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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ITT Inc | NYSE:ITT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.85 | -2.14% | 130.44 | 132.2012 | 130.18 | 131.94 | 498,696 | 00:00:00 |
November 2, 2023-- ITT Inc. (NYSE: ITT) today reported financial results for the third quarter ended September 30, 2023. The company reported a year-over-year revenue increase of 9%, primarily driven by 13% growth in both Industrial Process and Connect & Control Technologies. Foreign currency translation drove a 3% favorable impact and the acquisition of Micro-Mode contributed 1% to total revenue growth.
Third quarter segment operating income of $157 million increased 19% versus prior year (17% adjusted) due to productivity, pricing actions and higher sales volume. This was partially offset by higher compensation costs, overhead inflation and strategic growth investments.
EPS for the third quarter of $1.34 increased 9% versus prior year primarily due to segment operating income growth and benefits from share repurchases. Adjusted EPS of $1.37 increased 14% compared to prior year. Adjustments to EPS are primarily related to restructuring costs to optimize the company’s cost base and write-downs due to the suspension of business in Russia.
Operating cash flow for the third quarter of $170 million increased $109 million versus prior year primarily driven by higher operating income and improved working capital management. Free cash flow for the quarter of $148 million increased $113 million versus prior year. On a year-to-date basis, ITT generated operating cash flow of $368 million, up $252 million versus 2022, and free cash flow of $299 million, up $258 million versus 2022.
Table 1. Third Quarter Performance
Q3 2023
Q3 2022
Change
Revenue
$
822.1
$
753.6
9.1
%
Organic Growth
5.4
%
Segment Operating Income
$
157.3
$
132.4
18.8
%
Segment Operating Margin
19.1
%
17.6
%
150
bps
Adjusted Segment Operating Income
$
159.7
$
136.8
16.7
%
Adjusted Segment Operating Margin
19.4
%
18.2
%
120
bps
Earnings Per Share
$
1.34
$
1.23
8.9
%
Adjusted Earnings Per Share
$
1.37
$
1.20
14.2
%
Operating Cash Flow
$
169.8
$
61.0
178.4
%
Free Cash Flow
$
147.6
$
34.8
324.1
%
Note: all results unaudited; dollars in millions except for per share amounts
Management Commentary
“In Q3, we continued to generate strong growth and execute on all fronts. Our teams drove share gains in automotive and rail, large project growth and aftermarket demand in pumps and valves, and growth in aerospace and defense. Once again, we delivered strong year-over-year and sequential segment margin expansion, and are accelerating towards our 20% long-term target. We also generated more than $350 million of cash flow this year, acquired Svanehøj to grow our flow portfolio, and will continue to put our cash to work with further M&A opportunities and the new $1 billion share repurchase program we announced in October. As a result of this performance, today we are raising our 2023 outlook for the third straight quarter. We continue to execute at a new level of earnings, profitability and cash, whilst reinvesting in our businesses and growing through acquisitions to deliver long-term value,” said ITT’s Chief Executive Officer and President Luca Savi.
Table 2. Third Quarter Segment Results
Revenue
Operating Income
Q3 2023
Reported Increase
Organic Growth
Q3 2023
Reported Increase
Adjusted Increase
Motion Technologies
$
359.5
5.1 %
0.6 %
$
59.4
10.0 %
12.8 %
Industrial Process
279.8
12.6 %
10.9 %
64.7
34.5 %
24.4 %
Connect & Control Technologies
184.0
12.7 %
7.7 %
33.2
9.6 %
10.6 %
Total Segment Results
822.1
9.1 %
5.4 %
157.3
18.8 %
16.7 %
Note: all results unaudited; excludes intercompany eliminations of $1.2; comparisons to Q3 2022
Motion Technologies revenue increased $17 million primarily due to higher sales volume in Friction OE and favorable foreign currency translation impacts. Operating income increased $5 million primarily due to productivity actions and higher sales volume, partially offset by higher labor and overhead costs, unfavorable sales mix and prior year foreign currency hedge benefits.
Industrial Process revenue increased $31 million primarily due to growth in aftermarket parts and service and project shipments. Operating income increased $17 million primarily due to pricing actions, higher volume and productivity savings, partially offset by higher labor costs.
Connect & Control Technologies revenue increased $21 million primarily driven by pricing actions, volume growth in aerospace and defense components, and the acquisition of Micro-Mode. Operating income increased $3 million primarily due to pricing and productivity actions, partially offset by higher labor and overhead costs.
