ITT Inc. - ITT STOCK NEWS

ITT has released its 2024 Sustainability Report, highlighting progress toward targets set in November 2022. The company achieved a 5% reduction in Scope 1 and 2 emissions compared to 2021, representing a 20% decrease on a revenue-weighted intensity basis. Revenue from electric and emissions-reducing products increased to 15% of total revenue, up 300 basis points from 2022, including the Svanehøj acquisition.

Key achievements include: 63% of global sites reporting zero safety incidents, a 3% increase in recycled materials compared to 2021, and a 58% increase in philanthropic spending. The company continues to focus on sustainable operations, innovative environmental technologies, and fostering workplace inclusivity while maintaining strong governance practices through Board refreshment.

ITT reported strong Q3 2024 results with revenue increasing 8% (6% organic) to $885.2 million. EPS grew 46% to $1.96, while adjusted EPS rose 7% to $1.46. The company saw 17% orders growth driven by pump projects, rail gains, and connectors demand. Operating margin expanded 610 basis points to 23.5%, including a $48 million gain from the Wolverine divestiture. Notable performance includes revenue growth across all segments, with Industrial Process up 19.3%, Connect & Control Technologies up 12.6%, while Motion Technologies decreased 4.1% due to the Wolverine sale. The company raised its full-year guidance, expecting revenue growth of 10-12% and adjusted EPS of $5.80-$5.86.

ITT Inc. (NYSE: ITT) has announced its participation in the Baird 2024 Global Industrial Conference on November 13 in Chicago. CEO and President Luca Savi and CFO Emmanuel Caprais will deliver a presentation at 1:10 p.m. Central Time. The presentation will be available via live audio webcast on the company's investor relations website, with replays accessible for 30 days. ITT is a leading manufacturer of engineered components and technology solutions for transportation, industrial, and energy markets, operating in over 35 countries with sales in approximately 125 countries.

ITT Inc. (NYSE: ITT) has announced it will release its third quarter 2024 financial results on Tuesday, Oct. 29, before the opening of the New York Stock Exchange. The company will hold a conference call at 8:30 a.m. ET on the same day to discuss its performance.

Participants can register online to join the call and will receive dial-in information and a unique PIN. A real-time audio webcast will be available on the company's investor relations website, where related materials will be posted prior to the presentation. A replay of the webcast will be available two hours after the call.

ITT is a diversified manufacturer of engineered components and technology solutions for the transportation, industrial, and energy markets. The company is headquartered in Stamford, Connecticut, with employees in over 35 countries and sales in approximately 125 countries.

ITT Inc. has announced the election of Maggie Chu to its Board of Directors, effective immediately. Chu currently serves as Chief Human Resources Officer at Littelfuse, Inc., a global manufacturer with a market capitalization of over $6 billion. She leads Littelfuse's HR and corporate communications functions globally.

ITT's Chairman, Timothy H. Powers, highlighted Chu's experience in strategic HR leadership across diverse, global industries similar to ITT's operations. Her expertise in attracting and retaining top global talent for multinational manufacturing companies is expected to strengthen ITT's growth and development of a higher-performing culture.

ITT President and CEO Luca Savi emphasized that Chu's experience at large global industrials will benefit ITT as it continues to grow and reshape its portfolio both organically and through M&A. He noted that Chu's approach aligns well with ITT's culture and that the company's teams will benefit from her diverse experiences and adaptable approach to continuous learning.

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.