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    ITT Reports 2025 First Quarter Earnings Per Share (EPS) of $1.33, Adjusted EPS of $1.45, in Line With Pre-Announcement

    5/1/25 6:30:00 AM ET
    $ITT
    Fluid Controls
    Industrials
    Get the next $ITT alert in real time by email
    • 7% orders growth (2% organic), driven by pump project and connectors awards, including strong contributions from acquisitions, surpassing $1.0 billion in orders for the quarter
    • Revenue of over $900 million, driven by defense connectors and rail, offset by lower aerospace demand
    • 16.5% operating margin (17.4% adjusted), driven by productivity and pricing actions, offsetting unfavorable foreign currency impact
    • Net cash from operating activities of $113 million; free cash flow of $77 million

    May 1, 2025-- ITT Inc. (NYSE:ITT) today reported financial results for the first quarter ended March 29, 2025, consistent with the preliminary results announced on April 10. The company reported revenue of $913 million, flat on both a GAAP and organic basis, reflecting growth in parts, service and valves in Industrial Process (IP), connectors in Connect & Control Technologies (CCT) and rail in Motion Technologies (MT), offset by lower automotive and aerospace demand.

    First quarter operating income of $151 million increased 1% versus prior year and increased 2% on an adjusted basis due to benefits from productivity savings and pricing actions, partially offset by temporary acquisition amortization and higher restructuring, material and labor costs. Operating income margin was flat versus prior year while adjusted operating margin increased by 30 basis points.

    EPS, impacted by higher interest and tax expenses, decreased 1% for the first quarter versus prior year. Adjusted EPS of $1.45 increased 2% compared to prior year, driven by productivity and pricing actions.

    Net cash from operating activities for the first quarter of $113 million increased 96% versus prior year primarily driven by favorable working capital and timing of customer payments. Free cash flow for the quarter of $77 million increased $47 million, or 154% versus prior year.

    Table 1. First Quarter Performance

     

    Q1 2025

     

    Q1 2024

     

    Change

    Revenue

    $

    913.0

     

     

    $

    910.6

     

     

    0.3

     

    %

    Organic Growth

     

     

     

     

    —

     

    %

    Operating Income

    $

    150.9

     

     

    $

    149.9

     

     

    0.7

     

    %

    Operating Margin

     

    16.5

    %

     

     

    16.5

    %

     

    —

     

    bps

    Adjusted Operating Income

    $

    159.3

     

     

    $

    155.7

     

     

    2.3

     

    %

    Adjusted Operating Margin

     

    17.4

    %

     

     

    17.1

    %

     

    30

     

    bps

    Earnings Per Share

    $

    1.33

     

     

    $

    1.35

     

     

    (1.5

    )

    %

    Adjusted Earnings Per Share

    $

    1.45

     

     

    $

    1.42

     

     

    2.1

     

    %

    Net Cash from Operating Activities

    $

    113.4

     

     

    $

    57.8

     

     

    96.2

     

    %

    Free Cash Flow

    $

    76.6

     

     

    $

    30.1

     

     

    154.5

     

    %

    Note: all results unaudited; dollars in millions except for per share amounts

    Management Commentary

    "ITT delivered a solid first quarter performance to begin 2025 with results in-line with our April pre-announcement, as expected. We surpassed $1 billion of orders in a quarter for the first time and entered Q2 with a $1.8 billion backlog, a 21% increase versus last year and up 10% sequentially. We expanded adjusted margin 30 basis points, driven by continued operational improvements and pricing and grew adjusted EPS 7% excluding the 2024 divestiture of Wolverine.

    Also, this quarter we launched VIDAR, a game-changing industrial motor, enabling us to enter a $6 billion addressable market for industrial motors. VIDAR delivers variable-speed technology for industrial applications that drastically reduces costs and improves energy efficiency for our customers. And, it is the only industrial motor of its kind on the market.

    Finally, we acted quickly to aggressively repurchase $400 million of ITT shares through April. Still, we have ample capacity for M&A, which remains a key strategic priority for ITT. We look forward to discussing all of this at our upcoming Capital Markets Day on May 15," said ITT's Chief Executive Officer and President Luca Savi.