2023 Guidance
We now expect revenue growth of approximately 9%, up 7% to 8% on an organic basis; segment operating margin of 17.9% to 18.5% and adjusted segment operating margin of 18.3% to 18.9%, up 110 bps to 170 bps; EPS of $5.05 to $5.11 and adjusted EPS of $5.15 to $5.21, up 16% to 17% for the full year; and free cash flow of over $400 million, representing approximately 12% free cash flow margin for the full year 2023.*
*It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions and certain other special items that may occur in 2023 as these items are inherently uncertain and difficult to predict. As a result, we are unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted segment operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly we have not provided reconciliations for these forward-looking non-GAAP financial measures.
Investor Conference Call Details
ITT’s management will host a conference call for investors on Thursday, November 2 at 8:30 a.m. Eastern Time. The briefing can be accessed live via a webcast, which is available on the company’s website: https://investors.itt.com. A replay of the webcast will be available from two hours after the webcast until Thursday, November 16, 2023 at midnight Eastern Time. Reconciliations of non-GAAP financial performance metrics to their most comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP.
Safe Harbor Statement
This release contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In addition, the conference call (including the financial results presentation material) may include, and officers and representatives of ITT may from time to time make and discuss, projections, goals, assumptions, and statements that may constitute “forward-looking statements”. These forward-looking statements are not historical facts, but rather represent only a belief regarding future events based on current expectations, estimates, assumptions and projections about our business, future financial results and the industry in which we operate, and other legal, regulatory, and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future events and future operating or financial performance.
We use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “future,” “may,” “will,” “could,” “should,” “potential,” “continue,” “guidance” and other similar expressions to identify such forward-looking statements. Forward-looking statements are uncertain and, by their nature, many are inherently unpredictable and outside of ITT’s control, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements.
Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, we cannot provide any assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:
The forward-looking statements included in this release speak only as of the date hereof. We undertake no obligation (and expressly disclaim any obligation) to update any forward-looking statements, whether written or oral or as a result of new information, future events or otherwise.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Three Months Ended Nine Months Ended September 30,2023 October 1,2022 September 30,2023 October 1,2022 Revenue $822.1
$753.6
$2,453.9
$2,213.1
Cost of revenue542.7
520.2
1,632.6
1,539.1
Gross profit279.4
233.4
821.3
674.0
General and administrative expenses66.9
47.5
203.6
164.9
Sales and marketing expenses44.4
39.5
131.2
118.3
Research and development expenses25.0
24.4
77.1
73.7
Operating income143.1
122.0
409.4
317.1
Interest and non-operating expense, net1.4
2.3
7.4
2.6
Income from continuing operations before income tax expense141.7
119.7
402.0
314.5
Income tax expense29.9
16.4
80.6
59.9
Income from continuing operations111.8
103.3
321.4
254.6
Loss from discontinued operations, net of tax benefit of $0.0, $(0.1), $0.0 and $0.3, respectively-
(0.1)
-
(1.3)
Net income111.8
103.2
321.4
253.3
Less: Income attributable to noncontrolling interests1.0
0.8
2.4
1.5
Net income attributable to ITT Inc. $110.8
$102.4
$319.0
$251.8
Amounts attributable to ITT Inc.: Income from continuing operations $110.8
$102.5
$319.0
$253.1
Loss from discontinued operations, net of tax-
(0.1)
-
(1.3)
Net income attributable to ITT Inc. $110.8
$102.4
$319.0
$251.8
Earnings (loss) per share attributable to ITT Inc.: Basic: Continuing operations $1.35
$1.24
$3.87
$3.03
Discontinued operations-
-
-
(0.02)
Net income $1.35
$1.24
$3.87
$3.01
Diluted: Continuing operations $1.34
$1.23
$3.86
$3.02
Discontinued operations-
