primarily due to the impact from the TCJA, partially offset by the benefit of an insurance settlement.

For FY17, ITT's adjusted earnings per share (EPS) rose 12% to $2.59 compared to $2.32 in FY16.

Business Segment Results

During Q4 2017, ITT's Industrial Process segment's revenues gained 10% to $232.6 million on a y-o-y basis, with organic revenues up 8%. Both measures reflected a strength in short-cycle pumps and aftermarket, as well as a growth in pump projects. For Q4 2017, the segment's GAAP operating income soared 98% to $27.5 million, partially reflecting lower restructuring expenses. The segment's adjusted operating income surged 53% to $27.3 million on a y-o-y basis. Both measures primarily reflected favorable short-cycle volumes and a continued improvement in project execution and productivity.

For Q4 2017, ITT's Motion Technologies segment's revenues surged 31% to $298.5 million on a y-o-y basis, while its organic revenues increased 13%. The growth in revenues was attributed to significant share gains and market growth in global OE automotive brake pads; a strength in shock absorbers in the European and Chinese railway markets; as well as a growth in seals in key markets at Wolverine. The segment's GAAP operating income advanced 27% to $33.9 million on a y-o-y basis in Q4 2017, and its operating income rose 34% to $37.6 million. Both increases reflected the benefits from the Axtone acquisition; volume growth and productivity improvements in friction; and a favorable foreign exchange.

During Q4 2017, ITT's Connect & Control Technologies segment reported revenues of $153.3 million, up 3% on a y-o-y basis, while its organic revenues edged up 1%, primarily reflecting a growth in oil and gas connectors; and a strength in heavy vehicle, electric vehicle, and actuation components; offset by weak medical and defense connectors. The segment's GAAP operating income added 3% to $19.2 million in the reported quarter, and its adjusted operating income grew 2% to $20.6 million, reflecting net productivity and restructuring benefits, as well as operational improvements in the connectors business.

Outlook

For the full fiscal year 2018, ITT is forecasting total revenue growth to be in the range of 5% to 8%, and organic revenue growth to be in the band of 2% to 4%. The Company is expecting GAAP EPS to be in the range of $2.46 to $2.78, and adjusted EPS to be in the band of $2.85 to $3.15, which is up 16% on a y-o-y basis at the $3.00 midpoint.

ITT plans to continue to return capital to shareholders through increasing its quarterly dividend for a sixth straight year, by 5% to $0.134 per share, and targeting up to $50 million of share repurchases in FY18.

Stock Performance Snapshot

March 28, 2018 - At Wednesday's closing bell, ITT's stock was marginally down 0.58%, ending the trading session at $47.96.

Volume traded for the day: 471.70 thousand shares.

Stock performance in the previous six-month period ? up 8.04%; and past twelve-month period ? up 21.54%

After yesterday's close, ITT's market cap was at $4.33 billion.

Price to Earnings (P/E) ratio was at 21.20.

The stock has a dividend yield of 1.13%.

The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.

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