    Table 2. First Quarter Segment Results

     

    Revenue

     

    Operating Income

     

    Operating Margin

     

     

    Q1

    2025

    Reported

    Change

    Organic

    Growth

     

    Q1

    2025

    Reported

    Change

    Adjusted

    Change

     

    Q1

    2025

    Reported

    Change

    Adjusted

    Change

     

    Motion Technologies

    346.1

    (11.8

    )%

    0.5

    %

     

    67.6

    (4.2

    )%

    (3.9

    )%

     

    19.5

    %

    150 bps

    160 bps

     

    Industrial Process

    333.3

    (0.2

    )%

    (1.0

    )%

     

    63.5

    (1.6

    )%

    0.4

    %

     

    19.1

    %

    (20) bps

    10 bps

     

    Connect & Control Technologies

    234.7

    26.8

    %

    1.4

    %

     

    36.0

    10.1

    %

    13.1

    %

     

    15.3

    %

    (240) bps

    (200) bps

     

    Note: all results unaudited; excludes intercompany eliminations of $1.1; comparisons to Q1 2024

    Motion Technologies revenue decreased $46 million due to the Wolverine divestiture in the prior year and unfavorable foreign currency impacts. Organic revenue increased $2 million due to strength in rail, offset by lower Friction original equipment and aftermarket demand. Operating income decreased $3 million primarily due to lower revenue from the divestiture of Wolverine, partially offset by productivity actions.

    Industrial Process revenue was flat with strength in parts, service, valves and Svanehøj, offset by a decline in pump projects and baseline pumps. Operating income decreased $1 million primarily due to higher restructuring charges and increased personnel costs, partially offset by benefits from pricing, productivity actions and growth from Svanehøj.

    Connect & Control Technologies revenue increased $50 million primarily driven by the kSARIA acquisition, which closed in September 2024, pricing actions and growth in defense and industrial connectors, partially offset by lower aerospace demand. Operating income increased $3 million primarily due to pricing, productivity actions and contributions from kSARIA, partially offset by higher material, labor and overhead costs.

    Quarterly Dividend

    The company announced today a quarterly dividend of $0.351 per share on its outstanding common stock. ITT's Board of Directors approved the cash dividend for the second quarter of 2025, which will be payable on Monday, June 30, 2025 to shareholders of record as of the close of business on Monday, June 2, 2025.

    2025 Guidance

    The company is updating its 2025 full year guidance on a GAAP basis. We now expect revenue growth of 2% to 4%, operating margin of 17.5% to 18.4% and EPS of $5.80 to $6.20. There is no change, however, to our 2025 full year adjusted guidance. We continue to expect organic revenue growth of 3% to 5%; adjusted operating margin of 18.1% to 19.0%, up 40 to 130 bps; adjusted EPS of $6.10 to $6.50; and free cash flow of $450 million to $500 million, representing free cash flow margin of 12% to 13% for full year 2025. The company's full year guidance reflects known and management-estimated tariff impacts as of the date of this release and does not assume any additional impacts stemming from potential changes in trade policy or broader macroeconomic conditions.

    It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions and certain other special items that may occur in 2025 as these items are inherently uncertain and difficult to predict. As a result, we are unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted segment operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly we have not provided reconciliations for these forward-looking non-GAAP financial measures.

    Investor Conference Call Details

    ITT's management will host a conference call for investors on Thursday, May 1, 2025 at 8:30 a.m. Eastern Time. The briefing can be accessed live via a webcast which is available on the company's website: https://investors.itt.com. A replay of the webcast will be available beginning two hours after the presentation concludes. Reconciliations of non-GAAP financial performance metrics to their most comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP.

    Safe Harbor Statement

    This release contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In addition, the conference call (including the financial results presentation material) may include, and officers and representatives of ITT may from time to time make and discuss, projections, goals, assumptions, and statements that may constitute "forward-looking statements". These forward-looking statements are not historical facts, but rather represent only a belief regarding future events based on current expectations, estimates, assumptions and projections about our business, future financial results, the industry in which we operate, and other legal, regulatory, and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future events and future operating or financial performance.

    We use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "future," "guidance," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and other similar expressions to identify such forward-looking statements. Forward-looking statements are uncertain and, by their nature, many are inherently unpredictable and outside of ITT's control, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements.

    Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, we cannot provide any assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.

    Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:

