Thu, Aug 1, 9:18 PM (88 days ago)
ITT Inc.'s Q2 2024 financial report highlights a robust performance with revenue increasing by 8.6% year-over-year to $905.9 million, driven by higher sales volumes and contributions from recent acquisitions. Gross profit improved by 12.9% to $316.1 million, with a gross margin of 34.9%. Operating income rose by 12% to $159 million, reflecting productivity savings and higher revenue, although partially offset by increased costs. The net income attributable to ITT Inc. was $119.2 million, up 10.2%. Adjusted EPS for the quarter was $1.49, a 12% increase. The company also reported strong cash flow from operations at $215.5 million, despite significant outflows for acquisitions. The sale of the Wolverine business and the acquisition of kSARIA are expected to impact future operations.