ITT Inc. reports developments tied to its diversified manufacturing business in transportation, industrial and energy markets. Company news commonly covers earnings, order trends, outlook updates and segment performance across Connect & Control Technologies, Motion Technologies and Flow Technologies, including aerospace and defense components, connectors, friction products, pumps, valves and aftermarket services.
Coverage also includes portfolio actions and investor communications. The completed acquisition of SPX FLOW added engineered process technologies for mixing, blending, fluid handling, separation and thermal transfer, and the former Industrial Process segment now operates as Flow Technologies.
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On August 12, 2021, ITT Inc. announced a quarterly dividend of $0.22 per share on its common stock. This payment is scheduled for October 4, 2021, with shareholders of record by September 13, 2021. ITT operates as a diversified manufacturer in critical components and technology solutions, serving the transportation, industrial, and energy markets globally. The company is headquartered in White Plains, N.Y., and operates in over 35 countries.
ITT Inc. reported a 34% revenue increase for Q2 2021, totaling $691.6 million, driven by strong performance across all segments, particularly in Motion Technologies. The segment operating margin expanded to 16.5%, despite rising raw material costs. However, earnings per share fell by 15% to $0.45, significantly impacted by a $28 million loss from the divestiture of InTelCo Management. Adjusted EPS rose 65% to $0.94. The company anticipates 22-27% growth in adjusted EPS for the year, raising its revenue growth guidance to 11-13%. ITT divested legacy asbestos liabilities with the InTelCo sale.
ITT Inc. (NYSE: ITT) has expanded its small-bore shock-absorber line with the introduction of the new PXR (Platinum Extended Range) Series from its subsidiary, Enidine. This series features RoHS-compliant materials and a tamper-proof design, ensuring consistent performance in various industrial applications. Key benefits include a small form factor, flexible mounting options, and adherence to ISO quality standards, making it ideal for harsh environments. ITT continues its commitment to environmentally-friendly solutions in the industrial market, enhancing its innovative product offerings.
On July 13, 2021, ITT announced it will release its second quarter financial results post-market on August 5, 2021. A conference call is scheduled for August 6 at 8:30 a.m. ET, allowing participants to discuss the results. The earnings release will be accessible on the ITT investor relations website. ITT is a renowned manufacturer providing engineered components and technology solutions for transportation, industrial, and oil and gas sectors, with a global presence in over 125 countries.
On July 1, 2021, ITT announced the divestment of InTelCo Management LLC to Delticus HoldCo, L.P. This strategic move is part of ITT's plan to mitigate legacy asbestos liabilities, alongside a previous U.S. pension plan termination. ITT contributed approximately $398 million in cash to InTelCo, resulting in a one-time after-tax loss of about $27 million. The transaction simplifies ITT's balance sheet, enhancing its focus on core operations and growth initiatives.
MSA Safety, the global leader in safety products, has appointed Luca Savi, CEO of ITT, to its Board of Directors. This decision was announced on June 29, 2021, by MSA’s President, Nish Vartanian. Savi brings extensive international experience and leadership from his roles in Europe, China, and the U.S., which MSA believes will bolster its strategic growth efforts, especially in international markets. Savi’s background includes key positions at ITT and Comau, as well as industry experience with Shell and Honeywell. MSA reported 2020 revenues of $1.35 billion.
June 4, 2021 -- ITT Inc. (NYSE: ITT) has announced a quarterly dividend of $0.22 per share, payable on July 6, 2021, to shareholders on record as of June 21, 2021. ITT is a leading manufacturer providing critical components and customized technology solutions for various markets including transportation and oil and gas. With a strong global presence, ITT aims to deliver enduring solutions to vital industries.
On June 2, 2021, ITT announced that CEO Luca Savi will present at the UBS Global Industrials and Transportation Virtual Conference on June 8, 2021, from 1:00 p.m. to 1:45 p.m. ET. The presentation will be accessible via a real-time audio webcast on ITT's investor relations page, where related materials will be posted ahead of the event. A replay of the presentation will be available for 30 days post-event. ITT is a leading manufacturer providing critical components and technology solutions for key industries, headquartered in White Plains, N.Y.
ITT Inc. (NYSE: ITT) has announced that CFO Emmanuel Caprais will present at the KeyBanc Capital Markets Industrial & Basic Materials Virtual Conference on June 1, 2021, from 11:20 a.m. to 11:50 a.m. ET. Interested parties can access a real-time audio webcast of the presentation at itt.com/investors, where additional materials will be available beforehand. A replay will be accessible for 30 days post-event. ITT specializes in highly engineered components and technology solutions for various industries, serving over 125 countries.