For the quarter ended March 2024, ITT (ITT) reported revenue of $910.6 million, up 14.1% over the same period last year. EPS came in at $1.42, compared to $1.17 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $873.58 million, representing a surprise of +4.24%. The company delivered an EPS surprise of +4.41%, with the consensus EPS estimate being $1.36.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they comp ...

Q1 2023 Q4 2023 Q1 2024 • Strength in IP service and valves; short cycle +9% sequentially Q1 SUMMARY RESULTS $798M $911M Q1 2023 Q1 2024 +23% + Shop floor productivity + >200 bps pump projects margin improvement $1.17 $1.42 1 Q1 2023 Q1 2024 0.5 0.6 0.7 0.8 0.9 1.1 1.2 1.3 1.4 + Profitable growth FREE CASH FLOW - A/R collections timing, higher incentive compensation All results unaudited. Comparisons to Q1 2023 unless otherwise noted. For non-GAAP reconciliations, refer to appendix. M&A, net Strategic Initi ...

[Executive Summary & Q1 2024 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q1%202024%20Highlights) [Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) ITT Inc. Q1 2024 achieved strong financial growth, with revenue growing year-over-year by 14% (organic growth 9%), reaching $910.6 million, adjusted EPS increased by 21% to $1.42, primarily driven by sales growth and productivity improvements, and the company's operating margin and adjusted operating margin both expanded | Metric | Q1 2024 | Q1 2023 | Change | | :--------------------------- | :------ | :------ | :----- | | Revenue ($M) | 910.6 | 797.9 | 14.1 % | | Organic Growth (%) | | | 9.5 % | | Operating Income ($M) | 149.2 | 124.3 | 20.0 % | | Operating Margin (%) | 16.4 % | 15.6 % | 80 bps | | Adjusted Operating Income ($M) | 155.0 | 126.2 | 22.8 % | | Adjusted Operating Margin (%) | 17.0 % | 15.8 % | 120 bps | | EPS ($) | 1.34 | 1.20 | 11.7 % | | Adjusted EPS ($) | 1.42 | 1.17 | 21.4 % | | Net Cash from Operating Activities ($M) | 57.8 | 58.1 | (0.5) % | | Free Cash Flow ($M) | 30.1 | 29.4 | 2.4 % | - Orders increased by **13%** (organic growth **7%**), primarily driven by improved connector demand, growth in aerospace and defense components, and increased market share in friction and rail markets[5](index=5&type=chunk) - Revenue exceeded **$900 million** for the first time, with growth across all business volumes, and acquisitions of Svanehøj and Micro-Mode contributed **5%** to total revenue growth[2](index=2&type=chunk)[5](index=5&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) CEO and President Luca Savi stated the company continued its 2023 growth momentum, with strong Q1 operational and financial performance, new orders approaching $1 billion, and record aerospace orders, the company, through organic investments and the acquisition of Svanehøj, continued to expand its pump business capabilities and increase friction product capacity, expecting profitable growth, and based on Q1 performance and demand outlook, the company raised its full-year 2024 organic revenue, operating margin, and EPS guidance - New orders approached **$1 billion**, including record aerospace orders, strong connector demand, and increased market share in friction and rail businesses[7](index=7&type=chunk) - The company continues to invest in expanding pump business capabilities and increasing friction product capacity, and strengthens its differentiated competitive advantage through the acquisition of Svanehøj[7](index=7&type=chunk) - Based on strong Q1 performance, the company raised its full-year 2024 organic revenue, operating margin, and EPS guidance[7](index=7&type=chunk) [Q1 2024 Segment Performance](index=2&type=section&id=Q1%202024%20Segment%20Performance) [Segment Results Overview](index=2&type=section&id=Segment%20Results%20Overview) All ITT Inc. business segments achieved revenue growth in Q1 2024, with the Industrial Process segment showing the most significant growth, while the Motion Technologies segment demonstrated outstanding operating margin performance | Segment | Q1 2024 Revenue ($M) | Revenue Reported Change (%) | Organic Growth (%) | Q1 2024 Operating Income ($M) | Operating Income Reported Change (%) | Adjusted Operating Income Change (%) | Q1 2024 Operating Margin (%) | Operating Margin Change (bps) | Adjusted Operating Margin Change (bps) | | :------------------------ | :---------------- | :--------------- | :----------- | :-------------------- | :------------------- | :--------------------- | :--------------------- | :------------------- | :------------------------- | | 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 | [Motion Technologies](index=2&type=section&id=Motion%20Technologies) Motion Technologies segment revenue grew by 7.6% (organic growth 8.2%), primarily driven by increased friction Original Equipment (OE) and KONI rail demand, operating income significantly increased by 32.2% due to higher sales volume, productivity savings, and lower material and overhead costs - Revenue increased by **$28 million**, primarily driven by higher friction OE sales volume and KONI rail demand, partially offset by unfavorable foreign exchange rates[8](index=8&type=chunk) - Operating income increased by **$17 million**, primarily due to higher sales volume, productivity savings, and lower material and overhead costs[8](index=8&type=chunk) [Industrial Process](index=2&type=section&id=Industrial%20Process) Industrial Process segment revenue grew by 25.3% (organic growth 12.5%), primarily driven by pump project growth and the Svanehøj acquisition, operating income increased by 15.4% due to higher sales volume and productivity savings - Revenue increased by **$67 million**, primarily driven by pump project growth and the Svanehøj acquisition completed in January 2024, partially offset by foreign exchange rates[9](index=9&type=chunk)[10](index=10&type=chunk) - Operating income increased by **$9 million**, primarily due to higher sales volume and productivity savings[10](index=10&type=chunk) [Connect & Control Technologies](index=3&type=section&id=Connect%20%26%20Control%20Technologies) Connect & Control Technologies segment revenue grew by 10.4% (organic growth 7.2%), driven by pricing strategies, increased connector and aerospace & defense component volumes, and the Micro-Mode acquisition, operating income increased by 11.2% primarily due to pricing, volume, and productivity initiatives - Revenue increased by **$18 million**, primarily driven by pricing strategies, increased connector and aerospace & defense component volumes, and the Micro-Mode acquisition[10](index=10&type=chunk) - Operating income increased by **$3 million**, primarily due to pricing, volume, and productivity initiatives, partially offset by higher material, labor, and overhead costs[10](index=10&type=chunk) [Corporate Actions & Outlook](index=3&type=section&id=Corporate%20Actions%20%26%20Outlook) [Quarterly Dividend](index=3&type=section&id=Quarterly%20Dividend) ITT Inc.'s Board of Directors approved a Q2 2024 cash dividend of $0.319 per share, payable on July 1, 2024, to shareholders of record as of the close of business on June 3, 2024 - The company declared a quarterly dividend of **$0.319 per share**[11](index=11&type=chunk) - The dividend is payable on July 1, 2024, to shareholders of record as of the close of business on June 3, 2024[11](index=11&type=chunk) [2024 Full Year Guidance](index=3&type=section&id=2024%20Full%20Year%20Guidance) ITT Inc. raised its full-year 2024 financial guidance, expecting revenue growth of 9% to 12% (organic growth 4% to 7%), adjusted operating margin is projected to improve, adjusted EPS is expected to grow by 8% to 13%, and free cash flow guidance remains unchanged | Metric | FY 2024 Guidance (Low) | FY 2024 Guidance (High) | | :--------------------------- | :-------------------- | :-------------------- | | Revenue Growth (%) | 9 % | 12 % | | Organic Revenue Growth (%) | 4 % | 7 % | | Operating Margin (%) | 16.9 % | 17.5 % | | Adjusted Operating Margin (%) | 17.1 % | 17.7 % | | EPS ($) | 5.51 | 5.76 | | Adjusted EPS ($) | 5.65 | 5.90 | | Adjusted EPS Growth (%) | 8 % | 13 % | | Free Cash Flow ($M) | 435 | 475 | | Free Cash Flow Margin (%) | 12 % | 13 % | - Adjusted operating margin is expected to improve by **20 to 80 basis points** (excluding the dilutive impact of the Svanehøj acquisition, an improvement of **100 to 160 basis points**)[12](index=12&type=chunk) - The company stated that due to the uncertainty and unpredictability of foreign exchange fluctuations, acquisitions, and certain special items, it is unable to quantify the GAAP reconciliation impact for organic revenue growth and adjusted segment operating margin without unreasonable effort[13](index=13&type=chunk) [Financial Statements (Unaudited)](index=6&type=section&id=Financial%20Statements%20(Unaudited)) [Consolidated Condensed Statements of Operations](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) In Q1 2024, ITT Inc.'s revenue increased to $910.6 million, both gross profit and operating income achieved significant growth, and net income rose to $112 million | Metric | March 30, 2024 ($M) | April 1, 2023 ($M) | | :-------------------------------- | :------------------- | :------------------ | | Revenue | 910.6 | 797.9 | | Cost of Sales | 609.8 | 536.0 | | Gross Profit | 300.8 | 261.9 | | Selling and Marketing Expenses | 50.1 | 42.9 | | R&D Expenses | 30.0 | 26.4 | | Operating Income | 149.2 | 124.3 | | Net Income | 112.0 | 100.7 | | Net Income Attributable to ITT Inc. | 111.0 | 100.0 | | Diluted EPS | 1.34 | 1.20 | [Consolidated Condensed Balance Sheets](index=7&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) As of March 30, 2024, ITT Inc.'s total assets increased to $4.4037 billion, primarily driven by a significant increase in goodwill and other intangible assets, total liabilities also increased, while stockholders' equity maintained robust growth | Metric | March 30, 2024 ($M) | December 31, 2023 ($M) | | :--------------------------- | :------------------- | :-------------------- | | **Assets** | | | | Cash and Cash Equivalents | 423.0 | 489.2 | | Accounts Receivable, Net | 752.0 | 675.2 | | Inventories | 609.4 | 575.4 | | Total Current Assets | 1,907.7 | 1,857.7 | | Property, Plant and Equipment, Net | 568.1 | 561.0 | | Goodwill | 1,207.7 | 1,016.3 | | Other Intangible Assets, Net | 332.2 | 116.6 | | Total Non-Current Assets | 2,496.0 | 2,074.9 | | **Total Assets** | 4,403.7 | 3,932.6 | | **Liabilities and Stockholders' Equity** | | | | Short-Term Borrowings | 322.7 | 187.7 | | Accounts Payable | 459.2 | 437.0 | | Total Current Liabilities | 1,197.0 | 1,037.8 | | Long-Term Debt | 230.5 | 5.7 | | Total Non-Current Liabilities | 620.5 | 355.7 | | **Total Liabilities** | 1,817.5 | 1,393.5 | | Stockholders' Equity Attributable to ITT Inc. | 2,574.7 | 2,528.2 | | **Total Stockholders' Equity** | 2,586.2 | 2,539.1 | | **Total Liabilities and Stockholders' Equity** | 4,403.7 | 3,932.6 | [Consolidated Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) In Q1 2024, cash flow from operating activities remained consistent with the prior year, cash outflow from investing activities significantly increased to $435.3 million, primarily due to acquisition activities, and cash flow from financing activities shifted to a net inflow of $323.4 million | Metric | March 30, 2024 ($M) | April 1, 2023 ($M) | | :--------------------------- | :------------------- | :------------------ | | Net Cash from Operating Activities | 57.8 | 58.1 | | Net Cash from Investing Activities | (435.3) | (28.5) | | Net Cash from Financing Activities | 323.4 | (132.9) | | Net Change in Cash and Cash Equivalents | (66.2) | (99.1) | | Cash and Cash Equivalents at End of Period | 423.7 | 462.8 | - Cash outflow from investing activities significantly increased, primarily due to acquisition activities (net cash acquisitions of **$407.6 million**)[23](index=23&type=chunk) - Cash flow from financing activities shifted from a net outflow last year to a net inflow, primarily due to net commercial paper borrowings and long-term debt issuance[23](index=23&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) [Definitions of Non-GAAP Measures](index=9&type=section&id=Definitions%20of%20Non-GAAP%20Measures) ITT Inc. uses various non-GAAP financial measures to assess operational performance, including organic revenue, organic orders, adjusted operating income, adjusted operating margin, adjusted income from continuing operations, adjusted EPS, free cash flow, and free cash flow margin, these measures aim to provide clearer insights into the company's ongoing operations and asset management and help investors evaluate financial performance and capital generation capabilities - Organic revenue and organic orders are defined as revenue and orders excluding the impact of foreign exchange fluctuations and acquisitions, used to identify underlying business trends[26](index=26&type=chunk) - Adjusted operating income and adjusted operating margin exclude restructuring, divestiture-related costs, certain asset impairment charges, acquisition-related impacts, and unusual or infrequent operating items[27](index=27&type=chunk) - Free cash flow is defined as net cash provided by operating activities less capital expenditures, and free cash flow margin is free cash flow divided by revenue, used to measure cash flow generated from operations[29](index=29&type=chunk) [Reconciliation of Revenue to Organic Revenue](index=10&type=section&id=Reconciliation%20of%20Revenue%20to%20Organic%20Revenue) In Q1 2024, ITT Inc.'s total revenue was $910.6 million, with acquisitions contributing $41.4 million, foreign exchange impact was a negative $4.3 million, resulting in organic revenue of $873.5 million, and an organic revenue growth rate of 9.5% | Metric | MT ($M) | IP ($M) | CCT ($M) | Elim ($M) | Total ($M) | | :-------------------- | :------ | :------ | :------ | :-------- | :--------- | | Revenue | 392.4 | 333.9 | 185.1 | (0.8) | 910.6 | | Less: Acquisitions | — | 35.8 | 5.6 | — | 41.4 | | Less: Foreign Exchange | (2.3) | (1.8) | (0.1) | (0.1) | (4.3) | | Organic Revenue - Current Year | 394.7 | 299.9 | 179.6 | (0.7) | 873.5 | | Less: Prior Year 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 - % | 7.6 % | 25.3 % | 10.4 % | | 14.1 % | [Reconciliation of Orders to Organic Orders](index=10&type=section&id=Reconciliation%20of%20Orders%20to%20Organic%20Orders) In Q1 2024, ITT Inc.'s total orders were $976.2 million, with acquisitions contributing $52.3 million, foreign exchange impact was a negative $3.4 million, resulting in organic orders of $927.3 million, and an organic orders growth rate of 7.0% | Metric | MT ($M) | IP ($M) | CCT ($M) | Elim ($M) | Total ($M) | | :-------------------- | :------ | :------ | :------ | :-------- | :--------- | | Orders | 410.5 | 354.0 | 212.8 | (1.1) | 976.2 | | Less: Acquisitions | — | 47.0 | 5.3 | — | 52.3 | | Less: Foreign Exchange | (2.2) | (0.7) | (0.5) | — | (3.4) | | Organic Orders - Current Year | 412.7 | 307.7 | 208.0 | (1.1) | 927.3 | | Less: Prior Year 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 - % | 10.6 % | 8.2 % | 25.7 % | | 12.6 % | [Reconciliation of Operating Income/Margin to Adjusted Operating Income/Margin](index=11&type=section&id=Reconciliation%20of%20Operating%20Income%2FMargin%20to%20Adjusted%20Operating%20Income%2FMargin) In Q1 2024, ITT Inc. reported operating income of $149.2 million, adjusted operating income was $155.0 million, with an adjusted operating margin of 17.0%, and adjustments primarily included restructuring costs and acquisition-related expenses | Metric | Q1 2024 Reported Operating Income ($M) | Q1 2024 Adjusted Operating Income ($M) | Q1 2024 Reported Operating Margin (%) | Q1 2024 Adjusted Operating Margin (%) | | :-------------------- | :-------------------------- | :-------------------------- | :------------------------- | :-------------------------- | | Motion Technologies | 70.6 | 71.3 | 18.0 % | 18.2 % | | Industrial Process | 63.8 | 68.0 | 19.1 % | 20.4 % | | Connect & Control Technologies | 32.7 | 33.6 | 17.7 % | 18.2 % | | ITT Total | 149.2 | 155.0 | 16.4 % | 17.0 % | | Adjustments (Total) | | 5.8 | | 0.6 % | | Restructuring Costs | | 1.9 | | | | Acquisition-Related Costs | | 3.7 | | | | Russia-Ukraine Conflict Impact | | 0.2 | | | - Adjusted operating income increased by **22.8%** year-over-year, and adjusted operating margin expanded by **120 basis points**[36](index=36&type=chunk) [Reconciliation of Income from Continuing Operations and Diluted EPS to Adjusted](index=12&type=section&id=Reconciliation%20of%20Income%20from%20Continuing%20Operations%20and%20Diluted%20EPS%20to%20Adjusted) In Q1 2024, ITT Inc. reported income from continuing operations of $111.0 million and diluted EPS of $1.34, after adjusting for special items, adjusted income from continuing operations was $117.2 million, adjusted diluted EPS was $1.42, a year-over-year increase of 21.4% | Metric | Q1 2024 Income from Continuing Operations ($M) | Q1 2023 Income from Continuing Operations ($M) | % Change | Q1 2024 Diluted EPS ($) | Q1 2023 Diluted EPS ($) | % 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 | 3.7 | — | | 0.05 | — | | | Russia-Ukraine War Impact | 0.2 | 1.8 | | — | 0.02 | | | Other | — | 1.2 | | — | 0.02 | | | Tax Impact of Special Items | (1.3) | 0.1 | | (0.02) | — | | | Other Tax Special Items | 1.7 | (6.1) | | 0.02 | (0.07) | | | Adjusted | 117.2 | 97.3 | 20.5 % | 1.42 | 1.17 | 21.4 % | - Acquisition-related costs in Q1 2024 primarily relate to Svanehøj acquisition and integration expenses[42](index=42&type=chunk) - Other tax special items in Q1 2024 include taxes on undistributed foreign earnings[43](index=43&type=chunk) [Reconciliation of GAAP vs Adjusted EPS Guidance - Full Year 2024](index=13&type=section&id=Reconciliation%20of%20GAAP%20vs%20Adjusted%20EPS%20Guidance%20-%20Full%20Year%202024) ITT Inc.'s full-year 2024 GAAP EPS guidance is $5.51 to $5.76, with adjusted EPS guidance of $5.65 to $5.90, and key adjustments include restructuring costs, other special items, and their tax impacts | Metric | FY 2024 Guidance (Low) | FY 2024 Guidance (High) | | :--------------------------- | :-------------------- | :-------------------- | | EPS from Continuing Operations - GAAP | 5.51 | 5.76 | | Estimated Restructuring | 0.06 | 0.06 | | Other Special Items | 0.06 | 0.06 | | Tax Impact of Special Items | 0.02 | 0.02 | | EPS from Continuing Operations - Adjusted | 5.65 | 5.90 | - The company cannot quantify the GAAP reconciliation impact for organic revenue growth and adjusted operating margin without unreasonable effort, as these items are uncertain and difficult to predict[48](index=48&type=chunk) [Reconciliation of Cash from Operating Activities to Free Cash Flow](index=13&type=section&id=Reconciliation%20of%20Cash%20from%20Operating%20Activities%20to%20Free%20Cash%20Flow) In Q1 2024, ITT Inc.'s net cash from operating activities was $57.8 million, capital expenditures were $27.7 million, free cash flow was $30.1 million, with a free cash flow margin of 3.3%, and the company maintained its full-year 2024 free cash flow guidance | Metric | Q1 2024 ($M) | Q1 2023 ($M) | FY 2024 Guidance (Low) ($M) | FY 2024 Guidance (High) ($M) | | :--------------------------- | :----------- | :----------- | :--------------------- | :--------------------- | | Net Cash from 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 % | [Additional Information](index=4&type=section&id=Additional%20Information) [Investor Relations & Media Contacts](index=4&type=section&id=Investor%20Relations%20%26%20Media%20Contacts) ITT Inc. provides investor and media contact information, along with details for the investor conference call and access to webcast replays - The investor conference call will be held on May 2 at 8:30 AM ET, with a webcast accessible via the company's website at https://investors.itt.com[15](index=15&type=chunk) - Contact information for investor relations (Mark Macaluso) and media relations (Phil Terrigno) is provided[16](index=16&type=chunk) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) This press release contains "forward-looking statements" within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, these statements are not historical facts but rather beliefs about future events based on current expectations, estimates, and assumptions, involving known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from forward-looking statements, and the company undertakes no obligation to update any forward-looking statements - Forward-looking statements are based on current expectations, estimates, assumptions, and projections regarding the company's business, future financial results, and industry operations[17](index=17&type=chunk) - Forward-looking statements are subject to uncertainties, involving known and unknown risks, that could cause actual results to differ materially from expectations[18](index=18&type=chunk) - The company undertakes no obligation to update any forward-looking statements, whether written, oral, as a result of new information, future events, or otherwise[20](index=20&type=chunk)

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PART I [Description of Business](index=5&type=section&id=Item%201.%20Description%20of%20Business) ITT manufactures engineered components for transportation, industrial, and energy markets through three segments, with 2023 sales of $3.3 billion [Motion Technologies (MT)](index=9&type=section&id=Motion%20Technologies%20(MT)) The Motion Technologies segment manufactures brake pads, shock absorbers, and sealing technologies for automotive and rail, with Continental as a key customer - The MT segment manufactures brake pads, shims, shock absorbers, and sealing technologies for passenger cars, commercial vehicles, buses, and trains[53](index=53&type=chunk) - ITT Friction Technologies is a leader in developing copper-free brake pads specifically for electric vehicles (EVs) and has won multiple EV platform awards[54](index=54&type=chunk) - Sales to Continental, MT's largest customer, represented **16% of the segment's 2023 revenue**. This includes both direct supply agreements with automakers and a long-term agreement for aftermarket parts[63](index=63&type=chunk) [Industrial Process (IP)](index=10&type=section&id=Industrial%20Process%20(IP)) The Industrial Process segment provides industrial pumps, valves, and aftermarket services to energy, chemical, mining, and pharma markets - The IP segment manufactures industrial pumps, valves, and monitoring systems for industries like energy, chemical, mining, and pharmaceuticals[64](index=64&type=chunk) - Aftermarket solutions, including replacement parts, services, and plant optimization, accounted for **approximately 45% of IP's revenue in 2023**[67](index=67&type=chunk) - IP utilizes a global