ITT raises FY23 adjusted EPS view to $4.95-$5.15 from $4.65-$4.95

Sees FY23 segment operating margin 17.4%-18.2% and adjusted segment operating margin of 17.7%-18.5%, up 50 bps to 130 bps. Reaffirms FY23 revenue view 7%-9% and 6%-8% on an organic basis, or free cash flow guidance of $350M$400M, representing free cash flow margin of 11%-12%. ITT‘s CEO and President Luca Savi, said “With a stronger than anticipated top line, improved margin outlook, an ending backlog of over $1.2B and orders up ten percent year-to-date, we are raising the midpoint of our adjusted EPS guidance by 25c to over $5. We are driving to a new level of performance for ITT. We are executing on our financial targets, investing in the business and deploying capital to sustain ITT’s differentiation, long-term value creation and outperformance,”