-
-
(0.02)
Net income $1.34
$1.23
$3.86
$3.00
Weighted average common shares – basic82.1
82.7
82.4
83.6
Weighted average common shares – diluted82.5
83.0
82.7
83.9
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) September 30,2023 December 31,2022 As of the Period Ended Assets Current assets: Cash and cash equivalents $430.8
$561.2
Receivables, net674.0
628.8
Inventories574.3
533.9
Other current assets102.4
112.9
Total current assets1,781.5
1,836.8
Non-current assets: Plant, property and equipment, net523.2
526.8
Goodwill1,001.1
964.8
Other intangible assets, net123.0
112.8
Other non-current assets373.5
339.1
Total non-current assets2,020.8
1,943.5
Total assets $3,802.3
$3,780.3
Liabilities and Shareholders’ Equity Current liabilities: Commercial paper and current maturities of long-term debt $245.4
$451.0
Accounts payable408.1
401.1
Accrued and other current liabilities390.5
333.4
Total current liabilities1,044.0
1,185.5
Non-current liabilities: Postretirement benefits132.0
137.2
Other non-current liabilities207.1
200.2
Total non-current liabilities339.1
337.4
Total liabilities1,383.1
1,522.9
Shareholders’ equity: Common stock: Authorized – 250.0 shares, $1 par value per share Issued and outstanding – 82.1 shares and 82.7 shares, respectively82.1
82.7
Retained earnings2,705.8
2,509.7
Accumulated other comprehensive loss: Postretirement benefit plans3.8
3.6
Cumulative translation adjustments(382.6)
(347.9)
Total accumulated other comprehensive loss(378.8)
(344.3)
Total ITT Inc. shareholders’ equity2,409.1
2,248.1
Noncontrolling interests10.1
9.3
Total shareholders’ equity2,419.2
2,257.4
Total liabilities and shareholders’ equity $3,802.3
$3,780.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN MILLIONS) For the Nine Months Ended September 30,2023 October 1,2022 Operating Activities Income from continuing operations attributable to ITT Inc. $319.0
$253.1
Adjustments to income from continuing operations: Depreciation and amortization82.8
81.5
Equity-based compensation15.1
13.6
Gain on sale of business(7.2)
-
Other non-cash charges, net22.5
20.2
Changes in assets and liabilities: Change in receivables(54.7)
(120.8)
Change in inventories(40.9)
(111.3)
Change in contract assets0.5
(15.6)
Change in contract liabilities11.1
24.4
Change in accounts payable16.5
54.0
Change in accrued expenses29.4
(30.6)
Change in income taxes(2.1)
(12.1)
Other, net(24.4)
(41.2)
Net Cash – Operating Activities367.6
115.2
Investing Activities Capital expenditures(68.5)
(73.7)
Proceeds from sale of business10.5
-
Acquisitions, net of cash acquired(79.3)
(146.9)
Payments to acquire interest in unconsolidated subsidiaries(1.4)
(25.6)
Other, net(3.3)
1.4
Net Cash – Investing Activities(142.0)
(244.8)
Financing Activities Commercial paper, net borrowings(204.3)
363.1
Share repurchases under repurchase plan(60.0)
(245.6)
Payments for taxes related to net share settlement of stock incentive plans(6.7)
(8.5)
Dividends paid(71.9)
(66.1)
Other, net(2.3)
0.1
Net Cash – Financing Activities(345.2)
43.0
Exchange rate effects on cash and cash equivalents(10.4)
(46.3)
Net cash – operating activities of discontinued operations(0.2)
(0.1)
Net change in cash and cash equivalents(130.2)
(133.0)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.8, respectively)561.9
648.3
Cash and Cash Equivalents – end of year (includes restricted cash of $0.9 and $0.8, respectively) $431.7
$515.3
Supplemental Disclosures of Cash Flow Information Cash paid during the year for: Interest $12.3
$5.7
Income taxes, net of refunds received $72.0
$63.5
Key Performance Indicators and Non-GAAP Measures
Management reviews a variety of key performance indicators including revenue, segment operating income and margins, earnings per share, order growth, and backlog, some of which are calculated on a non-GAAP basis. In addition, we consider certain measures to be useful to management and investors when evaluating our operating performance for the periods presented. These measures provide a tool for evaluating our ongoing operations and management of assets from period to period. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including, but not limited to, acquisitions, dividends, and share repurchases. Some of these metrics, however, are not measures of financial performance under accounting principles generally accepted in the United States of America (GAAP) and should not be considered a substitute for measures determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators for purposes of our reconciliation tables. Organic Revenues and Organic Orders are defined, respectively, as revenue and orders, excluding the impacts of foreign currency fluctuations and acquisitions. The period-over-period change resulting from foreign currency fluctuations is estimated using a fixed exchange rate for both the current and prior periods. We believe that reporting organic revenue and organic orders provides useful information to investors by helping identify underlying trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers. Adjusted Operating Income and Adjusted Segment Operating Income are defined, respectively, as total operating income and segment operating income, adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition-related impacts, and unusual or infrequent operating items. Special items represent charges or credits that impact current results, which management views as unrelated to the Company's ongoing operations and performance. Adjusted Operating Margin and Adjusted Segment Operating Margin are defined as adjusted operating income or adjusted segment operating income, respectively, divided by revenue. We believe these financial measures are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors. Adjusted Income from Continuing Operations is defined as income from continuing operations attributable to ITT Inc. adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition-related impacts, income tax settlements or adjustments, and unusual or infrequent items. Special items represent charges or credits, on an after-tax basis, that impact current results, which management views as unrelated to the Company’s ongoing operations and performance. The after-tax basis of each special item is determined using the jurisdictional tax rate of where the expense or benefit occurred. Adjusted income from continuing operations per diluted share (adjusted EPS) is defined as adjusted income from continuing operations divided by diluted weighted average common shares outstanding. We believe that adjusted income from continuing operations and adjusted EPS are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors. Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. Free Cash Flow Margin is defined as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin provides useful information to investors as it provides insight into a primary cash flow metric used by management to monitor and evaluate cash flows generated by our operations. ITT Inc. Non-GAAP Reconciliation Reported vs. Organic Revenue / Orders Third Quarter 2023 & 2022 (In Millions) (all amounts unaudited) (As Reported - GAAP) (As Adjusted - Organic) (A) (B) (C) (D) (E) (F) = A-D-E (G) =C-D-E (H) = G / B $ Change % Change Revenue / $ Change % Change 2023 vs.2022 2023 vs.2022 Acquisitions FX Impact OrdersAdj. 2023 vs. 2022
Adj. 2023vs. 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2023 Q3 2023 Revenue ITT Inc.$
822.1
$
753.6
$
68.5
9.1%
$
6.0
$
21.6
$
794.5
$
40.9
5.4%
Motion Technologies
359.5
342.2
17.3
5.1%
-
15.3
344.2
2.0
0.6%
Industrial Process
279.8
248.5
31.3
12.6%
-
4.1
275.7
27.2
10.9%
Connect & Control Technologies
184.0
163.2
20.8
12.7%
6.0
2.2
175.8
12.6
7.7%
Orders ITT Inc.$
824.1
$
780.9
$
43.2
5.5%
$
4.9
$
22.3
$
796.9
$
16.0
2.0%
Motion Technologies
366.6
342.3
24.3
7.1%
-
15.6
351.0
8.7
2.5%
Industrial Process
270.8
271.9
(1.1)
(0.4%)
-
4.7
266.1
(5.8)
(2.1%)
Connect & Control Technologies
187.4
167.4
20.0
11.9%
4.9
2.0
180.5
13.1
7.8%
Note: Excludes intercompany eliminations Immaterial differences due to rounding ITT Inc. Non-GAAP Reconciliation Reported vs Adjusted Segment Operating Income & Segment Operating Margin Third Quarter 2023 & 2022 (In Millions) (all amounts unaudited) Q3 2023 Q3 2023 Q3 2023 Q3 2022 Q3 2022 Q3 2022 % Change % Change AsReported SpecialItems AsAdjusted AsReported SpecialItems AsAdjusted As Reported2023 vs. 2022 As Adjusted2023 vs. 2022 Revenue: Motion Technologies$
359.5
$
359.5
$
342.2
$
342.2
5.1%
5.1%
Industrial Process
279.8
279.8
248.5
248.5
12.6%
12.6%
Connect & Control Technologies
184.0
184.0
163.2
163.2
12.7%
12.7%
Intersegment eliminations
(1.2)
(1.2)
(0.3)
(0.3)
Total Revenue$
822.1
$
822.1
$
753.6
$
753.6
9.1%
9.1%
Operating Margin: Motion Technologies
16.5%
50
BP
17.0%
15.8%
-
BP
15.8%
70
BP120
BP Industrial Process
23.1%
20
BP
23.3%
19.4%
170
BP
21.1%
370
BP220
BP Connect & Control Technologies