    • uncertain global economic and capital markets conditions, which have been influenced by heightened geopolitical tensions, inflation, changes in monetary policies, the threat of a possible regional or global economic recession, trade disputes between the U.S. and its trading partners, political and social unrest, and the availability and fluctuations in prices of energy and commodities, including steel, oil, copper and tin;
    • the imposition of new or increased tariffs by the U.S. government, particularly those targeting imports from specific countries, and the potential for retaliatory trade measures by affected countries, which could disrupt global supply chains, increase costs and reduce customer demand;
    • fluctuations in interest rates and the impact of such fluctuations on customer behavior and on our cost of debt;
    • fluctuations in foreign currency exchange rates and the impact of such fluctuations on our revenues, customer demand for our products and on our hedging arrangements;
    • volatility in raw material prices and our suppliers' ability to meet quality and delivery requirements;
    • impacts and risk of liabilities from recent mergers, acquisitions, or venture investments, and past divestitures and spin-offs;
    • our inability to hire or retain key personnel;
    • failure to compete successfully and innovate in our markets;
    • failure to manage the distribution of products and services effectively;
    • failure to protect our intellectual property rights or violations of the intellectual property rights of others;
    • the extent to which there are quality problems with respect to manufacturing processes or finished goods;
    • the risk of cybersecurity breaches or failure of any information systems used by the Company, including any flaws in the implementation of any enterprise resource planning systems;
    • loss of or decrease in sales from our most significant customers;
    • risks due to our operations and sales outside the U.S. and in emerging markets, including the imposition of tariffs and trade sanctions;
    • fluctuations in demand or customers' levels of capital investment, maintenance expenditures, production, and market cyclicality;
    • the risk of material business interruptions, particularly at our manufacturing facilities;
    • risks related to government contracting, including changes in levels of government spending and regulatory and contractual requirements applicable to sales to the U.S. government;
    • fluctuations in our effective tax rate, including as a result of changing tax laws and other possible tax reform legislation in the U.S. and other jurisdictions;
    • changes in environmental laws or regulations, discovery of previously unknown or more extensive contamination, or the failure of a potentially responsible party to perform;
    • failure to comply with the U.S. Foreign Corrupt Practices Act (or other applicable anti-corruption legislation), export controls and trade sanctions; and
    • risk of product liability claims and litigation.

    More information on factors that could cause actual results or events to differ materially from those anticipated is included in our Annual Report on Form 10-K for the year ended December 31, 2024 (particularly under the caption "Risk Factors"), our Quarterly Reports on Form 10-Q and in other documents we file from time to time with the SEC.

    The forward-looking statements included in this release speak only as of the date hereof. We undertake no obligation (and expressly disclaim any obligation) to update any forward-looking statements, whether written or oral or as a result of new information, future events or otherwise.

    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

    (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

     

     

    Three Months Ended

     

    March 29,

    2025

     

    March 30,

    2024

    Revenue

    $

    913.0

     

     

    $

    910.6

     

    Cost of revenue

     

    596.7

     

     

     

    609.1

     

    Gross profit

     

    316.3

     

     

     

    301.5

     

    General and administrative expenses

     

    85.3

     

     

     

    71.5

     

    Sales and marketing expenses

     

    53.2

     

     

     

    50.1

     

    Research and development expenses

     

    26.9

     

     

     

    30.0

     

    Operating income

     

    150.9

     

     

     

    149.9

     

    Interest expense

     

    9.3

     

     

     

    7.7

     

    Interest income

     

    (1.7

    )

     

     

    (1.8

    )

    Other non-operating income, net

     

    (1.0

    )

     

     

    (1.5

    )

    Income before income tax expense

     

    144.3

     

     

     

    145.5

     

    Income tax expense

     

    35.2

     

     

     

    33.0

     

    Net income

     

    109.1

     

     

     

    112.5

     

    Less: Income attributable to noncontrolling interests

     

    0.7

     

     

     

    1.0

     

    Net income attributable to ITT Inc.

    $

    108.4

     

     

    $

    111.5

     

     

     

     

     

    Earnings per share attributable to ITT Inc.:

     

     

     

    Basic

    $

    1.33

     

     

    $

    1.36

     

    Diluted

    $

    1.33

     

     

    $

    1.35

     

     

     

     

     

    Weighted average common shares – basic

     

    81.3

     

     

     

    82.2

     

    Weighted average common shares – diluted

     

    81.7

     

     

     

    82.7

     

     

    CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)

    (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

     

    As of the Period Ended

    March 29,

    2025

     

    December 31,

    2024

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    439.8

     

     

    $

    439.3

     

    Receivables, net

     

    761.6

     

     

     

    703.0

     

    Inventories

     

    638.5

     

     

     

    612.3

     

    Other current assets

     

    124.5

     

     

     

    131.2

     

    Total current assets

     

    1,964.4

     

     

     

    1,885.8

     

    Non-current assets:

     

     

     

    Plant, property and equipment, net

     

    588.7

     

     

     

    577.2

     

    Goodwill

     

    1,454.3

     

     

     

    1,430.1

     

    Other intangible assets, net

     

    446.8

     

     

     

    454.1

     

    Other non-current assets

     

    379.5

     

     

     

    384.1

     

    Total non-current assets

     

    2,869.3

     

     

     

    2,845.5

     

    Total assets

    $

    4,833.7

     

     

    $

    4,731.3

     

    Liabilities and Shareholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Short-term borrowings

    $

    732.6

     

     

