(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
ITT Inc. | |||||||||||
(Registrant) | |||||||||||
May 2, 2024 | By: | /s/ Lori B. Marino | |||||||||
Name: | Lori B. Marino | ||||||||||
Title: | Senior Vice President, General Counsel and Corporate Secretary | ||||||||||
(Authorized Officer of Registrant) |
Q1 2024 | Q1 2023 | Change | ||||||||||||||||||
Revenue | $ | 910.6 | $ | 797.9 | 14.1 | % | ||||||||||||||
Organic Growth | 9.5 | % | ||||||||||||||||||
Operating Income | $ | 149.2 | $ | 124.3 | 20.0 | % | ||||||||||||||
Operating Margin | 16.4 | % | 15.6 | % | 80 | bps | ||||||||||||||
Adjusted Operating Income | $ | 155.0 | $ | 126.2 | 22.8 | % | ||||||||||||||
Adjusted Operating Margin | 17.0 | % | 15.8 | % | 120 | bps | ||||||||||||||
Earnings Per Share | $ | 1.34 | $ | 1.20 | 11.7 | % | ||||||||||||||
Adjusted Earnings Per Share | $ | 1.42 | $ | 1.17 | 21.4 | % | ||||||||||||||
Net Cash from Operating Activities | $ | 57.8 | $ | 58.1 | (0.5) | % | ||||||||||||||
Free Cash Flow | $ | 30.1 | $ | 29.4 | 2.4 | % |
Revenue | Operating Income | Operating Margin | ||||||||||||||||||||||||||||||||||||
Q1 2024 | Reported Change | Organic Growth | Q1 2024 | Reported Change | Adjusted Change | Q1 2024 | Reported Change | Adjusted Change | ||||||||||||||||||||||||||||||
Motion Technologies | 392.4 | 7.6 | % | 8.2 | % | 70.6 | 32.2 | % | 32.0 | % | 18.0 | % | 340 bps | 340 bps | ||||||||||||||||||||||||
Industrial Process | 333.9 | 25.3 | % | 12.5 | % | 63.8 | 15.4 | % | 19.9 | % | 19.1 | % | (170) bps | (90) bps | ||||||||||||||||||||||||
Connect & Control Technologies | 185.1 | 10.4 | % | 7.2 | % | 32.7 | 11.2 | % | 14.7 | % | 17.7 | % | 20 bps | 70 bps | ||||||||||||||||||||||||
For the Three Months Ended | March 30, 2024 | April 1, 2023 | |||||||||
Revenue | $ | 910.6 | $ | 797.9 | |||||||
Cost of revenue | 609.8 | 536.0 | |||||||||
Gross profit | 300.8 | 261.9 | |||||||||
General and administrative expenses | 71.5 | 68.3 | |||||||||
Sales and marketing expenses | 50.1 | 42.9 | |||||||||
Research and development expenses | 30.0 | 26.4 | |||||||||
Operating income | 149.2 | 124.3 | |||||||||
Interest and non-operating expense, net | 4.4 | 3.5 | |||||||||
Income before income tax expense | 144.8 | 120.8 | |||||||||
Income tax expense | 32.8 | 20.1 | |||||||||
Net income | 112.0 | 100.7 | |||||||||
Less: Income attributable to noncontrolling interests | 1.0 | 0.7 | |||||||||
Net income attributable to ITT Inc. | $ | 111.0 | $ | 100.0 | |||||||
Earnings (loss) per share attributable to ITT Inc.: | |||||||||||
Basic | $ | 1.35 | $ | 1.21 | |||||||
Diluted | $ | 1.34 | $ | 1.20 | |||||||
Weighted average common shares – basic | 82.2 | 82.6 | |||||||||
Weighted average common shares – diluted | 82.7 | 83.0 |
As of the Period Ended | March 30, 2024 | December 31, 2023 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 423.0 | $ | 489.2 | |||||||
Receivables, net | 752.0 | 675.2 | |||||||||
Inventories | 609.4 | 575.4 | |||||||||
Other current assets | 123.3 | 117.9 | |||||||||
Total current assets | 1,907.7 | 1,857.7 | |||||||||
Non-current assets: | |||||||||||
Plant, property and equipment, net | 568.1 | 561.0 | |||||||||
Goodwill | 1,207.7 | 1,016.3 | |||||||||
Other intangible assets, net | 332.2 | 116.6 | |||||||||
Other non-current assets | 388.0 | 381.0 | |||||||||
Total non-current assets | 2,496.0 | 2,074.9 | |||||||||
Total assets | $ | 4,403.7 | $ | 3,932.6 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | 322.7 | $ | 187.7 | |||||||