sales channel structure, with about one-third of its revenue coming from sales to independent distributors who service end-users[68](index=68&type=chunk) [Connect & Control Technologies (CCT)](index=11&type=section&id=Connect%20%26%20Control%20Technologies%20(CCT)) The Connect & Control Technologies segment designs and manufactures engineered connectors and specialized products for aerospace, defense, and industrial applications - CCT designs and manufactures highly-engineered connectors and specialized products for markets including aerospace, defense, industrial, transportation, medical, and energy[70](index=70&type=chunk) - The connector portfolio includes brands like Cannon, VEAM, and BIW Connector Systems, known for high-reliability solutions that withstand harsh environments[71](index=71&type=chunk) - Sales to distributors accounted for **approximately 30% of CCT's revenue in 2023**, reflecting long-lasting relationships with its distribution channels[76](index=76&type=chunk) [General Developments of the Business](index=14&type=section&id=General%20Developments%20of%20the%20Business) In 2023-2024, ITT completed strategic acquisitions (Micro-Mode, Svanehøj) and a divestiture (Matrix Composites) to optimize its segment portfolio 2023-2024 Acquisitions and Divestitures | Date | Type | Segment | Business | Description | | :--- | :--- | :--- | :--- | :--- | | May 2, 2023 | Acquisition | CCT | Micro-Mode Products, Inc. | Designer of RF connectors for defense and space. | | Dec 29, 2023 | Divestiture | CCT | Matrix Composites, Inc. | Manufacturer of precision composite components. | | Jan 19, 2024 | Acquisition | IP | Svanehøj Group A/S | Supplier of pumps for the marine sector. | 2023 Company Snapshot | Metric | Value ($) | | :--- | :--- | | Sales | $3.3 billion across ~125 countries | | Global Presence | 67% of revenue outside the U.S. | | Employees | Approx. 10,600 in 37 countries | - ITT operates through three primary segments: Motion Technologies (MT), a manufacturer of brake pads and shock absorbers; Industrial Process (IP), a manufacturer of industrial pumps and valves; and Connect & Control Technologies (CCT), a designer of harsh-environment connectors and flow control components[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's strategy is centered on four priorities: customer centricity, operational excellence, effective capital deployment, and sustainability and innovation[27](index=27&type=chunk) - ITT has set a goal to reduce its global Scope 1 and 2 GHG emissions by **10% by the end of 2026**, compared to a 2021 baseline[36](index=36&type=chunk) - As of December 31, 2023, ITT had **approximately 10,600 employees** in **37 countries**, with **about 2,850 in the U.S.** **Approximately 20% of U.S. employees** are represented by unions[45](index=45&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) ITT faces risks from macroeconomic conditions, raw material volatility, acquisitions, labor shortages, cybersecurity, customer concentration, and regulatory compliance - Business and Operating Risks: The company is exposed to uncertain global economic conditions, raw material price volatility, risks from acquisitions, inability to hire or retain key personnel, failure to innovate, and cybersecurity breaches[91](index=91&type=chunk)[95](index=95&type=chunk)[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[106](index=106&type=chunk) - Customer Concentration Risk: Sales to Continental, ITT's largest customer, were **approximately 7% of total revenue in 2023**. The loss of or a reduction in business with this customer could adversely impact financial results[112](index=112&type=chunk) - International Operations Risk: **Approximately 67% of total sales in 2023** were to customers outside the U.S., exposing the company to risks such as geopolitical instability, foreign exchange fluctuations, and tariffs[114](index=114&type=chunk) - Legal and Regulatory Risks: The company faces risks related to government contracting, changes in tax laws (including BEPS Pillar Two), environmental regulations, and compliance with anti-corruption laws like the FCPA[125](index=125&type=chunk)[127](index=127&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [Unresolved Staff Comments](index=24&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[136](index=136&type=chunk) [Cybersecurity](index=24&type=section&id=Item%201C.%20Cybersecurity) ITT implements a cybersecurity risk management program based on NIST CSF, overseen by the Audit Committee, with no material incidents in 2023 - The company's cybersecurity risk management program is designed and assessed based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF)[138](index=138&type=chunk) - The Board of Directors' Audit Committee has oversight responsibility for cybersecurity and other information technology risks[141](index=141&type=chunk) - During 2023, there were no cybersecurity incidents that had a material effect on the Company[140](index=140&type=chunk) [Properties](index=25&type=section&id=Item%202.