ITT Inc. today announced its Q1 2024 results and raised its full year guidance. During a strong quarter in which we continued our profitable growth momentum from 2023 and acquired Svanehøj for $409 million, our teams delivered:
● 7% organic orders growth driven by demand in connectors distribution, aerospace and defense components and rail share gains
● Strong revenue in all segments as ITT surpassed $900 million for the first time
● 120 basis points adjusted operating margin expansion to 17%
● 21% adjusted EPS growth driven by higher sales volume, price and productivity
Commenting on the quarter, ITT Inc. CEO and President Luca Savi said:
“A continued focus on safety, quality, delivery and cost drove operating margin to more than 16%, with Motion Technologies reaching 18%. We kept on investing to expand pump capabilities in growth areas and to add capacity to support new Friction awards. With these organic investments, the acquisition of Svanehøj and our balance sheet capacity, we will strengthen ITT’s differentiation and expect to grow profitably. Thanks to our performance in Q1, including our orders momentum and our demand outlook, we are raising our organic revenue, operating margin and EPS guidance for 2024.”
To access ITT’s Q1 2024 results, updated guidance and non-GAAP reconciliations, click here: https://lnkd.in/dHrDH8fT
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