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Mar 30, 2024
ITT Q1 2024 Earnings Report
ITT reported a strong Q1 2024 with revenue surpassing $900 million and raised full year guidance.
Key Takeaways
ITT Inc. reported a strong first quarter in 2024, with significant growth in orders and revenue. Revenue increased by 14% (9% organic) driven by pump projects, Friction OE outperformance, and demand strength. The company raised its 2024 full year guidance due to this strong performance.
Orders grew by 13% (7% organic) driven by improved connectors demand, aerospace and defense components ramp, and Friction and rail share gains.
Revenue increased by 14% (9% organic), surpassing $900 million, driven by higher volume in all businesses.
Operating margin expanded by 80 basis points to 16.4%, with an adjusted operating margin expansion of 120 basis points to 17.0%.
EPS grew by 12% (21% adjusted), driven by higher sales volume and productivity.
Revenue by Segment
Forward Guidance
ITT raised its 2024 full year guidance.
Positive Outlook
- Revenue growth of 9% to 12%, up 4% to 7% on an organic basis
- Operating margin of 16.9% to 17.5% and adjusted operating margin of 17.1% to 17.7%, up 20 to 80 bps (up 100 to 160 bps excluding the Svanehøj acquisition dilution)
- Full year EPS of $5.51 to $5.76 and adjusted EPS of $5.65 to $5.90, up 8% to 13% for the full year
- Free cash flow of $435 million to $475 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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