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Curtiss-Wright Corp, USA
COMPANY WATCH
Curtiss-Wright Corp, USA
ITT Corp, USA
Key Figures (US$ million) Three months ended 30.9 2013
2012
600.7
479.2
311.5 62.9 24.9
1194.2
Cost of Sales
406.0
337.8
Gross Profit
194.7
141.4
Research and Development Expenses
16.1
13.3
Capital Expenditures
25.8
15.3
Net Earnings
36.4
11.3
Sales Of Which: Flow Control Operating Income Of Which: Flow Control
634.0
547.5
236.7
285.0
239.9
23.4
Costs of Revenue
431.1
381.3
Research and Development Expenses
16.1
15.1
Operating Income
77.0
36.7
Net Income
431.4
73.0
Orders Of Which: Industrial Process
677.5
550.7
329.7
247.5
2012
1811.0
1507.3
943.1
778.2
158.7
99.5
76.7
38.3
Cost of Sales
1231.6
1042.6
Gross Profit
Operating Income Of Which: Flow Control
579.4
464.7
Research and Development Expenses
49.6
44.0
Capital Expenditures
57.9
56.0
Net Earnings
90.7
75.4
COMMENT Curtiss-Wright Corp’s Flow Control segment saw 2013 third quarter sales increase US$75 million, or 32%, to US$311 million. Nearly US$58 million of this sales growth came from the acquisitions of Cimarron, Phönix and AP Services serving the oil and gas and power generation markets. Flow Control’s sales within the power generation market also increased due to solid global aftermarket demand and technology upgrades supporting existing nuclear reactors, as well as higher revenues on the
November 2013
2012
Revenue Of Which: Industrial Process
Nine months ended 30.9 2013 Sales Of Which: Flow Control
Key Figures (US$ million) Three months ended 30.9 2013
domestic AP1000 program. The Flow Control segment’s sales to the oil and gas market, excluding the acquisitions of Cimarron and Phönix, were flat in the third quarter, as solid global maintenance, repair and overhaul (MRO) sales were offset by softness in the large international projects business. The declines in the general industrial market mainly reflect lower orders from the global submarine and CVN79 Ford class aircraft carrier programs. ■ www.curtisswright.com
Nine months ended 30.9 2013
2012
Revenue
1851.4
1673.5
Costs of Revenue
1260.2
1166.7
48.9
47.8
Operating Income
155.6
130.4
Net Income
478.5
93.0
Research and Development Expenses
COMMENT ITT Corp grew third quarter 2013 total revenue by 16% to US$634 million and organic revenue by 9%. The revenue growth reflects gains in key geographies and strategic end markets, including a 56% increase in energy, a 14% rise in transportation and a 1% lift in industrial. “Our growth is being driven by our strong positions in the high-growth energy, transportation and industrial end markets, our commitment to enhancing our manufacturing capabilities in key growth countries such as China and Korea, and our emphasis on ensuring a premier customer experience,” said ITT CEO and president Denise Ramos. “We are swiftly and consistently executing our strategies to drive profitable growth and value creation while making
sustainable achievements that position us well to continue to deliver strong results.” Industrial Process, which designs and manufactures industrial pumps and valves for the oil and gas, chemical, mining and industrial markets, saw 2013 third quarter total revenue increase 19% to US$285 million, while organic revenue was up 6%. The organic growth reflects a 50% increase in global oil and gas project shipments and a 12% increase in the North American chemical pumps project market. These gains were partially offset by weakness in North American short-cycle base pumps and in the global mining and general industrial markets. Organic orders were up 7% due to solid project activity, primarily in the oil and gas market. ■ www.itt.com
Pump Industry Analyst
7
Curtiss-Wright Corp, USA
ITT Corp, USA
Key Figures (US$ million) Three months ended 30.9 2013
2012
600.7
479.2
311.5 62.9 24.9
1194.2
Cost of Sales
406.0
337.8
Gross Profit
194.7
141.4
Research and Development Expenses
16.1
13.3
Capital Expenditures
25.8
15.3
Net Earnings
36.4
11.3
Sales Of Which: Flow Control Operating Income Of Which: Flow Control
634.0
547.5
236.7
285.0
239.9
23.4
Costs of Revenue
431.1
381.3
Research and Development Expenses
16.1
15.1
Operating Income
77.0
36.7
Net Income
431.4
73.0
Orders Of Which: Industrial Process
677.5
550.7
329.7
247.5
2012
1811.0
1507.3
943.1
778.2
158.7
99.5
76.7
38.3
Cost of Sales
1231.6
1042.6
Gross Profit
Operating Income Of Which: Flow Control
579.4
464.7
Research and Development Expenses
49.6
44.0
Capital Expenditures
57.9
56.0
Net Earnings
90.7
75.4
COMMENT Curtiss-Wright Corp’s Flow Control segment saw 2013 third quarter sales increase US$75 million, or 32%, to US$311 million. Nearly US$58 million of this sales growth came from the acquisitions of Cimarron, Phönix and AP Services serving the oil and gas and power generation markets. Flow Control’s sales within the power generation market also increased due to solid global aftermarket demand and technology upgrades supporting existing nuclear reactors, as well as higher revenues on the
November 2013
2012
Revenue Of Which: Industrial Process
Nine months ended 30.9 2013 Sales Of Which: Flow Control
Key Figures (US$ million) Three months ended 30.9 2013
domestic AP1000 program. The Flow Control segment’s sales to the oil and gas market, excluding the acquisitions of Cimarron and Phönix, were flat in the third quarter, as solid global maintenance, repair and overhaul (MRO) sales were offset by softness in the large international projects business. The declines in the general industrial market mainly reflect lower orders from the global submarine and CVN79 Ford class aircraft carrier programs. ■ www.curtisswright.com
Nine months ended 30.9 2013
2012
Revenue
1851.4
1673.5
Costs of Revenue
1260.2
1166.7
48.9
47.8
Operating Income
155.6
130.4
Net Income
478.5
93.0
Research and Development Expenses
COMMENT ITT Corp grew third quarter 2013 total revenue by 16% to US$634 million and organic revenue by 9%. The revenue growth reflects gains in key geographies and strategic end markets, including a 56% increase in energy, a 14% rise in transportation and a 1% lift in industrial. “Our growth is being driven by our strong positions in the high-growth energy, transportation and industrial end markets, our commitment to enhancing our manufacturing capabilities in key growth countries such as China and Korea, and our emphasis on ensuring a premier customer experience,” said ITT CEO and president Denise Ramos. “We are swiftly and consistently executing our strategies to drive profitable growth and value creation while making
sustainable achievements that position us well to continue to deliver strong results.” Industrial Process, which designs and manufactures industrial pumps and valves for the oil and gas, chemical, mining and industrial markets, saw 2013 third quarter total revenue increase 19% to US$285 million, while organic revenue was up 6%. The organic growth reflects a 50% increase in global oil and gas project shipments and a 12% increase in the North American chemical pumps project market. These gains were partially offset by weakness in North American short-cycle base pumps and in the global mining and general industrial markets. Organic orders were up 7% due to solid project activity, primarily in the oil and gas market. ■ www.itt.com
Pump Industry Analyst
7