Accounts payable | 459.2 | 437.0 | |||||||||
Accrued and other current liabilities | 415.1 | 413.1 | |||||||||
Total current liabilities | 1,197.0 | 1,037.8 | |||||||||
Non-current liabilities: | |||||||||||
Long-term debt | 230.5 | 5.7 | |||||||||
Postretirement benefits | 135.9 | 138.7 | |||||||||
Other non-current liabilities | 254.1 | 211.3 | |||||||||
Total non-current liabilities | 620.5 | 355.7 | |||||||||
Total liabilities | 1,817.5 | 1,393.5 | |||||||||
Shareholders’ equity: | |||||||||||
Common stock: | |||||||||||
Authorized – 250.0 shares, $1 par value per share | |||||||||||
Issued and outstanding – 82.3 shares and 82.1 shares, respectively | 82.3 | 82.1 | |||||||||
Retained earnings | 2,857.4 | 2,778.0 | |||||||||
Accumulated other comprehensive income (loss): | |||||||||||
Postretirement benefits | (2.6) | (1.6) | |||||||||
Cumulative translation adjustments | (362.4) | (330.3) | |||||||||
Total accumulated other comprehensive loss | (365.0) | (331.9) | |||||||||
Total ITT Inc. shareholders’ equity | 2,574.7 | 2,528.2 | |||||||||
Noncontrolling interests | 11.5 | 10.9 | |||||||||
Total shareholders’ equity | 2,586.2 | 2,539.1 | |||||||||
Total liabilities and shareholders’ equity | $ | 4,403.7 | $ | 3,932.6 |
For the Three Months Ended | March 30, 2024 | April 1, 2023 | |||||||||
Operating Activities | |||||||||||
Income from continuing operations attributable to ITT Inc. | $ | 111.0 | $ | 100.0 | |||||||
Adjustments to income from continuing operations: | |||||||||||
Depreciation and amortization | 33.6 | 26.7 | |||||||||
Equity-based compensation | 7.0 | 4.7 | |||||||||
Other non-cash charges, net | 8.1 | 7.5 | |||||||||
Changes in assets and liabilities: | |||||||||||
Change in receivables | (67.7) | (34.7) | |||||||||
Change in inventories | (1.0) | (29.1) | |||||||||
Change in contract assets | (13.5) | (2.0) | |||||||||
Change in contract liabilities | 3.3 | 2.9 | |||||||||
Change in accounts payable | 15.0 | 1.8 | |||||||||
Change in accrued expenses | (44.5) | (10.8) | |||||||||
Change in income taxes | 10.1 | 3.7 | |||||||||
Other, net | (3.6) | (12.6) | |||||||||
Net Cash – Operating Activities | 57.8 | 58.1 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | (27.7) | (28.7) | |||||||||
Acquisitions, net of cash acquired | (407.6) | — | |||||||||
Other, net | — | 0.2 | |||||||||
Net Cash – Investing Activities | (435.3) | (28.5) | |||||||||
Financing Activities | |||||||||||
Commercial paper, net borrowings | 134.7 | (72.8) | |||||||||
Long-term debt issued, net of debt issuance costs | 299.1 | — | |||||||||
Long-term debt, repayments | (70.5) | — | |||||||||
Share repurchases under repurchase plan | — | (30.0) | |||||||||
Payments for taxes related to net share settlement of stock incentive plans | (12.5) | (6.3) | |||||||||
Dividends paid | (26.5) | (24.2) | |||||||||
Other, net | (0.9) | 0.4 | |||||||||
Net Cash – Financing Activities | 323.4 | (132.9) | |||||||||
Exchange rate effects on cash and cash equivalents | (12.0) | 4.3 | |||||||||
Net cash – operating activities of discontinued operations | (0.1) | (0.1) | |||||||||
Net change in cash and cash equivalents | (66.2) | (99.1) | |||||||||
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.7, respectively) | 489.9 | 561.9 | |||||||||
Cash and Cash Equivalents – End of Period (includes restricted cash of $0.7 and $0.8, respectively) | $ | 423.7 | $ | 462.8 | |||||||
Supplemental Disclosures of Cash Flow and Non-Cash Information: | |||||||||||
