Welcome to our dedicated page for Itt news (Ticker: ITT), a resource for investors and traders seeking the latest updates and insights on Itt stock.
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.
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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