    $

    427.6

     

    Accounts payable

     

    473.7

     

     

     

    458.4

     

    Accrued and other current liabilities

     

    449.6

     

     

     

    447.2

     

    Total current liabilities

     

    1,655.9

     

     

     

    1,333.2

     

    Non-current liabilities:

     

     

     

    Non-current portion of long-term debt

     

    4.5

     

     

     

    232.6

     

    Postretirement benefits

     

    120.4

     

     

     

    119.0

     

    Other non-current liabilities

     

    267.1

     

     

     

    260.7

     

    Total non-current liabilities

     

    392.0

     

     

     

    612.3

     

    Total liabilities

     

    2,047.9

     

     

     

    1,945.5

     

    Shareholders' equity:

     

     

     

    Common stock:

     

     

     

    Authorized – 250.0 shares, $1 par value per share

     

     

     

    Issued and outstanding – 81.0 shares and 81.5 shares, respectively

     

    81.0

     

     

     

    81.5

     

    Retained earnings

     

    3,090.5

     

     

     

    3,115.6

     

    Accumulated other comprehensive income (loss):

     

     

     

    Postretirement benefits

     

    2.0

     

     

     

    3.2

     

    Cumulative translation adjustments

     

    (394.2

    )

     

     

    (421.5

    )

    Total accumulated other comprehensive loss

     

    (392.2

    )

     

     

    (418.3

    )

    Total ITT Inc. shareholders' equity

     

    2,779.3

     

     

     

    2,778.8

     

    Noncontrolling interests

     

    6.5

     

     

     

    7.0

     

    Total shareholders' equity

     

    2,785.8

     

     

     

    2,785.8

     

    Total liabilities and shareholders' equity

    $

    4,833.7

     

     

    $

    4,731.3

     

     

    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

    (IN MILLIONS)

     

    For the Three Months Ended

    March 29,

    2025

     

    March 30,

    2024

    Operating Activities

     

     

     

    Income from continuing operations attributable to ITT Inc.

    $

    108.4

     

     

    $

    111.5

     

    Adjustments to income from continuing operations:

     

     

     

    Depreciation and amortization

     

    37.2

     

     

     

    33.6

     

    Equity-based compensation

     

    7.9

     

     

     

    7.0

     

    Other non-cash charges, net

     

    6.3

     

     

     

    8.1

     

    Changes in assets and liabilities:

     

     

     

    Change in receivables

     

    (43.2

    )

     

     

    (67.7

    )

    Change in inventories

     

    (5.6

    )

     

     

    (1.7

    )

    Change in contract assets

     

    (6.6

    )

     

     

    (13.5

    )

    Change in contract liabilities

     

    15.9

     

     

     

    3.3

     

    Change in accounts payable

     

    16.5

     

     

     

    15.0

     

    Change in accrued expenses

     

    (31.7

    )

     

     

    (44.5

    )

    Change in income taxes

     

    11.8

     

     

     

    10.3

     

    Other, net

     

    (3.5

    )

     

     

    (3.6

    )

    Net Cash – Operating Activities

     

    113.4

     

     

     

    57.8

     

    Investing Activities

     

     

     

    Capital expenditures

     

    (36.8

    )

     

     

    (27.7

    )

    Acquisitions, net of cash acquired

     

    (1.9

    )

     

     

    (407.6

    )

    Other, net

     

    (2.0

    )

     

     

    —

     

    Net Cash – Investing Activities

     

    (40.7

    )

     

     

    (435.3

    )

    Financing Activities

     

     

     

    Commercial paper, net borrowings

     

    291.8

     

     

     

    134.7

     

    Long-term debt issued, net of debt issuance costs

     

    —

     

     

     

    299.1

     

    Long-term debt, repayments

     

    (229.3

    )

     

     

    (70.5

    )

    Share repurchases under repurchase plan

     

    (100.0

    )

     

     

    —

     

    Payments for taxes related to net share settlement of stock incentive plans

     

    (13.0

    )

     

     

    (12.5

    )

    Dividends paid

     

    (28.7

    )

     

     

    (26.5

    )

    Other, net

     

    (0.7

    )

     

     

    (0.9

    )

    Net Cash – Financing Activities

     

    (79.9

    )

     

     

    323.4

     

    Exchange rate effects on cash and cash equivalents

     

    7.9

     

     

     

    (12.0

    )

    Net cash – operating activities of discontinued operations

     

    —

     

     

     

    (0.1

    )

    Net change in cash and cash equivalents

     

    0.7

     

     

     

    (66.2

    )

    Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.7, respectively)

     

    440.0

     

     

     

    489.9

     

    Cash and Cash Equivalents – End of Period (includes restricted cash of $0.9 and $0.7, respectively)

