STAMFORD, Conn. - ITT Inc. (NYSE:ITT) reported third-quarter earnings that surpassed analyst expectations, driven by strong performance across all segments. The company also raised its full-year earnings guidance.
The industrial manufacturing company posted adjusted earnings per share of $1.46, beating the analyst consensus of $1.43. Revenue for the quarter came in at $885.2 million, slightly above the estimated $883.22 million and up 8% YoY (6% organic growth).
ITT saw 17% order growth (14% organic) in Q3, driven by pump project awards, rail share gains, and increased demand for connectors. The company's operating margin expanded by 610 basis points to 23.5%, including a $48 million preliminary gain on the divestiture of Wolverine Advanced Materials.
"Our third quarter results demonstrate the strength of the ITT businesses and of our people. Our teams once again outperformed with strong profitable growth and continued margin expansion," said ITT's CEO and President Luca Savi.
Looking ahead, ITT raised its full-year 2024 adjusted EPS guidance to $5.80-$5.86, up from its previous outlook and compared to the analyst consensus of $5.83. The company now expects revenue growth of 10% to 12% for the year, with organic growth of 5% to 7%.
ITT's stock edged up 0.15% following the earnings release, suggesting a neutral market response to the results.
The company also announced a quarterly dividend of $0.319 per share, payable on December 31 to shareholders of record as of November 29.
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