18.0%
20
BP
18.2%
18.6%
-
BP
18.6%
(60)
BP(40)
BP Total Operating Segments
19.1%
30
BP
19.4%
17.6%
60
BP
18.2%
150
BP120
BP Operating Income: Motion Technologies$
59.4
$
1.6
$
61.0
$
54.0
$
0.1
$
54.1
10.0%
12.8%
Industrial Process
64.7
0.5
65.2
48.1
4.3
52.4
34.5%
24.4%
Connect & Control Technologies
33.2
0.3
33.5
30.3
-
30.3
9.6%
10.6%
Total Segment Operating Income$
157.3
$
2.4
$
159.7
$
132.4
$
4.4
$
136.8
18.8%
16.7%
Note: Immaterial differences due to rounding. Special items include, but are not limited to, restructuring costs, acquisition-related expenses, and other unusual or infrequent items. ITT Inc. Non-GAAP Reconciliation Reported vs. Adjusted Income from Continuing Operations & Adjusted EPS Third Quarter 2023 & 2022 (In Millions, except per share amounts) (all amounts unaudited) Q3 2023 Q3 2023 Q3 2022 Q3 2022 $ Change % Change AsReported Non-GAAPAdjustments AsAdjusted AsReported Non-GAAPAdjustments AsAdjusted As Adjusted2023 vs. 2022 As Adjusted2023 vs. 2022 Segment operating income$
157.3
$
2.4
#A$
159.7
$
132.4
$
4.4
#A$
136.8
Corporate and other (income) costs
(14.2)
-
(14.2)
(10.4)
0.6
#B
(9.8)
Operating income
143.1
2.4
145.5
122.0
5.0
127.0
18.5
14.6%
Operating margin
17.4%
17.7%
16.2%
16.9%
Interest income (expense), net
(2.3)
-
(2.3)
(2.4)
-
(2.4)
Other income (expense), net
0.9
-
0.9
0.1
-
0.1
Income from continuing operations before tax
141.7
2.4
144.1
119.7
5.0
124.7
Income tax expense
(29.9)
(0.2)
#C
(30.1)
(16.4)
(7.9)
#C
(24.3)
Income from continuing operations
111.8
2.2
114.0
103.3
(2.9)
100.4
Less: Income attributable to noncontrolling interests
1.0
-
1.0
0.8
-
0.8
Income from continuing operations - ITT Inc.$
110.8
$
2.2
$
113.0
$
102.5
$
(2.9)
$
99.6
EPS from continuing operations$
1.34
$
0.03
$
1.37
$
1.23
$
(0.03)
$
1.20
$
0.17
14.2%
Note: Amounts may not calculate due to rounding. Per share amounts are based on diluted weighted average common shares outstanding. #A - 2023 includes restructuring costs ($1.9M) and impacts due to the suspension of business in Russia ($0.5M). #A - 2022 includes restructuring costs ($1.1M), acquisition-related expenses ($3.1M), and other costs ($0.2M). #B - 2022 includes acquisition-related expenses ($0.5M) and other costs ($0.1M). #C - 2023 includes the net tax benefit of special items #A ($0.5M) and a net tax expense for other tax-related special charges ($0.3M). #C - 2022 includes the net tax benefit of special items #A and #B ($1.1M), tax benefit on future distribution of foreign earnings ($7.8M), and other tax-related special items. ITT Inc. Non-GAAP Reconciliation Free Cash Flow and Free Cash Flow Margin Three and Nine Months Ended 2023 & 2022 (In Millions) (all amounts unaudited) Q3 2023 Q3 2022
9M 2023
9M 2022
Net Cash - Operating Activities$
169.8
$
61.0
$
367.6
$
115.2
Less: Capital expenditures
22.2
26.2
68.5
73.7
Free Cash Flow$
147.6
$
34.8
$
299.1
$
41.5
Revenue$
822.1
$
753.6
$
2,453.9
$
2,213.1
Free Cash Flow Margin
18.0%
4.6%
12.2%
1.9%
ITT Inc. Non-GAAP Reconciliation GAAP vs. Adjusted EPS Guidance Full Year 2023 (Per share amounts) (all amounts unaudited)2023 Full-Year Guidance
Low
High
EPS from Continuing Operations - GAAP$
5.05
$
5.11
Estimated restructuring, net of tax
0.08
0.08
Other special items, net of tax
0.03
0.03
Other tax special Items
(0.01)
(0.01)
EPS from Continuing Operations - Adjusted$
5.15
$
5.21
Note:
The Company has provided forward-looking non-GAAP financial measures for organic revenue growth and adjusted segment operating margin. It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions and certain other special items that may occur in 2023 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted segment operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly has not provided reconciliations for these forward looking non-GAAP financial measures. ITT Inc. Non-GAAP Reconciliation Free Cash Flow and Free Cash Flow Margin Guidance Full Year 2023 (In Millions) (all amounts unaudited) 2023 Full-Year Guidance Net Cash - Operating Activities ~$510 Less: Capital expenditures ~$110 Free Cash Flow ~$400 Revenue #A ~$3,250 Free Cash Flow margin ~12% #A Represents expected revenue growth of approximately ~9%
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102095904/en/
Investor Contact
Mark Macaluso +1 914-641-2064 mark.macaluso@itt.com
Media Contact
Phil Terrigno +1 914-641-2143 phil.terrigno@itt.com
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