- 13% orders growth (7% organic) driven by improved connectors
demand, aerospace and defense components ramp, and Friction and
rail share gains
- 14% revenue growth (9% organic), surpassing $900 million in
revenue for the quarter, driven by higher volume in all
businesses
- 80 basis points operating margin expansion to 16.4%; 120 basis
points adjusted operating margin expansion to 17.0%
- 12% EPS growth (21% adjusted) driven by higher sales volume and
productivity
- Raising 2024 full year guidance
May 2, 2024-- ITT Inc. (NYSE: ITT) today reported financial
results for the first quarter ended March 30, 2024. Revenue
increased 14% (9% organic), primarily driven by pump projects in
Industrial Process (IP), Friction original equipment (OE)
outperformance in Motion Technologies (MT) and demand strength
across Connect & Control Technologies (CCT). The acquisitions
of Svanehøj and Micro-Mode contributed 5% to total revenue growth.
Foreign currency translation was a 1% headwind.
First quarter operating income of $149 million increased 20%
versus prior year (23% adjusted) due to higher sales volume and
productivity gains, partially offset by higher labor and overhead
costs and higher strategic investments, including for capacity
expansion.
EPS for the first quarter of $1.34 increased 12% versus prior
year, and 20% on a sequential basis. Adjusted EPS of $1.42
increased 21% compared to prior year and 6% on a sequential basis.
The difference between reported and adjusted EPS is primarily due
to acquisition related costs and restructuring charges.
Net cash from operating activities for the first quarter of $58
million was driven by higher operating income, offset by the timing
of accounts receivable collections and higher incentive
compensation payments. Free cash flow for the quarter of $30
million increased $1 million versus prior year.
Table 1. First Quarter Performance
Q1
2024
Q1
2023
Change
Revenue
$
910.6
$
797.9
14.1
%
Organic Growth
9.5
%
Operating Income
$
149.2
$
124.3
20.0
%
Operating Margin
16.4
%
15.6
%
80
bps
Adjusted Operating Income
$
155.0
$
126.2
22.8
%
Adjusted Operating Margin
17.0
%
15.8
%
120
bps
Earnings Per Share
$
1.34
$
1.20
11.7
%
Adjusted Earnings Per Share
$
1.42
$
1.17
21.4
%
Net Cash from Operating Activities
$
57.8
$
58.1
(0.5
)%
Free Cash Flow
$
30.1
$
29.4
2.4
%
Note: all results unaudited; dollars in
millions except for per share amounts
Management Commentary
“The momentum we built in 2023 continued in Q1 with a strong
operational and financial performance. We generated just shy of one
billion dollars of new orders, highlighted by record aerospace
orders, strong connectors demand and share gains in Friction and
rail. Revenue surpassed $900 million in the quarter, growing 14% in
total driven by strong volume growth across all segments and the
acquisition of Svanehøj. 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,” said ITT’s Chief Executive
Officer and President Luca Savi.
Table 2. First Quarter Segment Results
Revenue
Operating Income
Operating Margin
Q1 2024
Reported Change
Organic Growth
Q1 2024
Reported Change
Adjusted Change
Q1 2024
Reported Change
Adjusted Change
Motion Technologies
392.4
7.6
%
8.2
%
70.6
32.2
%
32.0
%
18.0
%
340 bps
340 bps
Industrial Process
333.9
25.3
%
12.5
%
63.8
15.4
%
19.9
%
19.1
%
(170) bps
(90) bps
Connect & Control Technologies
185.1
10.4
%
7.2
%
32.7
11.2
%
14.7
%
17.7
%
20 bps
70 bps
Note: all results unaudited; excludes
intercompany eliminations of $0.8; comparisons to Q1 2023
Motion Technologies revenue increased $28 million
primarily due to higher sales volume in Friction OE and rail demand
in KONI, partially offset by unfavorable foreign currency
translation. Operating income increased $17 million primarily due
to higher sales volume, productivity savings, and lower material
and overhead costs.
Industrial Process revenue increased $67 million
primarily due to growth in pump projects and the acquisition of
Svanehøj, which closed in January 2024. This was partially offset
by foreign currency translation. Operating income increased $9
million primarily due to higher volume and productivity
savings.
Connect & Control Technologies revenue increased $18
million primarily driven by pricing actions and higher volumes in
connectors and components for aerospace and defense and the
Micro-Mode acquisition. Operating income increased $3 million
primarily due to pricing, volume and productivity actions,
partially offset by higher material, labor and overhead costs.