Cash paid for Interest | $ | 3.7 | $ | 4.2 | |||||||
Cash paid for Income taxes, net of refunds received | $ | 16.3 | $ | 13.2 | |||||||
Capital expenditures included in accounts payable | $ | 17.5 | $ | 10.3 |
Reconciliation of Revenue to Organic Revenue | ||||||||||||||||||||
First Quarter 2024 | ||||||||||||||||||||
MT | IP | CCT | Elim | Total | ||||||||||||||||
Revenue | $ | 392.4 | $ | 333.9 | $ | 185.1 | $ | (0.8) | $ | 910.6 | ||||||||||
Less: Acquisitions | — | 35.8 | 5.6 | — | 41.4 | |||||||||||||||
Less: FX | (2.3) | (1.8) | (0.1) | (0.1) | (4.3) | |||||||||||||||
CY Organic Revenue | 394.7 | 299.9 | 179.6 | (0.7) | 873.5 | |||||||||||||||
Less: PY Revenue | 364.8 | 266.5 | 167.6 | (1.0) | 797.9 | |||||||||||||||
Organic Revenue Growth - $ | $ | 29.9 | $ | 33.4 | $ | 12.0 | $ | 0.3 | $ | 75.6 | ||||||||||
Organic Revenue Growth - % | 8.2 | % | 12.5 | % | 7.2 | % | 9.5 | % | ||||||||||||
Reported Revenue Growth - $ | 27.6 | 67.4 | 17.5 | 112.7 | ||||||||||||||||
Reported Revenue Growth - % | 7.6 | % | 25.3 | % | 10.4 | % | 14.1 | % | ||||||||||||
Reconciliation of Orders to Organic Orders | ||||||||||||||||||||
First Quarter 2024 | ||||||||||||||||||||
MT | IP | CCT | Elim | Total | ||||||||||||||||
Orders | $ | 410.5 | $ | 354.0 | $ | 212.8 | $ | (1.1) | $ | 976.2 | ||||||||||
Less: Acquisitions | — | 47.0 | 5.3 | — | 52.3 | |||||||||||||||
Less: FX | (2.2) | (0.7) | (0.5) | — | (3.4) | |||||||||||||||
CY Organic Orders | 412.7 | 307.7 | 208.0 | (1.1) | 927.3 | |||||||||||||||
Less: PY Orders | 371.2 | 327.3 | 169.3 | (1.0) | 866.8 | |||||||||||||||
Organic Orders Growth - $ | $ | 41.5 | $ | (19.6) | $ | 38.7 | $ | 60.5 | ||||||||||||
Organic Orders Growth - % | 11.2 | % | (6.0) | % | 22.9 | % | 7.0 | % | ||||||||||||
Reported Orders Growth - $ | 39.3 | 26.7 | 43.5 | 109.4 | ||||||||||||||||
Reported Orders Growth - % | 10.6 | % | 8.2 | % | 25.7 | % | 12.6 | % | ||||||||||||
Note: Immaterial differences due to rounding. |
Reconciliations of Operating Income/Margin to Adjusted Operating Income/Margin | |||||||||||||||||||||||||||||||||||
First Quarter 2024 | First Quarter 2023 | ||||||||||||||||||||||||||||||||||
MT | IP | CCT | Corporate | ITT | MT | IP | CCT | Corporate | ITT | ||||||||||||||||||||||||||
Reported Operating Income | $ | 70.6 | $ | 63.8 | $ | 32.7 | $ | (17.9) | $ | 149.2 | $ | 53.4 | $ | 55.3 | $ | 29.4 | $ | (13.8) | $ | 124.3 | |||||||||||||||
Restructuring costs | 0.5 | 0.5 | 0.9 | — | 1.9 | 0.3 | (0.1) | 0.1 | — | 0.3 | |||||||||||||||||||||||||
Acquisition-related expenses | — | 3.7 | — | — | 3.7 | — | — | — | — | — | |||||||||||||||||||||||||
Impact of Russia-Ukraine conflict | 0.2 | — | — | — | 0.2 | 0.3 | 1.5 | — | — | 1.8 | |||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (0.2) | — | (0.2) | |||||||||||||||||||||||||
Adjusted Operating Income | $ | 71.3 | $ | 68.0 | $ | 33.6 | $ | (17.9) | $ | 155.0 | $ | 54.0 | $ | 56.7 | $ | 29.3 | $ | (13.8) | $ | 126.2 | |||||||||||||||
Change in Operating Income | 32.2 | % | 15.4 | % | 11.2 | % | 29.7 | % | 20.0 | % | |||||||||||||||||||||||||
Change in Adjusted Operating Income | 32.0 | % | 19.9 | % | 14.7 | % | 29.7 | % | 22.8 | % | |||||||||||||||||||||||||
Reported Operating Margin | 18.0 | % | 19.1 | % | 17.7 | % | 16.4 | % | 14.6 | % | 20.8 | % | 17.5 | % | 15.6 | % | |||||||||||||||||||
Impact of special item adjustments | 20 bps | 130 bps | 50 bps | 60 bps | 20 bps | 50 bps | 0 bps | 20 bps | |||||||||||||||||||||||||||
