ITT (US:ITT) ZACKSยท2024-08-01 15:32Core Insights - ITT reported revenue of $905.9 million for the quarter ended June 2024, reflecting an 8.6% increase year-over-year, with EPS at $1.49 compared to $1.33 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate by 0.13%, while the EPS exceeded the consensus estimate by 2.05% [1] Revenue Performance - Motion Technologies revenue was $384.50 million, slightly below the estimated $386.34 million, marking a 4.3% increase year-over-year [3] - Intersegment eliminations reported revenue of -$1.10 million, worse than the estimated -$0.98 million, but showing a significant year-over-year change of 57.1% [4] - Connect & Control Technologies revenue reached $191.80 million, surpassing the estimated $185.96 million, with an 11.4% year-over-year increase [5] - Industrial Process revenue was $330.70 million, below the estimated $337.79 million, reflecting a 12.6% year-over-year increase [6] Operating Income - Non-GAAP operating income for Corporate costs and Other was -$13.40 million, better than the estimated -$15.62 million [7] - Non-GAAP operating income for Connect & Control Technologies was $36.10 million, exceeding the estimated $34.67 million [7] - Non-GAAP operating income for Motion Technologies was $72.40 million, above the estimated $70.22 million [8] - Non-GAAP operating income for Industrial Process was $68.10 million, below the estimated $71.18 million [9] Stock Performance - ITT shares have returned +10.7% over the past month, outperforming the Zacks S&P 500 composite's +1.1% change [10] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [10]