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. (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. announced it will release its fourth quarter and full year 2022 financial results on February 9, 2023, before the New York Stock Exchange opens. A conference call will take place at 8:30 a.m. ET to discuss these results and the 2023 outlook.
Participants can join the call by dialing +1 (929) 526-1599 and providing Access Code: 690547. An audio webcast will be available at investors.itt.com.
ITT reported a robust 9% revenue growth for Q3 2022, fueled by a 15% organic growth driven by strong demand in pump projects and connectors. Segment operating margin improved to 17.6%, with earnings per share rising 23% to $1.23. The company anticipates reaching the upper end of their revenue guidance at 8% growth, despite foreign currency headwinds. Operating cash flow saw a significant recovery, increasing by $243 million year-over-year. However, ongoing supply chain challenges and the impact of geopolitical tensions are projected to affect future sales.
On November 1, 2022, ITT announced a quarterly dividend of
ITT Inc. (NYSE: ITT) will announce its third quarter 2022 financial results on November 3, 2022, before the NYSE opens. A conference call is scheduled for 8:30 a.m. ET to discuss the results. Interested participants can join the call by dialing +1 (404) 975-4839 and using Access Code: 622786. A replay will be available until November 17, 2022. ITT specializes in manufacturing critical components and technology solutions for various industries, with operations in over 35 countries.
ITT has acquired Clippard Instrument Laboratories' durable pneumatic cylinder product lines, enhancing its Compact® Automation offerings for high-speed applications in industries like robotics and packaging. This strategic move aims to simplify customer purchasing through complementary distribution channels while strengthening ITT's market presence. The acquisition, finalized in Q2 2022, involves stainless steel, brass, and aluminum cylinder products, and aligns with ITT's expansion into rapidly growing markets.
ITT reported a 6% revenue growth for Q2 2022, driven by a 10% organic increase from strong demand in Connect & Control Technologies and Industrial Process. Orders rose 10% (13% organic), bolstered by pump, connectors, and aerospace components. The company deployed approximately $275 million, including over $60 million for share repurchases, and raised its organic sales guidance. Adjusted EPS improved by 4% year-over-year to $0.98, while operating cash flow for the year-to-date increased by $285.8 million.
ITT Inc. has announced a quarterly dividend payment of $0.264 per share for its common stock, par value $1. The dividend is set to be paid on October 3, 2022, to shareholders on record as of September 2, 2022. This decision reflects ITT's ongoing commitment to returning value to its shareholders, aligning with its strategy of maintaining a sustainable dividend policy. ITT specializes in manufacturing critical components for the transportation, industrial, and energy markets, with a strong presence in over 35 countries.
ITT Inc. (NYSE: ITT) announced it will release its second quarter 2022 financial results on August 4, 2022, before the New York Stock Exchange opens. A conference call to discuss these results will take place at 8:30 a.m. Eastern Time. Participants can join by dialing +1 (929) 203-1909 with Access Code: 4591917. A real-time audio webcast will also be available on the company’s investor relations website. A replay of the call will be accessible until August 18, 2022.
On June 16, 2022, ITT hosted its first investor conference since 2011 in Stamford, Connecticut. The event included presentations from CEO Luca Savi and the leadership team, focusing on strategic priorities, innovative technologies, and long-term financial targets. ITT aims for 5-7% revenue growth and over 10% adjusted earnings per share growth, alongside a free cash flow margin of 11-13%. The company highlighted its strong market position in electrification and sustainability across its business segments, reinforcing its commitment to delivering value to shareholders.
ITT Inc. (NYSE: ITT) announced its investment in CRP Technology and CRP USA, acquiring 46% and 33% stakes, respectively. CRP leads in developing high-performance composite materials for 3D printing, catering to aerospace, defense, and automotive industries. This strategic move allows ITT to enhance its material science expertise and tap into the growing additive manufacturing market. The partnership is expected to accelerate CRP's growth and drive innovation in producing sustainable and durable solutions for various applications.
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