- \n
- \n14% orders growth (13% organic) driven by pump project wins and aftermarket demand, aerospace growth, and Friction OE and rail share gains<\/p>\n<\/li>\n
- \n14% revenue growth (12% organic) driven by higher volume and pricing across all businesses<\/p>\n<\/li>\n
- \n18.3% segment operating margin (18.7% adjusted), 270 basis points expansion (280 basis points adjusted); segment operating income increased 33%<\/p>\n<\/li>\n
- \nRaising 2023 full year margin and EPS guidance<\/p>\n<\/li>\n<\/ul>\n
STAMFORD, Conn.–(BUSINESS WIRE<\/a>)–
\nAugust 3, 2023– ITT Inc. (NYSE: ITT) today reported financial results for the second quarter ended July 1, 2023. The company reported a year-over-year revenue increase of 14%, primarily driven by 23% growth in Industrial Process (IP) and 11% growth in Motion Technologies (MT), and pricing actions across all segments. The acquisition of Micro-Mode contributed 1% to total revenue growth and foreign currency translation drove a 1% favorable impact.<\/p>\n\nSecond quarter segment operating income of $153 million increased 33% versus prior year (34% adjusted). The increase was due to higher sales volume, productivity, pricing actions and a gain on sale of a product line in CCT. This was partially offset by unfavorable foreign currency impacts and higher raw material and labor costs.<\/p>\n
\nEPS for the second quarter of $1.31 increased 44% versus prior year primarily due to segment operating income growth and benefits from share repurchases, partially offset by higher interest expense. Adjusted EPS of $1.33 increased 36% compared to prior year. The difference between reported and adjusted EPS is primarily related to distributions of non-U.S. taxable income.<\/p>\n
\nOperating cash flow for the second quarter of $140 million increased $83 million versus prior year primarily driven by higher operating income and improved working capital management. Free cash flow for the quarter of $122 million increased $83 million. On a year-to-date basis, ITT generated free cash flow of $152 million, up $145 million versus 2022.<\/p>\n
\nTable 1. Second Quarter Performance<\/b><\/p>\n
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