ITT (US:ITT)2020-10-30 17:59Financial Performance - Adjusted EPS was $0.82, a decrease of 15% compared to Q3 2019[9], but an increase of 44% compared to Q2 2020[6, 11] - Free cash flow reached $271 million, a 77% increase compared to the previous year[6, 8, 9] - The company raised its full-year free cash flow margin target to 13%-15%[6] - Total revenue was $591 million, a decrease of 17% compared to Q3 2019[9], but an increase of 15% compared to Q2 2020[9, 11] - Adjusted segment operating income was $96 million, a decrease of 19% compared to Q3 2019, but an increase of 48% compared to Q2 2020[9, 11] Segment Results - Motion Technologies revenue was $272 million, down 11% year-over-year[14] - Industrial Process revenue was $194 million, down 19% year-over-year[15] - Connect & Control Technologies revenue was $126 million, down 25% year-over-year[16] Cost Reduction & Asbestos Management - The company is targeting $160 million in cost savings through various actions[17] - The projected 10-year average outflow for asbestos-related payments is down to $25 million at the midpoint[19] - The company received $100 million in insurance settlements related to asbestos in 2020[19]