ITT Q1 2023 Earnings Report
Key Takeaways
ITT Inc. reported a 10% year-over-year revenue increase driven by IP short-cycle demand and pump project activity, aerospace demand in CCT, and pricing actions across all segments. EPS for the first quarter was $1.20, a 36% increase, and adjusted EPS was $1.17, a 21% increase. The company is raising the mid-point of its adjusted EPS guidance range by five cents.
Revenue increased by 10% year-over-year, driven by higher volume and pricing actions.
Orders grew by 7%, influenced by Industrial Process short-cycle and pump projects, and Connect & Control Technologies aerospace demand.
Segment operating margin expanded by 270 basis points (150 basis points adjusted) to 17.3% (17.5% adjusted).
EPS grew by 36% (21% adjusted) due to pricing actions, volume leverage, and productivity.
Acquired Micro-Mode Products, a specialty harsh application connectors provider.
ITT
ITT
ITT Revenue by Segment
Forward Guidance
The company is updating its 2023 guidance and now expects EPS of $4.49 to $4.79, and adjusted EPS of $4.65 to $4.95.
Revenue & Expenses
Visualization of income flow from segment revenue to net income