%20Properties) As of December 31, 2023, ITT owns or leases approximately 170 properties globally, with 66 material manufacturing locations Material Properties by Business Segment (as of Dec 31, 2023) | Segment | Owned Locations | Leased Locations | Total Locations | | :--- | :--- | :--- | :--- | | Motion Technologies | 13 | 9 | 22 | | Industrial Process | 11 | 22 | 33 | | Connect & Control Technologies | 5 | 6 | 11 | | **Total** | **29** | **37** | **66** | [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings) ITT is involved in various legal proceedings incidental to its business, including environmental, intellectual property, and product liability matters - ITT is involved in legal proceedings incidental to its business, covering areas like environmental exposure, intellectual property, personal injury, and product liabilities[148](index=148&type=chunk) [Information About Our Executive Officers](index=26&type=section&id=Information%20About%20Our%20Executive%20Officers) This section lists the company's executive officers as of February 1, 2024, including their titles and professional biographies - The report provides a list and biographies of the company's executive officers as of February 1, 2024[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[152](index=152&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=28&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) ITT's common stock trades on the NYSE, with active share repurchase programs and strong five-year total return performance - The company has a **$500 million share repurchase program** from 2019 with **$78.8 million remaining** as of December 31, 2023[157](index=157&type=chunk) - In October 2023, the Board approved a new **$1 billion open-market share repurchase program**, which will begin after the 2019 plan is completed[158](index=158&type=chunk) - No open-market share repurchases were made during the quarter ended December 31, 2023[158](index=158&type=chunk) Comparison of Cumulative Five-Year Total Return | Investment | 12/31/2018 | 12/31/2023 | | :--- | :--- | :--- | | ITT Inc. | $100.00 | $261.68 | | S&P 400 Mid-Cap | $100.00 | $180.90 | | S&P 400 Capital Goods | $100.00 | $251.41 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, ITT achieved strong financial results with revenue growth, margin expansion, and improved operating cash flow, driven by sales volume and pricing 2023 Key Performance Indicators vs. 2022 | Metric | 2023 Value ($M) | YoY Change | | :--- | :--- | :--- | | Revenue | $3,283 M | +10% | | Operating Income | $528 M | +13% | | Operating Margin | 16.1% | +40 bp | | EPS | $4.97 | +13% | | Organic Revenue | $3,229 M | +8% | | Adjusted Operating Income | $555 M | +17% | | Adjusted Operating Margin | 16.9% | +100 bp | | Adjusted EPS | $5.21 | +17% | Revenue by Segment (2023 vs 2022) | Segment | 2023 Revenue ($M) | 2022 Revenue ($M) | Change | Organic Growth | | :--- | :--- | :--- | :--- | :--- | | Motion Technologies | 1,457.8 | 1,374.0 | +6.1% | +4.9% | | Industrial Process | 1,129.6 | 971.0 | +16.3% | +14.3% | | Connect & Control Technologies | 699.4 | 645.6 | +8.3% | +5.7% | | **Total Revenue** | **3,283.0** | **2,987.7** | **+9.9%** | **+8.1%** | Operating Income & Margin by Segment (2023 vs 2022) | Segment | 2023 Op. Income ($M) | 2023 Op. Margin | 2022 Op. Income ($M) | 2022 Op. Margin | | :--- | :--- | :--- | :--- | :--- | | Motion Technologies | 230.8 | 15.8% | 208.5 | 15.2% | | Industrial Process | 243.6 | 21.6% | 187.6 | 19.3% | | Connect & Control Technologies | 107.5 | 15.4% | 115.8 | 17.9% | | **Consolidated ITT** | **528.2** | **16.1%** | **468.0** | **15.7%** | - Net cash from operating activities increased by **$260.3 million** to **$538.0 million** in 2023, primarily due to favorable net working capital impacts, higher operating income, and lower incentive-based compensation payments[221](index=221&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) ITT maintains strong liquidity through cash flow, commercial paper, and a $700 million credit facility, with recent term loan for acquisition and upgraded credit ratings - Primary funding sources include cash flow from operations, a commercial paper program, and a **$700 million revolving credit agreement** maturing in August 2026[205](index=205&type=chunk)[207](index=207&type=chunk)[211](index=211&type=chunk) Commercial Paper Outstanding | As of December 31 | 2023 ($M) | 2022 ($M) | | :--- | :--- | :--- | | U.S. Program | 184.9 | 299.2 | | Euro Program | — | 149.1 | | **Total** | **184.9** | **448.3** | - In January 2024, an indirect subsidiary entered into a **€300 million term loan facility** to finance the acquisition of Svanehøj Group A/S[215](index=215&type=chunk)[216](index=216&type=chunk) - In December 2023, Fitch Ratings upgraded ITT's short-term ratings from **F2** to **F1**, reflecting a conservative capital structure and good financial flexibility[217](index=217&type=chunk) [Key Performance Indicators and Non-GAAP Measures](index=42&type=section&id=Key%20Performance%20Indicators%20and%20Non-GAAP%20Measures) This section defines and reconciles key non-GAAP measures, including organic revenue, adjusted operating income, and adjusted EPS, with 2023 performance details Reconciliation of Revenue to Organic Revenue (2023) | ($ in millions) | Total ITT | | :--- | :--- | | 2023 Revenue | $3,283.0 | | Acquisitions | ($30.5) | | Foreign currency translation | ($23.1) | | **2023 Organic revenue** | **$3,229.4** | | 2022 Revenue | $2,987.7 | | **Organic revenue growth** | **$241.7 (8.1%)** | Reconciliation of Operating Income to Adjusted Operating Income | ($ in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Operating income | $528.2 | $468.0 | | Special Items Adjustments | $26.4 | $5.8 | | **Adjusted operating income** | **$554.6** | **$473.8** | | Operating margin | 16.1% | 15.7% | | **Adjusted operating margin** | **16.9%** | **15.9%** | Reconciliation of EPS to Adjusted EPS | Per Share | 2023 | 2022 | | :--- | :--- | :--- | | Reported EPS | $4.97 | $4.40 | | Adjustments | $0.24 | $0.04 | | **Adjusted EPS** | **$5.21** | **$4.44** | [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) ITT is exposed to market risks from foreign currency, interest rates, and commodity prices, with potential impacts on pre-tax earnings - A hypothetical **10% change** in foreign currency exchange rates would have impacted 2023 