ITT Inc (ITT) Tops Q2 EPS by 19c, Revenues Miss

ITT Inc (NYSE: ITT) reported Q2 EPS of $0.57, $0.19 better than the analyst estimate of $0.38. Revenue for the quarter came in at $514.7 million versus the consensus estimate of $516.61 million.

• FCF increased $114 million or 205%; 14.6% Trailing Twelve Months FCF Margin
• $819 million in cash on hand and $1.4 billion in available liquidity
• Segment OI Margin of 7.2%; Adj Segment OI Margin of 12.6% on 25% Adj Decremental Margins
• EPS of $0.53; Adj EPS of $0.57
• Increased cost reduction target to $160 million

“First, I would like to thank all our ITTers around the world. I am extremely proud of how each and every ITTer has continued to up their game in the face of COVID-19 adversities. They have embraced our health protocols to keep each other safe, and their many contributions have made it possible for us to continue to serve our customers, to partner closely with them, and to support them in these very difficult circumstances,” said Luca Savi, Chief Executive Officer and President of ITT Inc. “At ITT our continuous focus on execution for all our stakeholders is making our businesses more and more resilient. We generated tremendous free cash flow and delivered 25 percent adjusted decremental margins, and our leaders acted decisively to increase our cost reduction target to $160 million, which will further benefit our strong decremental margins. I am particularly proud of our Industrial Process business, where we continued to expand margins despite top line pressures. All across ITT, our relentless focus on operational excellence, customer centricity, and effective capital deployment will continue to drive us through this challenging time and make ITT even stronger in the future.”

For earnings history and earnings-related data on ITT Inc (ITT) click here.

You May Also Be Interested In

• Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
• AT&T (T) beats earnings estimates in Q1 but revenue falls short, shares climb
• Greene County Bancorp, Inc. (GCBC) Reports Q3 EPS of $0.34