Published on 3 May 2024 on Zacks via Yahoo Finance

ITT Q1 Earnings & Revenues Beat Estimates, Increase Y/Y

ITT Inc.’s ITT first-quarter 2024 adjusted earnings of $1.42 per share surpassed the Zacks Consensus Estimate of $1.36. The bottom line jumped 21% year over year, aided by an increase in sales across each of its segments.Total revenues of $910.6 million beat the consensus estimate of $874 million. The top line increased 14.1% year over year, buoyed by pump projects in the Industrial Process, higher friction original equipment volume in the Motion Technologies and demand strength across the Connect & Control Technologies segments. The acquisitions of Svanehøj and Micro-Mode contributed 5% to the top line.Organic sales rose 9% year over year. Foreign currency translation had a 1% unfavorable impact on sales.

Segmental Results

Revenues from the Industrial Process segment totaled $333.9 million, up 25.3% year over year. Growth in pump projects and the buyout of Svanehøj drove the segment’s performance. Organic sales increased 12.5% and adjusted operating income grew 19.9% on a year-over-year basis.Revenues from the Motion Technologies segment amounted to $392.4 million, implying a year-over-year increase of 7.6%. Our estimate for the same was pinned at $382 million.