pre-tax earnings by **approximately $38 million**[271](index=271&type=chunk) - A hypothetical **100 basis point increase** in interest rates would result in **approximately $1.9 million** of additional annual interest expense based on current borrowing levels[274](index=274&type=chunk) - A hypothetical **10% change** in steel prices is estimated to impact pre-tax earnings by **approximately $8 to $10 million**[277](index=277&type=chunk) [Financial Statements and Supplementary Data](index=49&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the Index to Consolidated Financial Statements - Refers to the Index to Consolidated Financial Statements[278](index=278&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=49&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[279](index=279&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - Management concluded that the Company's disclosure controls and procedures were effective as of December 31, 2023[282](index=282&type=chunk) - Management determined that the Company maintained effective internal control over financial reporting as of December 31, 2023. The assessment excluded Micro-Mode, acquired on May 2, 2023[287](index=287&type=chunk)[288](index=288&type=chunk) - No changes occurred in internal control over financial reporting during Q4 2023 that materially affected, or are reasonably likely to materially affect, internal controls[291](index=291&type=chunk) [Other Information](index=51&type=section&id=Item%209B.%20Other%20Information) This section includes disclosures on a legacy performance bond related to Bornemann GmbH and Rule 10b5-1 trading plans - A legacy performance bond of **€1.3 million** related to the 2012 acquisition of Bornemann remains outstanding for a former Iranian customer. Associated fees of **approximately €7 thousand** were paid in 2023[293](index=293&type=chunk) - During Q4 2023, no directors or executive officers adopted or terminated any Rule 10b5-1 trading plans[294](index=294&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=53&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the company's 2024 Proxy Statement[306](index=306&type=chunk) [Executive Compensation](index=53&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the company's 2024 Proxy Statement[311](index=311&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=53&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and related stockholder matters is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the company's 2024 Proxy Statement[312](index=312&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=53&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the company's 2024 Proxy Statement[313](index=313&type=chunk) [Principal Accounting Fees and Services](index=53&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the company's 2024 Proxy Statement[314](index=314&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=54&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the report, including financial statements and various exhibits - This section provides an index to the financial statements and a list of exhibits filed with the report[317](index=317&type=chunk) [Form 10-K Summary](index=54&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not Applicable[316](index=316&type=chunk) Financial Statements [Consolidated Statements of Operations](index=58&type=section&id=Consolidated%20Statements%20of%20Operations) For 2023, ITT reported increased revenue of $3,283.0 million, operating income of $528.2 million, and net income of $410.5 million, or $4.96 per diluted share Consolidated Statements of Operations Highlights (Year Ended Dec 31) | (in millions, except per share) | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $3,283.0 | $2,987.7 | | Gross profit | $1,107.3 | $922.3 | | Operating income | $528.2 | $468.0 | | Net income attributable to ITT Inc. | $410.5 | $367.0 | | Diluted EPS | $4.96 | $4.38 | [Consolidated Balance Sheets](index=60&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, ITT reported total assets of $3,932.6 million, total liabilities of $1,393.5 million, and total shareholders' equity of $2,539.1 million Consolidated Balance Sheet Highlights (as of Dec 31) | (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $489.2 | $561.2 | | Total current assets | $1,857.7 | $1,836.8 | | Goodwill | $1,016.3 | $964.8 | | **Total assets** | **$3,932.6** | **$3,780.3** | | **Liabilities & Equity** | | | | Short-term borrowings | $187.7 | $451.0 | | Total current liabilities | $1,037.8 | $1,185.5 | | **Total liabilities** | **$1,393.5** | **$1,522.9** | | **Total shareholders' equity** | **$2,539.1** | **$2,257.4** | [Consolidated Statements of Cash Flows](index=61&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For 2023, net cash from operating activities was $538.0 million, with $181.0 million used in investing and $432.3 million in financing activities Consolidated Statements of Cash Flows Highlights (Year Ended Dec 31) | (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash – Operating activities | $538.0 | $277.7 | | Net Cash – Investing activities | ($181.0) | ($255.1) | | Net Cash – Financing activities | ($432.3) | ($83.3) | | Net change in cash and cash equivalents | ($72.0) | ($86.4) | | Cash and cash equivalents – end of year | $489.9 | $561.9 |

22 Reconciliation of GAAP vs Adjusted EPS Guidance - Full Year 2024 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|-------|---------------------|-------|---------------------|-------|---------------------|-------|---------------------|-------|------------------------------------|-------|----------------| | Net Cash - Operating Activities Less: Capital expenditures 39.1 30.2 107. ...

