Loading...
•
Jul 01, 2023
ITT Q2 2023 Earnings Report
ITT delivered a strong second quarter with growth and margin expansion across its businesses.
Key Takeaways
ITT Inc. reported a 14% year-over-year revenue increase, driven by growth in Industrial Process and Motion Technologies, and pricing actions across all segments. EPS for the second quarter was $1.31, a 44% increase versus prior year, and adjusted EPS was $1.33, a 36% increase compared to prior year. The company is raising its 2023 full year margin and EPS guidance.
14% revenue growth (12% organic) driven by higher volume and pricing across all businesses
14% orders growth (13% organic) driven by pump project wins and aftermarket demand, aerospace growth, and Friction OE and rail share gains
18.3% segment operating margin (18.7% adjusted), 270 basis points expansion (280 basis points adjusted)
Raising 2023 full year margin and EPS guidance
Revenue by Segment
Forward Guidance
The company is updating its 2023 guidance. We now expect segment operating margin of 17.4% to 18.2% and adjusted segment operating margin of 17.7% to 18.5%, up 50 bps to 130 bps. We now expect EPS of $4.85 to $5.05, and adjusted EPS of $4.95 to $5.15, up 11% to 16% for the full year. There is no change to the revenue guidance of 7% to 9% and 6% to 8% on an organic basis, or free cash flow guidance of $350 million to $400 million, representing free cash flow margin of 11% to 12%.
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
Loading earnings performance data...
Loading earnings reaction data...