Quarterly Dividend
The company announced today a quarterly dividend of $0.319 per
share on the company’s outstanding common stock. ITT’s Board of
Directors approved the cash dividend for the second quarter of
2024, which will be payable on July 1, 2024, to shareholders of
record as of the close of business on June 3, 2024.
2024 Guidance
We now expect revenue growth of 9% to 12%, up 4% to 7% on an
organic basis; operating margin of 16.9% to 17.5% and adjusted
operating margin of 17.1% to 17.7%, up 20 to 80 bps (up 100 to 160
bps excluding the Svanehøj acquisition dilution); full year EPS of
$5.51 to $5.76 and adjusted EPS of $5.65 to $5.90, up 8% to 13% for
the full year. We continue to expect free cash flow of $435 million
to $475 million, representing 12% to 13% free cash flow margin for
the full year.
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 2024 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 2 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 webcast. 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 and 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,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “target,” “future,” “may,”
“will,” “could,” “should,” “potential,” “continue,” “guidance” 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;
- 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;
- 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.
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)
For the Three Months Ended
March 30, 2024
April 1, 2023
Revenue
$
910.6
$
797.9
Cost of revenue
609.8
536.0
Gross profit
300.8
261.9
General and administrative expenses
71.5
68.3
Sales and marketing expenses
50.1
42.9
Research and development expenses
30.0
26.4
Operating income
149.2
124.3
Interest and non-operating expense,
net
4.4
3.5
Income before income tax expense
144.8
120.8
Income tax expense
32.8
20.1
Net income
112.0
100.7
Less: Income attributable to
noncontrolling interests
1.0
0.7
Net income attributable to ITT Inc.
$
111.0
$
100.0
Earnings (loss) per share attributable
to ITT Inc.:
Basic
$
1.35
$
1.21
Diluted
$
1.34
$
1.20
Weighted average common shares – basic
82.2
82.6
Weighted average common shares –
diluted
82.7
83.0
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
As of the Period Ended
March 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
423.0
$
489.2
Receivables, net
752.0
675.2
Inventories
609.4
575.4
Other current assets
123.3
117.9
Total current assets
1,907.7
1,857.7
Non-current assets:
Plant, property and equipment, net
568.1
561.0
Goodwill
1,207.7
1,016.3
Other intangible assets, net
332.2
116.6
Other non-current assets
388.0
381.0
Total non-current assets
2,496.0
2,074.9
Total assets
$
4,403.7
$
3,932.6
Liabilities and Shareholders’
Equity
Current liabilities:
Short-term borrowings
$
322.7
$
187.7
Accounts payable
459.2
437.0
Accrued and other current liabilities
415.1
413.1
Total current liabilities
1,197.0
1,037.8
Non-current liabilities:
Long-term debt
230.5
5.7
Postretirement benefits
135.9
138.7
Other non-current liabilities
254.1
211.3
Total non-current liabilities
620.5
355.7
Total liabilities
1,817.5
1,393.5
Shareholders’ equity:
Common stock:
Authorized – 250.0 shares, $1 par value
per share
Issued and outstanding – 82.3 shares and
82.1 shares, respectively
82.3
82.1
Retained earnings
2,857.4
2,778.0
Accumulated other comprehensive income
(loss):
Postretirement benefits
(2.6
)
(1.6
)
Cumulative translation adjustments
(362.4
)
(330.3
)
Total accumulated other comprehensive
loss
(365.0
)
(331.9
)
Total ITT Inc. shareholders’ equity
2,574.7
2,528.2
Noncontrolling interests
11.5
10.9
Total shareholders’ equity
2,586.2
2,539.1
Total liabilities and shareholders’
equity
$
4,403.7
$
3,932.6
CONSOLIDATED CONDENSED STATEMENTS OF
CASH FLOWS (UNAUDITED) (IN MILLIONS)
For the Three Months Ended
March 30, 2024
April 1, 2023
Operating Activities
Income from continuing operations
attributable to ITT Inc.