    $

    440.7

     

     

    $

    423.7

     

    Supplemental Disclosures of Cash Flow and Non-Cash Information:

     

     

     

    Cash paid for Interest

    $

    9.1

     

     

    $

    3.7

     

    Cash paid for Income taxes, net of refunds received

    $

    17.6

     

     

    $

    16.3

     

    Capital expenditures included in current liabilities

    $

    13.9

     

     

    $

    17.5

     

     

    Key Performance Indicators and Non-GAAP Measures

    ITT reviews a variety of key performance indicators including revenue, operating income and margin, earnings per share, order growth, and backlog. In addition, we consider certain measures to be useful to management and investors when evaluating our operating performance for the periods presented. These measures provide a tool for evaluating our ongoing operations and management of assets from period to period. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including, but not limited to, acquisitions, dividends, and share repurchases. Some of these metrics, however, are not measures of financial performance under accounting principles generally accepted in the United States of America (GAAP) and should not be considered a substitute for measures determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators for purposes of our reconciliation tables.

    Organic Revenues and Organic Orders are defined, respectively, as revenue and orders, excluding the impacts of foreign currency fluctuations, acquisitions, and divestitures that may or may not qualify as discontinued operations. Current year activity from acquisitions is excluded for twelve months following the closing date of acquisition. The period-over-period change resulting from foreign currency fluctuations is estimated using a fixed exchange rate for both the current and prior periods. Prior year revenue and orders are adjusted to exclude activity during the comparable period for twelve months post-closing date for divestitures that do not qualify as discontinued operations. We believe that reporting organic revenue and organic orders provide useful information to investors by helping identify underlying trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers.

    Adjusted Operating Income is defined as operating income adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition- and divestiture-related impacts, and unusual or infrequent operating items. Special items represent charges or credits that impact current results, which management views as unrelated to the Company's ongoing operations and performance. Adjusted Operating Margin is defined as adjusted operating income divided by revenue. We believe these financial measures are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.

    Adjusted Income from Continuing Operations is defined as income from continuing operations attributable to ITT Inc. adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition- and divestiture-related impacts, income tax settlements or adjustments, and unusual or infrequent items. Special items represent charges or credits, on an after-tax basis, that impact current results, which management views as unrelated to the Company's ongoing operations and performance. The after-tax basis of each special item is determined using the jurisdictional tax rate of where the expense or benefit occurred and the tax deductibility under local tax rules. Adjusted Income from Continuing Operations per Diluted Share (Adjusted EPS) is defined as adjusted income from continuing operations divided by diluted weighted average common shares outstanding. We believe that adjusted income from continuing operations and adjusted EPS are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.

    Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. Free Cash Flow Margin is defined as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin provide useful information to investors as it provides insight into a primary cash flow metric used by management to monitor and evaluate cash flows generated by our operations.

    ITT Inc. Non-GAAP Reconciliation Statements

    (In millions; all amounts unaudited)

     

    Reconciliation of Revenue to Organic Revenue

     

    First Quarter

     

    MT

    IP

    CCT

    Elim

    Total

    2025 Revenue

    $

    346.1

     

    $

    333.3

     

    $

    234.7

     

    $

    (1.1

    )

    $

    913.0

     

    Less: Acquisitions

     

    —

     

     

    9.4

     

     

    48.1

     

     

    —

     

     

    57.5

     

    Less: Foreign currency translation

     

    (8.4

    )

     

    (6.5

    )

     

    (1.1

    )

     

    —

     

     

    (16.0

    )

    2025 Organic revenue

    $

    354.5

     

    $

    330.4

     

    $

    187.7

     

    $

    (1.1

    )

    $

    871.5

     

    2024 Revenue

    $

    392.4

     

    $

    333.9

     

    $

    185.1

     

    $

    (0.8

    )

    $

    910.6

     

    Less: Divestitures

     

    39.5

     

     

    —

     

     

    —

     

     

    —

     

     

    39.5

     

    2024 Organic revenue

    $

    352.9

     

    $

    333.9

     

    $

    185.1

     

    $

    (0.8

    )

    $

    871.1

     

    Organic Revenue Growth - $

    $

    1.6

     

    $

    (3.5

    )

    $

    2.6

     

     

    $

    0.4

     

    Organic Revenue Growth - %

     

    0.5

    %

     

    (1.0

    )%

     

    1.4

    %

     

     

    —

    %

     

     

     

     

     

     

    Reported Revenue Growth - $

    $

    (46.3

    )

    $

    (0.6

    )

    $

    49.6

     

     

    $

    2.4

     

    Reported Revenue Growth - %

     

