Q2 2024 ITT Inc Earnings Call Transcript
Key Points
- ITT Inc (ITT) achieved a 12% adjusted EPS growth, reaching a new quarterly EPS record of $1.49.
- The company delivered a 100-basis point margin expansion to 18%, with significant contributions from Motion Technologies and CCT.
- ITT Inc (ITT) secured several significant commercial awards in Friction, KONI, industrial connectors, and Svanehøj, expanding their backlog and solidifying long-term growth.
- The acquisition of kSARIA is expected to enhance ITT Inc (ITT)'s exposure to defense interconnect products and provide commercial synergies with ITT Cannon.
- ITT Inc (ITT) maintained its full-year guidance despite the Wolverine divestiture, showcasing resilience and strong performance in the first half of the year.
- There is a slight slowdown in commercial original equipment demand from Boeing, which could impact future revenue.
- The divestiture of Wolverine is expected to result in a loss of roughly $0.15 of income for the second half of the year.
- The aerospace supply chain remains challenging with volatile order patterns, despite some improvements.
- The market for automotive production in Europe is declining, which could affect ITT Inc (ITT)'s performance in that region.
- The company faces risks and uncertainties that could cause actual results to differ materially from current expectations, as noted in their forward-looking statements.
Welcome to ITT's 2024 second-quarter 2024 earnings conference call. Today is Thursday, August 1, 2024. Today's call is being recorded and will be available for replay beginning at 12:00 PM Eastern. (Operator Instructions) It is now my pleasure to turn the floor over to Mark Macaluso, Vice President, Investor Relations and Global Communications. You may begin.
Thank you, Amy, and good morning. Joining me this morning from Stamford are Luca Savi, Chief Executive Officer and President; and Emmanuel Caprais, Chief Financial Officer. Today's call will provide these financial results for the three-month period ending June 29, 2024, which we announced this morning.
Before we begin, please refer to slide 2 of today's presentation where we note that today's comments include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties, including those described in our 2023 annual report on
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