ITT reports Q1 adjusted EPS $1.42, consensus $1.36

Reports Q1 revenue $910.6M, consensus $883.2M. “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 Svanehoj. 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 Svanehoj 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.