    (11.8

    )%

     

    (0.2

    )%

     

    26.8

    %

     

     

    0.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of Orders to Organic Orders

     

    First Quarter

     

    MT

    IP

    CCT

    Elim

    Total

    2025 Orders

    $

    347.9

     

    $

    404.6

     

    $

    295.5

     

    $

    (1.5

    )

    $

    1,046.5

     

    Less: Acquisitions

    —

     

    17.6

     

    85.5

     

    —

     

    103.1

     

    Less: Foreign currency translation

    (9.1

    )

    (6.1

    )

    (1.1

    )

    —

     

    (16.3

    )

    2025 Organic orders

    $

    357.0

     

    $

    393.1

     

    $

    211.1

     

    $

    (1.5

    )

    $

    959.7

     

    2024 Orders

    $

    410.5

     

    $

    354.0

     

    $

    212.8

     

    $

    (1.1

    )

    $

    976.2

     

    Less: Divestitures

    39.5

     

    —

     

    —

     

    —

     

    39.5

     

    2024 Organic orders

    $

    371.0

     

    $

    354.0

     

    $

    212.8

     

    $

    (1.1

    )

    $

    936.7

     

    Organic Orders Growth - $

    $

    (14.0

    )

    $

    39.1

     

    $

    (1.7

    )

     

    $

    23.0

     

    Organic Orders Growth - %

     

    (3.8

    )%

     

    11.0

    %

     

    (0.8

    )%

     

     

    2.5

    %

     

     

     

     

     

     

    Reported Orders Growth - $

    $

    (62.6

    )

    $

    50.6

     

    $

    82.7

     

     

    $

    70.3

     

    Reported Orders Growth - %

     

    (15.2

    )%

     

    14.3

    %

     

    38.9

    %

     

     

    7.2

    %

     

     

     

     

     

     

    Note: Immaterial differences due to rounding.

     

    ITT Inc. Non-GAAP Reconciliation Statements

    (In millions; all amounts unaudited)

     

    Reconciliations of Operating Income/Margin to Adjusted Operating Income/Margin

     

    First Quarter 2025

     

    First Quarter 2024 [a]

     

    MT

    IP

    CCT

    Corporate

    ITT

     

    MT

    IP

    CCT

    Corporate

    ITT

    Reported Operating Income

    $

    67.6

     

    $

    63.5

     

    $

    36.0

     

    $

    (16.2

    )

    $

    150.9

     

     

    $

    70.6

     

    $

    64.5

     

    $

    32.7

     

    $

    (17.9

    )

    $

    149.9

     

    Restructuring costs

     

    0.2

     

     

    4.2

     

     

    2.1

     

     

    —

     

     

    6.5

     

     

     

    0.5

     

     

    0.5

     

     

    0.9

     

     

    —

     

     

    1.9

     

    Acquisition-related expenses

     

    —

     

     

    0.4

     

     

    (0.1

    )

     

    —

     

     

    0.3

     

     

     

    —

     

     

    3.7

     

     

    —

     

     

    —

     

     

    3.7

     

    Other special items

     

    0.7

     

     

    0.9

     

     

    —

     

     

    —

     

     

    1.6

     

     

     

    0.2

     

     

    —

     

     

    —

     

     

    —

     

     

    0.2

     

    Adjusted Operating Income

    $

    68.5

     

    $

    69.0

     

    $

    38.0

     

    $

    (16.2

    )

    $

    159.3

     

     

    $

    71.3

     

    $

    68.7

     

    $

    33.6

     

    $

    (17.9

    )

    $

    155.7

     

    Change in Operating Income

     

    (4.2

    )%

     

    (1.6

    )%

     

    10.1

    %

     

    (9.5

    )%

     

    0.7

    %

     

     

     

     

     

     

    Change in Adjusted Operating Income

     

    (3.9

    )%

     

    0.4

    %

     

    13.1

    %

     

    (9.5

    )%

     

    2.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reported Operating Margin

     

    19.5

    %

     

    19.1

    %

     

    15.3

    %

     

     

    16.5

    %

     

     

    18.0

    %

     

    19.3

    %

     

    17.7

    %

     

     

    16.5

    %

    Impact of special item adjustments

    30 bps

    160 bps

    90 bps

     

    90 bps

     

    20 bps

    130 bps

    50 bps

     

    60 bps

    Adjusted Operating Margin

     

    19.8

    %

     

    20.7

    %

     

    16.2

    %

     

     

    17.4

    %

     

     

    18.2

    %

     

    20.6

    %

     

    18.2

    %

     

     

    17.1

    %

    Change in Operating Margin

    150 bps

    -20 bps

    -240 bps

     

    0 bps

     

     

     

     

     

     

    Change in Adjusted Operating Margin

    160 bps

    10 bps

    -200 bps

     

    30 bps

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Note: Immaterial differences due to rounding.