$
111.0
$
100.0
Adjustments to income from continuing
operations:
Depreciation and amortization
33.6
26.7
Equity-based compensation
7.0
4.7
Other non-cash charges, net
8.1
7.5
Changes in assets and liabilities:
Change in receivables
(67.7
)
(34.7
)
Change in inventories
(1.0
)
(29.1
)
Change in contract assets
(13.5
)
(2.0
)
Change in contract liabilities
3.3
2.9
Change in accounts payable
15.0
1.8
Change in accrued expenses
(44.5
)
(10.8
)
Change in income taxes
10.1
3.7
Other, net
(3.6
)
(12.6
)
Net Cash – Operating Activities
57.8
58.1
Investing Activities
Capital expenditures
(27.7
)
(28.7
)
Acquisitions, net of cash acquired
(407.6
)
—
Other, net
—
0.2
Net Cash – Investing Activities
(435.3
)
(28.5
)
Financing Activities
Commercial paper, net borrowings
134.7
(72.8
)
Long-term debt issued, net of debt
issuance costs
299.1
—
Long-term debt, repayments
(70.5
)
—
Share repurchases under repurchase
plan
—
(30.0
)
Payments for taxes related to net share
settlement of stock incentive plans
(12.5
)
(6.3
)
Dividends paid
(26.5
)
(24.2
)
Other, net
(0.9
)
0.4
Net Cash – Financing Activities
323.4
(132.9
)
Exchange rate effects on cash and cash
equivalents
(12.0
)
4.3
Net cash – operating activities of
discontinued operations
(0.1
)
(0.1
)
Net change in cash and cash
equivalents
(66.2
)
(99.1
)
Cash and cash equivalents – beginning of
year (includes restricted cash of $0.7 and $0.7, respectively)
489.9
561.9
Cash and Cash Equivalents – End of Period
(includes restricted cash of $0.7 and $0.8, respectively)
$
423.7
$
462.8
Supplemental Disclosures of Cash Flow
and Non-Cash Information:
Cash paid for Interest
$
3.7
$
4.2
Cash paid for Income taxes, net of refunds
received
$
16.3
$
13.2
Capital expenditures included in accounts
payable
$
17.5
$
10.3
Key Performance Indicators and Non-GAAP
Measures
ITT reviews a variety of key performance indicators including
revenue, operating income and margins, earnings per share, order
growth, and backlog, some of which are calculated on a non-GAAP
basis. 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 and acquisitions. The period-over
period change resulting from foreign currency fluctuations is
estimated using a fixed exchange rate for both the current and
prior periods. We believe that reporting organic revenue and
organic orders provides 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, divestiture-related costs, certain asset
impairment charges, certain acquisition-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, divestiture-related costs, certain asset impairment
charges, certain acquisition-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. 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 provides
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 2024
MT
IP
CCT
Elim
Total
Revenue
$
392.4
$
333.9
$
185.1
$
(0.8
)
$
910.6
Less: Acquisitions
—
35.8
5.6
—
41.4
Less: FX
(2.3
)
(1.8
)
(0.1
)
(0.1
)
(4.3
)
CY Organic Revenue
394.7
299.9
179.6
(0.7
)
873.5
Less: PY Revenue
364.8
266.5
167.6
(1.0
)
797.9
Organic Revenue Growth - $
$
29.9
$
33.4
$
12.0
$
0.3
$
75.6
Organic Revenue Growth - %
8.2
%
12.5
%
7.2
%
9.5
%
Reported Revenue Growth - $
27.6
67.4
17.5
112.7
Reported Revenue Growth - %
7.6
%
25.3
%
10.4
%
14.1
%
Reconciliation of Orders to
Organic Orders
First Quarter 2024
MT
IP
CCT
Elim
Total
Orders
$
410.5
$
354.0
$
212.8
$
(1.1
)
$
976.2
Less: Acquisitions
—
47.0
5.3
—
52.3
Less: FX
(2.2
)
(0.7
)
(0.5
)
—
(3.4
)
CY Organic Orders
412.7
307.7
208.0
(1.1
)
927.3
Less: PY Orders
371.2
327.3
169.3
(1.0
)
866.8
Organic Orders Growth - $
$
41.5
$
(19.6
)
$
38.7
$
60.5