Financial Performance - Net income for Q3 2023 was $111.8 million, an increase of 8.3% compared to $103.2 million in Q3 2022[19] - Comprehensive income attributable to ITT Inc. for Q3 2023 was $81.2 million, up from $69.2 million in the same quarter last year, reflecting a growth of 17.9%[19] - For the nine months ended September 30, 2023, net income reached $321.4 million, a significant increase of 26.9% from $253.3 million in the prior year[19] - Total comprehensive income for the nine months ended September 30, 2023, was $286.9 million, compared to $137.1 million for the same period in 2022, indicating a substantial increase of 109.5%[19] - For Q3 2023, ITT Inc. reported total revenue of $822.1 million, a 9.1% increase from $753.6 million in Q3 2022[43] - For the nine months ended September 30, 2023, total revenue was $2,453.9 million, a 10.9% increase from $2,213.1 million in the same period of 2022[43] - The nine-month operating income was $409.4 million, up 29.1% from $317.1 million in the prior year, with an operating margin of 16.7% compared to 14.3%[43] Segment Performance - Motion Technologies segment revenue increased to $359.5 million in Q3 2023 from $342.2 million in Q3 2022, with an operating income of $59.4 million and an operating margin of 16.5%[43] - Industrial Process segment revenue rose to $279.8 million in Q3 2023 from $248.5 million in Q3 2022, with operating income increasing to $64.7 million and an operating margin of 23.1%[43] - Connect & Control Technologies segment revenue grew to $184.0 million in Q3 2023 from $163.2 million in Q3 2022, with operating income of $33.2 million and an operating margin of 18.0%[43] Assets and Liabilities - As of September 30, 2023, total assets increased to $3,802.3 million from $3,780.3 million as of December 31, 2022, reflecting a growth of 0.6%[21] - Total current liabilities decreased to $1,044.0 million from $1,185.5 million, a reduction of 11.9%[21] - The total shareholders' equity as of September 30, 2023, was $2,419.2 million, up from $2,257.4 million at the end of 2022, indicating a growth of 7.2%[21] - The total debt and finance leases decreased to $251.9 million as of September 30, 2023, from $458.7 million as of December 31, 2022, a significant reduction of about 45%[81] - Commercial paper outstanding decreased to $242.7 million as of September 30, 2023, from $448.3 million as of December 31, 2022, a decline of approximately 46%[83] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2023, was $367.6 million, significantly higher than $115.2 million in the prior year[23] - The company reported a net cash outflow from investing activities of $142.0 million for the nine months ended September 30, 2023, compared to an outflow of $244.8 million in the same period of 2022[23] - Capital expenditures for the nine months ended September 30, 2023, were $68.5 million, slightly lower than $73.7 million in the same period of 2022[23] Shareholder Returns - Dividends paid increased to $71.9 million in 2023 from $66.1 million in 2022, reflecting an increase of 11.0%[23] - The company repurchased and retired 0.7 million shares of common stock for $60.5 million during the nine months ended September 30, 2023, compared to 3.0 million shares for $245.3 million in the same period of 2022[93] - An indefinite term $1,000 million open-market share repurchase program was approved on October 4, 2023, to commence after the completion of the existing $500 million program[94] Challenges and Risks - ITT Inc. is facing challenges such as supply chain disruptions and raw material shortages, which could impact future performance[13] - The company is actively managing risks related to foreign currency fluctuations and their potential impact on revenues[13] - The company anticipates continued growth driven by strategic plans and market expansion initiatives, although specific numerical guidance was not provided[10] Tax and Subsidies - The effective tax rate for Q3 2023 was 21.1%, up from 13.7% in Q3 2022, primarily due to prior year benefits from a valuation allowance reversal[51] - The company recognized a benefit of $6.3 million related to energy subsidies for the nine months ended September 30, 2023, which was recorded within Costs of revenue[64] Acquisitions - ITT Inc. completed the acquisition of Micro-Mode Products, Inc. for a purchase price of $79.3 million on May 2, 2023, with results reported in the Connect & Control Technologies segment[29] - The company signed an agreement to acquire Svanehøj Group A/S for approximately $395 million, expected to close in the first quarter of 2024[117] Employee Compensation - Total share-based compensation expense for the three months ended September 30, 2023, was $5.4 million, an increase from $5.0 million in the same period of 2022[91] - The company had no open-market share repurchases during Q3 2023, contrasting with repurchases of 0.1 million shares for $4.4 million in Q3 2022[93]

Organic revenue growth +12% Q2 SUMMARY RESULTS Share Count, Interest, Tax Rate - FX hedge benefit in prior year Adjusted segment operating margin Operational margins subtotal 19.9% KEY PERFORMANCE INDICATORS & NON-GAAP MEASURES Special items include, but are not limited to, restructuring costs, acquisition-related expenses, and other unusual or infrequent items. 16 #A Represents expected revenue growth of 8%, reflecting the mid-point of the 7% to 9% range. 4 (+50 bps) Headwinds Price / Cost FX Strategic Ini ...