Q3 2024 ITT Inc Earnings Call Transcript
Key Points
- ITT Inc (ITT) achieved a 14% organic growth in orders, with a record backlog of $1.7 billion.
- The company reported a 7% adjusted EPS growth, and 9% growth excluding the impact of the Walgreen divestiture.
- ITT Inc (ITT) experienced strong performance in its legacy business, with operating margins exceeding long-term targets.
- The company successfully integrated recent acquisitions, such as Svanehoj and kSARIA, contributing to its growth.
- ITT Inc (ITT) raised its full-year adjusted EPS guidance, reflecting confidence in continued profitable growth.
- The company faced challenges with foreign currency impacts, which affected margins by 80 basis points.
- ITT Inc (ITT) experienced a slowdown in order activity from Boeing due to production stoppages.
- Free cash flow was below expectations due to issues with working capital, specifically accounts receivable and inventory.
- The aerospace and defense segment faced potential disruptions due to ongoing negotiations with Boeing.
- The company is dealing with temporary acquisition amortization, impacting short-term financial results.
Welcome to ITT's 2024 third quarter conference call. Today is Tuesday, October 29, 2024. Today's call is being recorded and will be available for replay beginning at 12:00 PM Eastern Time. (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, Gigi, and good morning. Joining me this morning in Stanford are Luca Savi, ITT's Chief Executive Officer and President; and Emman Caprais, Chief Financial Officer. Today's call will cover ITT's financial results for the 3-month period ending September 28, 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 will 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 Form 10-K and other
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