Adjusted Operating Margin | 18.2 | % | 20.4 | % | 18.2 | % | 17.0 | % | 14.8 | % | 21.3 | % | 17.5 | % | 15.8 | % | |||||||||||||||||||
Change in Operating Margin | 340 bps | -170 bps | 20 bps | 80 bps | |||||||||||||||||||||||||||||||
Change in Adjusted Operating Margin | 340 bps | -90 bps | 70 bps | 120 bps | |||||||||||||||||||||||||||||||
Note: Immaterial differences due to rounding. |
Reconciliation of Reported vs. Adjusted Income from Continuing Operating and Diluted EPS | |||||||||||||||||||||||
Income from Continuing Operations | Diluted Earnings per Share | ||||||||||||||||||||||
Q1 2024 | Q1 2023 | % Change | Q1 2024 | Q1 2023 | % Change | ||||||||||||||||||
Reported | $ | 111.0 | $ | 100.0 | 11.0 | % | $ | 1.34 | $ | 1.20 | 11.7 | % | |||||||||||
Special Items Expense / (Income): | |||||||||||||||||||||||
Restructuring costs | 1.9 | 0.3 | 0.03 | — | |||||||||||||||||||
Acquisition-related costs [a] | 3.7 | — | 0.05 | — | |||||||||||||||||||
Impacts related to Russia-Ukraine war | 0.2 | 1.8 | — | 0.02 | |||||||||||||||||||
Other [b] | — | 1.2 | — | 0.02 | |||||||||||||||||||
Tax impact of special items [c] | (1.3) | 0.1 | (0.02) | — | |||||||||||||||||||
Other tax special items [d] | 1.7 | (6.1) | 0.02 | (0.07) | |||||||||||||||||||
Adjusted | $ | 117.2 | $ | 97.3 | 20.5 | % | $ | 1.42 | $ | 1.17 | 21.4 | % | |||||||||||
Note: Amounts may not calculate due to rounding. | |||||||||||||||||||||||
Per share amounts are based on diluted weighted average common shares outstanding. | |||||||||||||||||||||||
[a] Q1 2024 Svanehøj acquisition and integration-related costs. | |||||||||||||||||||||||
[b] Q1 2023 includes interest charges related to the settlement of a tax audit in Italy. | |||||||||||||||||||||||
[c] The tax impact of each adjustment is determined using the jurisdictional tax rate of where the expense or benefit occurred. | |||||||||||||||||||||||
[d] Q1 2024 includes tax on undistributed foreign earnings. Q1 2023 reflects tax benefits for valuation allowance impacts ($17.6M) and an amended federal tax return filing ($4.9M), offset from a foreign audit settlement ($14.1M) and other tax-related special items ($2.3M). | |||||||||||||||||||||||
Reconciliation of GAAP vs Adjusted EPS Guidance - Full Year 2024 | |||||||||||||||||
2024 Full-Year Guidance | |||||||||||||||||
Low | High | ||||||||||||||||
EPS from Continuing Operations - GAAP | $ | 5.51 | $ | 5.76 | |||||||||||||
Estimated restructuring | 0.06 | 0.06 | |||||||||||||||
Other special items | 0.06 | 0.06 | |||||||||||||||
Tax on special Items | 0.02 | 0.02 | |||||||||||||||
EPS from Continuing Operations - Adjusted | $ | 5.65 | $ | 5.90 | |||||||||||||
Note: The Company has provided forward-looking non-GAAP financial measures for organic revenue growth and adjusted 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 2024 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 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. |
Reconciliation of Cash from Operating Activities to Free Cash Flow | |||||||||||||||||
FY 2024 Guidance | |||||||||||||||||
Q1 2024 | Q1 2023 | Low | High | ||||||||||||||
Net Cash - Operating Activities | $ | 57.8 | $ | 58.1 | $ | 590 | $ | 630 | |||||||||
Less: Capital expenditures | 27.7 | 28.7 | 155 | 155 | |||||||||||||
Free Cash Flow | $ | 30.1 | $ | 29.4 | $ | 435 | $ | 475 | |||||||||
Revenue | $ | 910.6 | $ | 797.9 | $ | 3,625 | $ | 3,625 | |||||||||
Free Cash Flow Margin | 3.3 | % | 3.7 | % | 12 | % | 13 | % |
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