ITT Surpasses Third Quarter Estimates, Raises Year-End EPS Outlook

STAMFORD, Conn. - ITT Inc. (NYSE:ITT) reported third-quarter earnings that exceeded analyst expectations, driven by strong performance in all segments. The company also raised its full-year earnings outlook.

The industrial manufacturing company reported adjusted earnings per share of $1.46, surpassing the analyst consensus of $1.43. Quarterly revenue amounted to $885.2 million, slightly above the forecast of $883.22 million and reflecting an 8% increase year-over-year (6% organic growth).

ITT recorded a 17% increase in orders (14% organic) during the third quarter, thanks to pump project orders, gains in railway market share, and growing demand for connectors. The company's operating margin rose by 610 basis points to 23.5%, including a pre-tax gain of $48 million from the divestiture of Wolverine Advanced Materials.

ITT's CEO and President, Luca Savi, stated, "Our third-quarter results demonstrate the strength of ITT's businesses and our employees. Our teams once again exceeded expectations with strong profitable growth and ongoing margin expansion."

Looking ahead, ITT raised its adjusted earnings per share outlook for 2024 to a range of $5.80 to $5.86. This figure is above the previous forecast and comparable to the analyst consensus of $5.83. The company now expects revenue growth of 10% to 12% for the year and organic growth of 5% to 7%.

ITT's shares rose by 0.15% following the earnings announcement, indicating a neutral market reaction to the results.

The company also declared a quarterly dividend of $0.319 per share, payable to registered shareholders on December 31, with a record date of November 29.