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ITT Industries Inc, USA
Filtration Industry Analyst
ITT Industries Inc, USA
Millipore Inc, USA
Key figures (US$ million) Third quarter ended 30.9
Key figures (US$ million) Third quarter ended 1.10.05 (2.10.05)
2005
2004
Sales and revenues Of which: Fluid technology
1927.6
1663.2
704.1
619.2
Cost of sales and revenues
1306.0
1097.3
R&D expenses
2005
2004
Net sales Of which: Bioscience Bioprocess
239.6
210.7
94 146
85 126
168.8
150.2
Cost of sales
116.9
97.4
1752.6
1495.8
Gross profit
122.7
113.3
Operating income/(loss) Of which: Fluid technology
175.0
167.4
R&D expenses
18.9
15.1
76.2
77.0
Operating income
31.2
34.1
Net income
189.3
109.8
Income before income taxes
30.7
32.3
Net income
22.9
25.0
Total costs and expenses
Nine months ended 30.9 2005
2004
Sales and revenues Of which: Fluid technology
5793.9
4821.1
2078.2
1845.0
Cost of sales and revenues
3911.8
3175.3
501.7
461.2
Total costs and expenses
5259.8
4367.2
Operating Income/(Loss) Of which: Fluid Technology
534.1
453.9
226.5
Net income
443.5
R&D expenses
2005
2004
Net sales
734.7
657.9
Cost of sales
347.1
301.6
Gross profit
387.6
356.3
52.3
47.2
Operating income
104.8
110.3
205.4
Income before Income Taxes
101.9
104.2
310.7
Net income
79.2
80.7
R&D expenses
COMMENT
COMMENT ITT’s Fluid Technology division has posted strong results for its third quarter 2005, with revenues of US$704.1 million, up 14% from the same period last year including organic revenue growth of 13%. The division’s revenue growth was driven by a 24% revenue increase in advanced water treatment and a 23% growth in the industrial & biopharm group. The advanced water treatment business won several significant orders during the quarter, including a first-of-itskind project in the US state of New Mexico that will supplement surface drinking water sources with treated wastewater. The project involves
Nine months ended 1.10.05 (2.10.05)
technologies from throughout the company’s fluid technology portfolio, including ITT’s reverse osmosis designs, chlorination dosing equipment and pumping equipment. The division’s wastewater business grew revenues by 8% for the quarter, while its orders were up 17%. Additional order opportunities are expected for dewatering pumps as global mining activity increases, along with demand for submersible wastewater pumps. The industrial & biopharm group also posted strong revenue gains in every region of the world, with activity boosted by the high price of oil and the growing global demand for energy. ■
Millipore Corp has announced third quarter revenues of US$240 million, up 14% from the same period in 2004. In constant currency, revenue growth was 13%. For the first nine months, revenues were US$735 million, up 12% from the same period last year (10% in constant currency terms). Martin D Madaus, Millipore’s Chairman and CEO, said growth was particularly strong in sales of chromatography media and filtration products to biotechnology customers. “Additionally, we reported the first revenues from our recently completed MicroSafe and NovAseptic acquisitions,” Madaus said.
“Excluding revenues from these acquisitions, we achieved revenue growth of 11% in constant currency, an indicator of the underlying strength of our business and the results of our initiatives to improve Millipore's performance.” Madaus said the company was also making progress on its strategy launched in June 2005. “Our recent acquisitions tie directly to our product and service expansion strategy for our bioprocess business, and their integration is on track,” he said. Millipore has also initiated an important alliance with Gen-Probe Inc for rapid molecular testing. ■
9
COMPANY WATCH
December 2005
ITT Industries Inc, USA
Millipore Inc, USA
Key figures (US$ million) Third quarter ended 30.9
Key figures (US$ million) Third quarter ended 1.10.05 (2.10.05)
2005
2004
Sales and revenues Of which: Fluid technology
1927.6
1663.2
704.1
619.2
Cost of sales and revenues
1306.0
1097.3
R&D expenses
2005
2004
Net sales Of which: Bioscience Bioprocess
239.6
210.7
94 146
85 126
168.8
150.2
Cost of sales
116.9
97.4
1752.6
1495.8
Gross profit
122.7
113.3
Operating income/(loss) Of which: Fluid technology
175.0
167.4
R&D expenses
18.9
15.1
76.2
77.0
Operating income
31.2
34.1
Net income
189.3
109.8
Income before income taxes
30.7
32.3
Net income
22.9
25.0
Total costs and expenses
Nine months ended 30.9 2005
2004
Sales and revenues Of which: Fluid technology
5793.9
4821.1
2078.2
1845.0
Cost of sales and revenues
3911.8
3175.3
501.7
461.2
Total costs and expenses
5259.8
4367.2
Operating Income/(Loss) Of which: Fluid Technology
534.1
453.9
226.5
Net income
443.5
R&D expenses
2005
2004
Net sales
734.7
657.9
Cost of sales
347.1
301.6
Gross profit
387.6
356.3
52.3
47.2
Operating income
104.8
110.3
205.4
Income before Income Taxes
101.9
104.2
310.7
Net income
79.2
80.7
R&D expenses
COMMENT
COMMENT ITT’s Fluid Technology division has posted strong results for its third quarter 2005, with revenues of US$704.1 million, up 14% from the same period last year including organic revenue growth of 13%. The division’s revenue growth was driven by a 24% revenue increase in advanced water treatment and a 23% growth in the industrial & biopharm group. The advanced water treatment business won several significant orders during the quarter, including a first-of-itskind project in the US state of New Mexico that will supplement surface drinking water sources with treated wastewater. The project involves
Nine months ended 1.10.05 (2.10.05)
technologies from throughout the company’s fluid technology portfolio, including ITT’s reverse osmosis designs, chlorination dosing equipment and pumping equipment. The division’s wastewater business grew revenues by 8% for the quarter, while its orders were up 17%. Additional order opportunities are expected for dewatering pumps as global mining activity increases, along with demand for submersible wastewater pumps. The industrial & biopharm group also posted strong revenue gains in every region of the world, with activity boosted by the high price of oil and the growing global demand for energy. ■
Millipore Corp has announced third quarter revenues of US$240 million, up 14% from the same period in 2004. In constant currency, revenue growth was 13%. For the first nine months, revenues were US$735 million, up 12% from the same period last year (10% in constant currency terms). Martin D Madaus, Millipore’s Chairman and CEO, said growth was particularly strong in sales of chromatography media and filtration products to biotechnology customers. “Additionally, we reported the first revenues from our recently completed MicroSafe and NovAseptic acquisitions,” Madaus said.
“Excluding revenues from these acquisitions, we achieved revenue growth of 11% in constant currency, an indicator of the underlying strength of our business and the results of our initiatives to improve Millipore's performance.” Madaus said the company was also making progress on its strategy launched in June 2005. “Our recent acquisitions tie directly to our product and service expansion strategy for our bioprocess business, and their integration is on track,” he said. Millipore has also initiated an important alliance with Gen-Probe Inc for rapid molecular testing. ■
9
COMPANY WATCH
December 2005