- \n
- \n10% revenue growth driven by higher volume and pricing actions<\/p>\n<\/li>\n
- \n7% orders growth driven by Industrial Process (IP) short-cycle and pump projects, and Connect & Control Technologies (CCT) aerospace demand<\/p>\n<\/li>\n
- \n270 basis points segment operating margin expansion (150 basis points adjusted) to 17.3% (17.5% adjusted)<\/p>\n<\/li>\n
- \n36% EPS growth (21% adjusted) driven by pricing actions, volume leverage and productivity<\/p>\n<\/li>\n
- \nAcquisition of Micro-Mode Products, leading provider of specialty harsh application connectors<\/p>\n<\/li>\n<\/ul>\n
STAMFORD, Conn.–(BUSINESS WIRE<\/a>)–
\nMay 4, 2023 — ITT Inc. (NYSE: ITT) today reported financial results for the first quarter ended April 1, 2023. The company reported a year-over-year revenue increase of 10%, primarily driven by IP short-cycle demand and pump project activity, aerospace demand in CCT and pricing actions across all segments. The acquisition of Habonim contributed 2% to total revenue growth, which was offset by a 2% unfavorable impact from foreign currency translation.<\/p>\n\nFirst quarter segment operating income of $138 million increased 31% (20% adjusted) and segment operating margin of 17.3% increased 270 basis points versus prior year. The increases were due primarily to pricing actions which offset cost inflation, productivity, higher sales volume and the Habonim acquisition. The year-over-year segment operating income increase was also impacted by higher prior year charges related to the Russia-Ukraine war. On an adjusted basis, segment operating margin expanded 150 basis points to 17.5%.<\/p>\n
\nEPS for the first quarter of $1.20 increased 36% primarily due to higher segment operating income and benefits from share repurchases, partially offset by foreign currency headwinds and higher corporate and interest expense. Adjusted EPS of $1.17 increased 21% compared to prior year. The difference between reported and adjusted EPS is due to the reversal of a tax valuation allowance partially offset by further charges related to the suspension of operations in Russia and expenses related to a foreign tax settlement.<\/p>\n
\nOperating cash flow for the first quarter increased $61 million versus prior year to $58 million primarily driven by higher operating income and improved inventory management. Free cash flow for the quarter of $29 million increased $62 million versus prior year.<\/p>\n
\nTable 1. First Quarter Performance<\/b><\/p>\n
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