For the three months ended September 28, 2024, ITT Inc. reported revenue of $885.2 million, reflecting a 7.7% increase from $822.1 million in the same period of the previous year. Gross profit rose to $314.0 million, a 12.4% increase compared to $279.4 million in Q3 2023. Operating income surged by 45.3% to $207.9 million, up from $143.1 million, driven by higher sales volumes and a $47.8 million gain from the sale of the Wolverine business. Net income attributable to ITT Inc. for the quarter was $161.1 million, a 45.4% increase from $110.8 million in Q3 2023, resulting in earnings per share of $1.98, up from $1.35.
For the nine months ended September 28, 2024, total revenue reached $2,701.7 million, a 10.1% increase from $2,453.9 million in the prior year. Gross profit for this period was $930.9 million, up 13.3% from $821.3 million. Operating income increased by 26.1% to $516.1 million, compared to $409.4 million in the same nine-month period last year. Net income attributable to ITT Inc. for the nine months was $391.3 million, a 22.7% increase from $319.0 million, with earnings per share rising to $4.78 from $3.87.
The revenue growth was attributed to increased sales in the Motion Technologies (MT) segment, particularly in the Friction aftermarket and KONI rail businesses, as well as contributions from the Industrial Process (IP) segment, which benefited from the acquisition of Svanehøj. The IP segment reported a revenue increase of $54.0 million for Q3 2024, largely due to this acquisition. The Connect & Control Technologies (CCT) segment also saw revenue growth, aided by the acquisitions of kSARIA and Micro-Mode.
Strategically, ITT Inc. completed the acquisition of Svanehøj Group A/S for $407.6 million in January 2024 and kSARIA Parent, Inc. for a preliminary price of $461.9 million in September 2024. The divestiture of the Wolverine Advanced Materials business for $171 million in July 2024 contributed to the company's financial performance, resulting in a pre-tax gain of $47.8 million.
Operating expenses for the three months ended September 28, 2024, totaled $106.1 million, down from $136.3 million in the prior year, while general and administrative expenses increased due to the recent acquisitions. The effective tax rate for the quarter decreased due to benefits from the sale of the Wolverine business, while the nine-month effective tax rate increased due to prior year benefits and tax audit settlements.
Overall, ITT Inc. demonstrated strong financial performance in Q3 2024, with significant revenue and profit growth driven by strategic acquisitions and operational efficiencies.
About ITT INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.