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ITT Inc. (NYSE: ITT) is a globally recognized manufacturer of highly engineered critical components and customized technology solutions primarily serving the transportation, industrial, and energy markets. Founded in 1920 and headquartered in White Plains, NY, ITT operates with a workforce spread across more than 35 countries, catering to customers in approximately 125 countries worldwide.
The company organizes its diverse range of offerings into three major business segments:
- Motion Technologies (MT): This segment is the largest revenue generator for ITT, focusing on the manufacturing of brake pads, shims, shock absorbers, energy absorption components, and sealing technologies for the global transportation market.
- Industrial Process (IP): Specializes in engineered fluid process equipment, serving sectors such as oil and gas, mining, power generation, and chemicals. The segment is also an aftermarket service provider, ensuring long-term support for its customers.
- Connect & Control Technologies (CCT): Produces a wide variety of connector products and customized interconnect solutions for critical applications in the oil and gas sector, aerospace, defense, and industrial markets.
ITT's extensive product portfolio includes brake pads, shock absorbers, pumps, valves, connectors, and switches, among others. The company has built a strong reputation for offering specialized engineered solutions tailored to meet the unique needs of its customers.
Financially, ITT demonstrated robust performance in 2012, generating revenues of $2.5 billion. The company's strategic initiatives and innovative solutions have positioned it as a significant player in its respective markets.
In recent developments, ITT continues to expand its capabilities and market reach through strategic partnerships and investments in technology advancement. The company's commitment to excellence and innovation ensures its products and services meet the highest standards of reliability and efficiency.
ITT Inc. (NYSE: ITT) has completed its acquisition of kSARIA Parent, Inc., a leading manufacturer of mission-critical connectivity solutions for the aerospace and defense sectors. The acquisition, announced on Aug. 1, 2024, is funded through a ~$460 million term loan and cash on hand. kSARIA, with $175 million in sales in 2023, produces engineered cable assemblies for avionics, sensors, and communications applications. Operating in a $7 billion addressable North American defense market, kSARIA is expected to benefit from global defense build-up and investments in new platforms. The company, now part of ITT's Connect & Control Technologies segment, has 1,000 employees across six North American manufacturing sites.
ITT Inc. (NYSE: ITT) has announced its participation in the D.A. Davidson 23rd Annual Diversified Industrials & Services Conference on September 19, 2024, in Nashville, Tennessee. CEO and President Luca Savi and CFO Emmanuel Caprais will present from 8:45-9:20 a.m. Central Time. A live audio webcast will be available on the company's investor relations website, with a replay accessible for 30 days.
ITT is a diversified manufacturer of engineered components and technology solutions for transportation, industrial, and energy markets. The company is headquartered in Stamford, Connecticut, with a global presence in over 35 countries and sales in approximately 125 countries.
Behrman Capital has agreed to sell its portfolio company kSARIA Holdings to ITT Inc. (NYSE: ITT) for approximately $475 million. kSARIA is a leading producer of mission-critical connectivity solutions for aerospace and defense markets. The company offers ruggedized fiber optic and electrical solutions with complementary services, holding sole or primary source positions for most of its products.
Since Behrman's acquisition in 2018, kSARIA has pursued strategic initiatives including four add-on acquisitions, geographic expansion, and securing supplier positions on high-growth, next-generation defense and aerospace platforms. The transaction is expected to close by the end of Q3 2024, positioning kSARIA for further growth under ITT's ownership.
ITT Inc. (NYSE: ITT) reported strong Q2 2024 results with 9% revenue growth (6% organic) and 11% EPS growth to $1.45. The company announced a strategic portfolio reshaping, including the acquisition of kSARIA for $475 million and the divestiture of Wolverine for $171 million. Key highlights:
- Revenue increased to $905.9 million, driven by growth across all segments
- Operating margin expanded 60 bps to 17.6%; adjusted operating margin up 100 bps to 18.0%
- Free cash flow increased 10% to $134.5 million
- Maintaining full-year guidance despite $0.15 impact from Wolverine divestiture
The kSARIA acquisition strengthens ITT's position in defense and aerospace interconnect solutions, while the Wolverine divestiture reduces automotive exposure.
ITT announced a strategic agreement through its Svanehøj business to supply cryogenic deepwell pumps for the first ammonia-fueled bulk carriers. Acquired by ITT in January 2024, Svanehøj will provide pumps for eight vessels owned by a major maritime group. These pumps are compatible with multiple liquefied gas fuels, including LNG, LPG, methanol, and ammonia, supporting the green energy transition.
The first deliveries will occur in 2024, with the remainder in 2025. This contract is expected to drive long-term growth, supporting ITT's sales in green solutions, currently 16% of annual revenue. Svanehøj's expertise in green applications and a strong order backlog position ITT well for future growth, bolstered by regulatory pressures for emissions reduction in marine vessels.
ITT’s Industrial Process segment, including Svanehøj, generated $1.1 billion in revenue in 2023. The new contract aligns with the International Maritime Organization’s “Net-zero by 2025” strategy.
ITT will announce its second quarter 2024 financial results on August 1, before the NYSE opens. A conference call to discuss the results will be held at 8:30 a.m. ET on the same day, accessible via pre-registration. The event will be webcast live on ITT's investor site, with materials available beforehand and a replay accessible two hours post-call. ITT, based in Stamford, Connecticut, specializes in manufacturing critical components and tech solutions for transportation, industrial, and energy markets, with operations in over 35 countries and sales in about 125 countries.
ITT Inc. (NYSE: ITT) will participate in the 17th Annual Wolfe Research Global Transportation & Industrials Conference on May 22, with CFO Emmanuel Caprais presenting. ITT is known for manufacturing critical components and technology solutions for transportation, industrial, and energy sectors, emphasizing innovation and customer partnerships.
ITT Inc. reported strong Q1 2024 results, including a 14% revenue growth (9% organic), $1.34 EPS, and $1.42 adjusted EPS. The company saw a 13% orders growth and surpassed $900 million in revenue for the quarter. Operating margin expanded to 16.4%, and adjusted operating margin to 17.0%. ITT raised its 2024 full year guidance.
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