ITT INC Reports Second Quarter Earnings for FY2023, Ending June 30, 2023
August 19, 2023
🌥️Earnings Overview
For the second quarter of FY2023, ITT INC ($NYSE:ITT) reported total revenue of USD 833.9 million, a 13.7% increase from the same period last year. Net income was USD 108.2 million, a 45.0% year-on-year increase.
Stock Price
On Thursday, ITT INC reported their second quarter earnings for FY2023, ending June 30, 2023. On the same day, the stock opened at $99.9 and closed at $101.8, up by 3.6% from previous closing price of 98.3. The positive performance of the stock was mainly due to the company reporting higher than expected earnings for the quarter. Overall, investors were pleased with the performance of ITT INC’s second quarter earnings report and the stock continues to demonstrate strong stability and long-term growth potential for investors. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Itt Inc. More…
| Total Revenues | Net Income | Net Margin |
| 3.16k | 425.8 | 13.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Itt Inc. More…
| Operations | Investing | Financing |
| 421.2 | -156.5 | -330.1 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Itt Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.89k | 1.53k | 28.59 |
Key Ratios Snapshot
Some of the financial key ratios for Itt Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 6.6% | 8.9% | 16.7% |
| FCF Margin | ROE | ROA |
| 10.1% | 14.2% | 8.5% |
Analysis
We at GoodWhale recently conducted an analysis of ITT INC‘s wellbeing. After assessing various financial and business aspects, the Risk Rating came out as medium risk investment. The company’s balance sheet also revealed 1 risk warning. If you want to learn more about this warning, register with us to check it out. Our analysis aims to help investors make informed decisions about the investments. More…
Peers
Its products and services span a wide range of industries including oil and gas, mining, power generation, food and beverage, and aerospace. The company has a long history dating back to 1869, and its brands are known for their quality and reliability. ITT’s main competitors are Flowserve Corp, Sandvik AB, and Graco Inc. These companies are all leaders in their respective industries and have a strong presence in international markets.
– Flowserve Corp ($NYSE:FLS)
Flowserve Corporation is an American multinational company and one of the largest suppliers of industrial and environmental machinery in the world. The company has a market cap of $3.64 billion and a return on equity of 5.76%. The company designs, manufactures, services, and supports flow control products and systems for use in the oil and gas, chemical, power generation, water and wastewater, and other industries.
– Sandvik AB ($LTS:0HC0)
Sandvik AB is a Swedish multinational engineering company that specializes in metal cutting and materials technology. The company has a market cap of 216.95B as of 2022 and a Return on Equity of 16.88%. Sandvik is a world-leading manufacturer of metal-cutting and materials-processing tools, equipment, and services for industrial customers. The company’s products and services are used in a variety of industries, including mining, construction, oil and gas, aerospace, and metalworking.
– Graco Inc ($NYSE:GGG)
Graco Inc is a world leader in fluid handling systems and components for the paint, coating, and other industrial and commercial applications. With a market cap of 11.45B as of 2022, Graco Inc has a Return on Equity of 19.47%. The company designs, manufactures, and markets equipment and systems to move, measure, control, dispense, and apply a variety of fluids and viscous materials used in many different applications.
Summary
Investors in ITT INC were pleased with the company’s second quarter FY2023 financial results, which showed total revenue of USD 833.9 million, a 13.7% increase from the same period last year, and net income of USD 108.2 million, a 45.0% year-over-year increase. As a result of these results, the stock price moved up on the same day. This indicates that investors are confident in ITT INC’s ability to grow its revenues and profits going forward, and that it is well-positioned for continued success in the future.
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