Organic Orders Growth - %
11.2
%
(6.0
)%
22.9
%
7.0
%
Reported Orders Growth - $
39.3
26.7
43.5
109.4
Reported Orders Growth - %
10.6
%
8.2
%
25.7
%
12.6
%
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 2024
First Quarter 2023
MT
IP
CCT
Corporate
ITT
MT
IP
CCT
Corporate
ITT
Reported Operating Income
$
70.6
$
63.8
$
32.7
$
(17.9
)
$
149.2
$
53.4
$
55.3
$
29.4
$
(13.8
)
$
124.3
Restructuring costs
0.5
0.5
0.9
—
1.9
0.3
(0.1
)
0.1
—
0.3
Acquisition-related expenses
—
3.7
—
—
3.7
—
—
—
—
—
Impact of Russia-Ukraine conflict
0.2
—
—
—
0.2
0.3
1.5
—
—
1.8
Other
—
—
—
—
—
—
—
(0.2
)
—
(0.2
)
Adjusted Operating Income
$
71.3
$
68.0
$
33.6
$
(17.9
)
$
155.0
$
54.0
$
56.7
$
29.3
$
(13.8
)
$
126.2
Change in Operating Income
32.2
%
15.4
%
11.2
%
29.7
%
20.0
%
Change in Adjusted Operating Income
32.0
%
19.9
%
14.7
%
29.7
%
22.8
%
Reported Operating Margin
18.0
%
19.1
%
17.7
%
16.4
%
14.6
%
20.8
%
17.5
%
15.6
%
Impact of special item adjustments
20 bps
130 bps
50 bps
60 bps
20 bps
50 bps
0 bps
20 bps
Adjusted Operating Margin
18.2
%
20.4
%
18.2
%
17.0
%
14.8
%
21.3
%
17.5
%
15.8
%
Change in Operating Margin
340 bps
-170 bps
20 bps
80 bps
Change in Adjusted Operating Margin
340 bps
-90 bps
70 bps
120 bps
Note: Immaterial differences due to
rounding.
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
2024
Q1
2023
%
Change
Q1
2024
Q1
2023
%
Change
Reported
$
111.0
$
100.0
11.0
%
$
1.34
$
1.20
11.7
%
Special Items Expense / (Income):
Restructuring costs
1.9
0.3
0.03
—
Acquisition-related costs [a]
3.7
—
0.05
—
Impacts related to Russia-Ukraine war
0.2
1.8
—
0.02
Other [b]
—
1.2
—
0.02
Tax impact of special items [c]
(1.3
)
0.1
(0.02
)
—
Other tax special items [d]
1.7
(6.1
)
0.02
(0.07
)
Adjusted
$
117.2
$
97.3
20.5
%
$
1.42
$
1.17
21.4
%
Note: Amounts may not calculate due to
rounding.
Per share amounts are based on diluted
weighted average common shares outstanding.
[a] Q1 2024 Svanehøj acquisition and
integration-related costs.
[b] Q1 2023 includes interest charges
related to the settlement of a tax audit in Italy.
[c] The tax impact of each adjustment is
determined using the jurisdictional tax rate of where the expense
or benefit occurred.
[d] Q1 2024 includes tax on undistributed
foreign earnings. Q1 2023 reflects tax benefits for valuation
allowance impacts ($17.6M) and an amended federal tax return filing
($4.9M), offset from a foreign audit settlement ($14.1M) and other
tax-related special items ($2.3M).
ITT Inc. Non-GAAP
Reconciliation Statements (In millions; all amounts
unaudited)
Reconciliation of GAAP vs
Adjusted EPS Guidance - Full Year 2024
2024 Full-Year
Guidance
Low
High
EPS from Continuing Operations - GAAP
$
5.51
$
5.76
Estimated restructuring
0.06
0.06
Other special items
0.06
0.06
Tax on special Items
0.02
0.02
EPS from Continuing Operations -
Adjusted
$
5.65
$
5.90
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 2024 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.
Reconciliation of Cash from
Operating Activities to Free Cash Flow
FY 2024
Guidance
Q1
2024
Q1
2023
Low
High
Net Cash - Operating Activities
$
57.8
$
58.1
$
590
$
630
Less: Capital expenditures
27.7
28.7
155
155
Free Cash Flow
$
30.1
$
29.4
$
435
$
475
Revenue
$
910.6
$
797.9
$
3,625
$
3,625
Free Cash Flow Margin
3.3
%
3.7
%
12
%
13
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502038691/en/
Investor Contact Mark Macaluso +1 914-641-2064
mark.macaluso@itt.com
Media Contact Phil Terrigno +1 914-641-2143
phil.terrigno@itt.com
ITT (NYSE:ITT)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
ITT (NYSE:ITT)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