    [a] The first quarter 2024 includes a change in accounting principle adjustment increasing the previously reported and adjusted operating income for IP and ITT by $0.7 and margin by 10 basis points. Refer to the ITT Quarterly Report on Form 10-Q for additional information pertaining to the change in accounting principle.

     

    ITT Inc. Non-GAAP Reconciliation Statements

    (In millions; all amounts unaudited)

     

     

    Reconciliation of Reported vs. Adjusted Income from Continuing Operating and Diluted EPS

     

     

    Income from Continuing Operations

     

    Diluted Earnings per Share

     

     

    Q1 2025

    Q1 2024 [a]

    % Change

     

    Q1 2025

    Q1 2024 [a]

    % Change

     

    Reported

    $

    108.4

     

    $

    111.5

     

    (2.8

    )%

     

    $

    1.33

     

    $

    1.35

     

    (1.5

    )%

     

    Special Items Expense / (Income):

     

     

     

     

     

     

     

     

    Restructuring costs

     

    6.5

     

     

    1.9

     

     

     

     

    0.08

     

     

    0.03

     

     

     

    Acquisition-related costs

     

    0.3

     

     

    3.7

     

     

     

     

    —

     

     

    0.05

     

     

     

    Net tax benefit of pre-tax special items

     

    (1.5

    )

     

    (1.3

    )

     

     

     

    (0.02

    )

     

    (0.03

    )

     

     

    Other tax-related special items [b]

     

    3.4

     

     

    1.7

     

     

     

     

    0.04

     

     

    0.02

     

     

     

    Adjusted

    $

    118.7

     

    $

    117.7

     

    0.8

    %

     

    $

    1.45

     

    $

    1.42

     

    2.1

    %

     

     

     

     

     

     

     

     

     

     

    Note: Amounts may not calculate due to rounding.

     

     

     

     

     

    Per share amounts are based on diluted weighted average common shares outstanding.

     

     

     

     

     

     

     

     

     

     

     

     

     

    [a]

    The first quarter 2024 includes a change in accounting principle adjustment increasing the previously reported and adjusted income from continuing operations by $0.5M and reported diluted earnings per share by $0.01. Refer to the ITT Quarterly Report on Form 10-Q for additional information pertaining to the change in accounting principle.

    [b]

    Q1 2025 includes tax on undistributed foreign earnings ($2.5M) and other tax special items ($0.9M). Q1 2024 includes tax on undistributed foreign earnings.

     

     

    ITT Inc. Non-GAAP Reconciliation Statements

    (In millions; all amounts unaudited)

     

    Reconciliation of GAAP vs Adjusted EPS Guidance - Full Year 2025

     

     

     

     

     

     

    2025 Full-Year Guidance

     

     

    Low

    High

    EPS from Continuing Operations - GAAP

     

    $

    5.80

     

    $

    6.20

     

    Estimated restructuring

     

     

    0.29

     

     

    0.29

     

    Other special items

     

     

    0.03

     

     

    0.03

     

    Tax on special items

     

     

    (0.07

    )

     

    (0.07

    )

    Other tax-related special items

     

     

    0.05

     

     

    0.05

     

    EPS from Continuing Operations - Adjusted

     

    $

    6.10

     

    $

    6.50

     

     

     

     

     

     

     

     

     

    Note: The Company has provided forward-looking non-GAAP financial measures for organic revenue growth and adjusted operating margin. It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions, and certain other special items that may occur in 2025 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly has not provided reconciliations for these forward looking non-GAAP financial measures.

     

    ITT Inc. Non-GAAP Reconciliation Statements

    (In millions; all amounts unaudited)

     

    Reconciliation of Cash from Operating Activities to Free Cash Flow

     

     

    Three Months Ended

     

    FY 2025 Guidance

     

     

    3/29/2025

    3/30/2024

     

    Low

    High

     

    Net Cash - Operating Activities

    $

    113.4

     

    $

    57.8

     

     

    $

    575.0

     

    $

    625.0

     

     

    Less: Capital expenditures

     

    36.8

     

     

    27.7

     

     

     

    125.0

     

     

    125.0

     

     

    Free Cash Flow

    $

    76.6

     

    $

    30.1

     

     

    $

    450.0

     

    $

    500.0

     

     

     

     

     

     

     

     

     

    Revenue

    $

    913.0

     

    $

    910.6

     

     

    $

    3,720.0

     

    $

    3,720.0

     

    [a]

     

     

     

     

     

     

     

    Operating Cash Flow Margin

     

    12.4

    %

     

    6.3

    %

     

     

    15

    %

     

    17

    %

     

    Free Cash Flow Margin

     

    8.4

    %

     

    3.3

    %

     

     

    12

    %

     

    13

    %

     

     

     

     

     

     

     

     

    [a] Revenue included in the full year 2025 free cash flow margin guidance represents the expected revenue growth mid-point.

