Exhibit 99.1
BUSINESS SEGMENTS
(Dollars in millions) (Unaudited)
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| | | Three Months Ended | | | Nine Months Ended | | | Three Months Ended | | | Twelve Months Ended | | | Twelve Months Ended | |
| | | 3/31/2014 | | | 6/30/2014 | | | 9/30/2014 | | | 9/30/2014 | | | 3/31/2013 | | | 6/30/2013 | | | 9/30/2013 | | | 12/31/2013 | | | 12/31/2013 | | | 12/31/2012 | |
Net sales to external customers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mobile Industries | | $ | 421.7 | | | $ | 447.2 | | | $ | 427.0 | | | $ | 1,295.9 | | | $ | 473.6 | | | $ | 467.5 | | | $ | 416.6 | | | $ | 418.1 | | | $ | 1,775.8 | | | $ | 1,987.4 | |
Process Industries | | $ | 315.1 | | | $ | 342.0 | | | $ | 361.0 | | | $ | 1,018.1 | | | $ | 289.6 | | | $ | 323.8 | | | $ | 314.8 | | | $ | 331.4 | | | $ | 1,259.6 | | | $ | 1,372.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 736.8 | | | $ | 789.2 | | | $ | 788.0 | | | $ | 2,314.0 | | | $ | 763.2 | | | $ | 791.3 | | | $ | 731.4 | | | $ | 749.5 | | | $ | 3,035.4 | | | $ | 3,359.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment EBIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mobile Industries | | $ | 64.3 | | | $ | 42.3 | | | $ | (63.4 | ) | | $ | 43.2 | | | $ | 61.4 | | | $ | 63.2 | | | $ | 31.1 | | | $ | 38.0 | | | $ | 193.7 | | | $ | 245.2 | |
Process Industries | | $ | 48.2 | | | $ | 64.8 | | | $ | 74.4 | | | $ | 187.4 | | | $ | 38.8 | | | $ | 50.9 | | | $ | 48.7 | | | $ | 50.9 | | | $ | 189.3 | | | $ | 261.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 112.5 | | | $ | 107.1 | | | $ | 11.0 | | | $ | 230.6 | | | $ | 100.2 | | | $ | 114.1 | | | $ | 79.8 | | | $ | 88.9 | | | $ | 383.0 | | | $ | 507.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated corporate expense | | $ | (19.7 | ) | | $ | (17.2 | ) | | $ | (15.3 | ) | | $ | (52.2 | ) | | $ | (16.3 | ) | | $ | (21.5 | ) | | $ | (20.5 | ) | | $ | (12.1 | ) | | $ | (70.4 | ) | | $ | (69.0 | ) |
CDSOA receipts, net of expense | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 108.0 | |
Interest expense | | | (5.5 | ) | | | (5.8 | ) | | | (9.1 | ) | | | (20.4 | ) | | | (6.4 | ) | | | (6.1 | ) | | | (5.0 | ) | | | (6.9 | ) | | | (24.4 | ) | | | (31.1 | ) |
Interest income | | | 1.0 | | | | 1.1 | | | | 1.0 | | | | 3.1 | | | | 0.5 | | | | 0.5 | | | | 0.4 | | | | 0.5 | | | | 1.9 | | | | 2.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from Continuing Operations before income taxes | | $ | 88.3 | | | $ | 85.2 | | | $ | (12.4 | ) | | $ | 161.1 | | | $ | 78.0 | | | $ | 87.0 | | | $ | 54.7 | | | $ | 70.4 | | | $ | 290.1 | | | $ | 517.8 | |
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Reconciliation of segment EBIT, After Adjustments, to segment EBIT:
The following reconciliation is provided as additional relevant information about the Company’s Mobile Industries and Process Industries segment performance. Management believes that segment EBIT, after adjustments, are representative of the segment’s core operations and therefore useful to investors.
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| | | Three Months Ended | | | Nine Months Ended | | | Three Months Ended | | | Twelve Months Ended | | | Twelve Months Ended | |
| | | 3/31/2014 | | | 6/30/2014 | | | 9/30/2014 | | | 9/30/2014 | | | 3/31/2013 | | | 6/30/2013 | | | 9/30/2013 | | | 12/31/2013 | | | 12/31/2013 | | | 12/31/2012 | |
Mobile Industries | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBIT as reported | | $ | 64.3 | | | $ | 42.3 | | | $ | (63.4 | ) | | $ | 43.2 | | | $ | 61.4 | | | $ | 63.2 | | | $ | 31.1 | | | $ | 38.0 | | | $ | 193.7 | | | $ | 245.2 | |
Gain on sale of real estate in Brazil | | | (22.6 | ) | | | — | | | | — | | | | (22.6 | ) | | | — | | | | — | | | | — | | | | (5.4 | ) | | | (5.4 | ) | | | — | |
Charges for cost reduction initiatives and plant rationalization costs | | | 2.9 | | | | 4.4 | | | | 2.0 | | | | 9.3 | | | | 4.4 | | | | 2.5 | | | | 2.4 | | | | 0.9 | | | | 10.2 | | | | 35.9 | |
Aerospace and restructuring charges | | | — | | | | — | | | | 117.9 | | | | 117.9 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Pension settlement charges | | | 0.7 | | | | — | | | | — | | | | 0.7 | | | | — | | | | 5.2 | | | | 1.5 | | | | 0.5 | | | | 7.2 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBIT as adjusted | | $ | 45.3 | | | $ | 46.7 | | | $ | 56.5 | | | $ | 148.5 | | | $ | 65.8 | | | $ | 70.9 | | | $ | 35.0 | | | $ | 34.0 | | | $ | 205.7 | | | $ | 281.1 | |
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Process Industries | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBIT as reported | | $ | 48.2 | | | $ | 64.8 | | | $ | 74.4 | | | $ | 187.4 | | | $ | 38.8 | | | $ | 50.9 | | | $ | 48.7 | | | $ | 50.9 | | | $ | 189.3 | | | $ | 261.8 | |
Charges for cost reduction initiatives and plant rationalization costs | | | 1.1 | | | | 1.8 | | | | (0.4 | ) | | | 2.5 | | | | 0.3 | | | | 0.1 | | | | 0.6 | | | | 3.5 | | | | 4.5 | | | | 1.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBIT as adjusted | | $ | 49.3 | | | $ | 66.6 | | | $ | 74.0 | | | $ | 189.9 | | | $ | 39.1 | | | $ | 51.0 | | | $ | 49.3 | | | $ | 54.4 | | | $ | 193.8 | | | $ | 263.7 | |
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