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Dec 31, 2023
ITT Q4 2023 Earnings Report
ITT's Q4 2023 earnings were reported, featuring EPS of $1.12 and adjusted EPS of $1.34. Revenue increased by 7% year-over-year, with organic growth of 4%.
Key Takeaways
ITT Inc. reported a 7% increase in revenue for Q4 2023, with 4% organic growth. EPS was reported at $1.12, a decrease of 19%, while adjusted EPS reached $1.34, a 4% increase. The revenue growth was primarily driven by higher Friction original equipment volumes in Motion Technologies and pricing actions in Connect & Control Technologies and Industrial Process.
Revenue increased by 7% year-over-year, with organic growth of 4% in Q4 2023.
Earnings per share (EPS) was $1.12, down 19%, and adjusted EPS was $1.34, up 4% compared to the prior year.
Operating cash flow for the quarter increased by 5% to $170 million.
The company anticipates revenue growth of 9% to 12% for 2024.
ITT
ITT
ITT Revenue by Segment
Revenue by Segment
Motion Technologies Revenue
CapyFin.comIndustrial Process Revenue
CapyFin.comConnect & Control Technologies Revenue
CapyFin.com Forward Guidance
ITT anticipates revenue growth of 9% to 12%, with organic growth of 3% to 6%. The operating margin is expected to be between 16.7% and 17.3%, with adjusted operating margin of 16.9% to 17.5%. EPS is projected to be $5.37 to $5.82, and adjusted EPS is expected to be $5.45 to $5.90. Free cash flow is estimated to be $435 million to $475 million for 2024.
Positive Outlook
- Revenue growth of 9% to 12% is expected.
- Organic growth of 3% to 6% is anticipated.
- Operating margin is projected between 16.7% and 17.3%.
- Adjusted operating margin of 16.9% to 17.5% is expected.
- Free cash flow is estimated to be $435 million to $475 million.
Challenges Ahead
- Impacts of foreign currency fluctuations are uncertain.
- Impacts of potential acquisitions are difficult to predict.
- Impacts of certain other special items are inherently uncertain.
- Reconciliations of organic revenue growth to GAAP measures require unreasonable efforts.
- Reconciliations of adjusted operating margin to GAAP measures require unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income