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250501213807/en/

    Investor Contact

    Mark Macaluso

    +1 914-641-2064

    [email protected]

    Media Contact

    Phil Terrigno

    +1 914-641-2143

    [email protected]

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    • Vice President & CAO De Mesa Graziano Cheryl was granted 1,520 shares and covered exercise/tax liability with 434 shares, increasing direct ownership by 25% to 5,409 units (SEC Form 4)

      4 - ITT INC. (0000216228) (Issuer)

      3/6/25 4:33:57 PM ET
      $ITT
      Fluid Controls
      Industrials
    • SVP & President, MT and APAC Barbon Davide was granted 11,268 shares and covered exercise/tax liability with 4,583 shares, increasing direct ownership by 37% to 24,613 units (SEC Form 4)

      4 - ITT INC. (0000216228) (Issuer)

      3/6/25 4:34:44 PM ET
      $ITT
      Fluid Controls
      Industrials

    $ITT
    SEC Filings

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    • ITT Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits

      8-K - ITT INC. (0000216228) (Filer)

      5/22/25 4:05:20 PM ET
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      Fluid Controls
      Industrials
    • SEC Form IRANNOTICE filed by ITT Inc.

      IRANNOTICE - ITT INC. (0000216228) (Filer)

      5/1/25 7:16:40 AM ET
      $ITT
      Fluid Controls
      Industrials
    • SEC Form 10-Q filed by ITT Inc.

      10-Q - ITT INC. (0000216228) (Filer)

      5/1/25 7:11:54 AM ET
      $ITT
      Fluid Controls
      Industrials

    $ITT
    Leadership Updates

    Live Leadership Updates

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    • ITT Announces Appointment of Mary Laschinger to Board of Directors

      May 21, 2025-- ITT Inc. (NYSE: ITT) today announced the election of Mary Laschinger to its Board of Directors, effective today. Ms. Laschinger served as Chief Executive Officer and Chair of the Board of Directors of Veritiv Corporation (NYSE:VRTV), a leading business-to-business distribution solutions company, from July 2014 until her retirement in September 2020. Prior to leading Veritiv, Ms. Laschinger held multiple senior management roles over more than 20 years at International Paper Company. "We are honored that Mary has joined the ITT Board of Directors. She has significant global experience with industrial companies that operate in markets similar to ITT, as well as a track record

      5/21/25 4:15:00 PM ET
      $ITT
      $VRTV
      Fluid Controls
      Industrials
      Paper
      Consumer Staples
    • ITT Appoints Maggie Chu, Chief Human Resources Officer at Littelfuse, Inc., to Board of Directors

      Oct. 1, 2024-- ITT Inc. (NYSE:ITT) today announced the election of Maggie Chu to its Board of Directors. Ms. Chu currently serves as Chief Human Resources Officer of Littelfuse, Inc. (NASDAQ:LFUS), a global manufacturer of circuit protection and power control components serving customers across industrial, transportation and electronics end markets with a market capitalization of more than $6 billion. She has been with Littelfuse since 2021 and currently leads the company's human resources (HR) and corporate communications functions globally. Ms. Chu's appointment to the ITT board is effective immediately. "Maggie is an experienced and seasoned Human Resources executive with a robust track

      10/1/24 4:15:00 PM ET
      $CAT
      $ITT
      $LFUS
      Construction/Ag Equipment/Trucks
      Industrials
      Fluid Controls
      Electrical Products
    • ITT Names Michael Guhde President of Connect & Control Technologies (CCT) Business

      February 26, 2024-- ITT Inc. (NYSE:ITT) today announced the appointment of Michael G. Guhde as president of its Connect & Control Technologies (CCT) business, reporting to Chief Executive Officer Luca Savi. CCT, one of ITT's three segments, is a leading manufacturer of connectors and control components for critical applications in the aerospace, defense and industrial markets. Guhde will be based at CCT's headquarters in Irvine, CA. Guhde joins ITT from Illinois Tool Works (NYSE:ITW), where he led a large, global business serving the automotive industry through the development and manufacture of highly engineered components. In this role, he oversaw several business improvements that led

      2/26/24 4:15:00 PM ET
      $ITT
      $ITW
      $PH
      Fluid Controls
      Industrials
      Industrial Machinery/Components
      Metal Fabrications