ITT Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 06:35 am EDT
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ITT Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 822.1 million compared to USD 753.6 million a year ago. Net income was USD 110.8 million compared to USD 102.4 million a year ago. Basic earnings per share from continuing operations was USD 1.35 compared to USD 1.24 a year ago. Diluted earnings per share from continuing operations was USD 1.34 compared to USD 1.23 a year ago. Basic earnings per share was USD 1.35 compared to USD 1.24 a year ago. Diluted earnings per share was USD 1.34 compared to USD 1.23 a year ago.
For the nine months, sales was USD 2,453.9 million compared to USD 2,213.1 million a year ago. Net income was USD 319 million compared to USD 251.8 million a year ago. Basic earnings per share from continuing operations was USD 3.87 compared to USD 3.03 a year ago. Diluted earnings per share from continuing operations was USD 3.86 compared to USD 3.02 a year ago. Basic earnings per share was USD 3.87 compared to USD 3.01 a year ago. Diluted earnings per share was USD 3.86 compared to USD 3 a year ago.
ITT Inc. is a diversified manufacturer of engineered critical components and customized technology solutions for the transportation, industrial and energy markets. Its segments include Motion Technologies (MT), Industrial Process (IP), and Connect & Control Technologies (CCT). The MT segment manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets. The IP segment manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts. The CCT segment manufactures connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets.