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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.
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ITT Inc. to participate in Bank of America Global Industrials Conference 2024 in London. CEO Luca Savi to present on March 19. Webcast available at investors.itt.com.
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ITT Inc. appoints Michael G. Guhde as president of Connect & Control Technologies, bringing vast experience in component manufacturing. Guhde's track record includes driving growth, innovation, and customer satisfaction in previous roles.
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ITT Inc. (NYSE: ITT) reported a 10% revenue growth in 2023, driven by higher volume, pricing actions, favorable foreign currency impacts, and acquisitions. The operating margin increased by 40 basis points, and the company reported an operating cash flow of $538 million, up $260 million from the previous year. The company also initiated 2024 EPS guidance up 13% at the midpoint.
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ITT Inc. (NYSE: ITT) will be presenting at two investor conferences on Feb. 22, 2024. The company's CEO and CFO will participate in the Citibank Global Industrial Tech and Mobility Conference in Miami and the 34th Annual Gabelli Pump, Valve & Water Systems Symposium in New York. Both presentations will be available for live audio webcast and replays for 30 days.
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ITT Inc. signs a three-year agreement with ExxonMobil for the supply of API-610 centrifugal pump systems and related products, with a minimum contract commitment of $50 million and a total potential value of $80 million in revenue over the term. The agreement represents the largest single contract ever awarded to Goulds Pumps, ITT's industrial pumps and valves manufacturer. ITT's Industrial Process segment will provide heavy duty engineered centrifugal pump systems and aftermarket parts and services to ExxonMobil to support its existing operations, primarily in North America. The agreement allows ExxonMobil to leverage ITT technology to enhance user experience and lower the total cost of ownership through shortened project cycle times. ITT's CEO and President, Luca Savi, expressed gratitude for the partnership and highlighted their commitment to delivering high-quality pumps and a frictionless customer experience. The Industrial Process segment, with ~$1 billion in revenue in 2022, is a global leader in centrifugal and twin-screw pumps for various markets.
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ITT Inc. (NYSE: ITT) completes the acquisition of Svanehøj Group A/S, a leading supplier of pumps and aftermarket services for the marine sector. The acquisition, announced in November 2023, was primarily funded through a €300 million term loan. Svanehøj's product portfolio includes deepwell gas cargo pumps, fuel and energy pumps, and tank control systems for low-emission and green fuels. The company holds a leadership position in ammonia, LPG, and LNG cargo and fuel pumps. With operations in Denmark, Singapore, and France, Svanehøj generated approximately $140 million in sales in 2022.
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ITT Inc. announces the election of Sharon Szafranski to its Board of Directors. Ms. Szafranski, currently serving as Executive Vice President of the Welding segment at Illinois Tool Works (ITW), brings over thirty years of manufacturing experience and extensive multi-industry and global business expertise. The appointment reflects ITT's commitment to Board refreshment and strategic focus. Ms. Szafranski's successful tenure at ITW and her experience with highly engineered products align with ITT's portfolio.
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ITT Inc. (NYSE: ITT) will release its Q4 and full year 2023 financial results and its 2024 outlook on Feb. 8, 2024. A conference call will be held at 8:30 a.m. Eastern Time to discuss the results and outlook. Participants can register online to join the call and access the webcast and related materials.
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ITT Inc. reported a 9% revenue growth in Q3 2023, driven by pump projects, aftermarket sales, aerospace and defense components, and Friction OE outperformance. The company also saw a 19.1% segment operating margin and a 19% increase in segment operating income. Year-to-date operating cash flow was $368 million, with free cash flow of $299 million. ITT raised its 2023 full year guidance across all metrics.
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ITT Inc. has announced its agreement to acquire Svanehøj Group A/S for approximately $395 million. Svanehøj will become part of ITT's Industrial Process segment and brings expertise in the marine pumps industry. The acquisition is expected to close in Q1 2024.
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FAQ
What is the current stock price of ITT (ITT)?
The current stock price of ITT (ITT) is $155.46 as of November 21, 2024.
What is the market cap of ITT (ITT)?
The market cap of ITT (ITT) is approximately 12.6B.
What does ITT Inc. specialize in?
ITT Inc. specializes in manufacturing highly engineered critical components and customized technology solutions for transportation, industrial, and energy markets.
When was ITT Inc. founded?
ITT Inc. was founded in 1920.
Where is ITT Inc. headquartered?
ITT Inc. is headquartered in White Plains, New York.
What are the main business segments of ITT Inc.?
The main business segments of ITT Inc. are Motion Technologies, Industrial Process, and Connect & Control Technologies.
What products does ITT Inc. offer?
ITT Inc. offers products such as brake pads, shock absorbers, pumps, valves, connectors, switches, and more.
How many countries does ITT Inc. operate in?
ITT Inc. operates in more than 35 countries and serves customers in approximately 125 countries.
Which segment generates the most revenue for ITT Inc.?
The Motion Technologies segment generates the most revenue for ITT Inc.
What industries does the Industrial Process segment serve?
The Industrial Process segment serves industries such as oil and gas, mining, power generation, and chemicals.
Is ITT Inc. involved in aftermarket services?
Yes, ITT Inc. provides aftermarket services, especially through its Industrial Process segment.
How much revenue did ITT Inc. generate in 2012?
ITT Inc. generated $2.5 billion in revenue in 2012.
ITT Inc.
NYSE:ITT
ITT Rankings
ITT Stock Data
12.64B
80.90M
0.71%
92.04%
0.93%
Specialty Industrial Machinery
Pumps & Pumping Equipment
United States of America
STAMFORD