ITT INC Reports Second Quarter Earnings Results for FY2023
August 19, 2023
🌥️Earnings Overview
On June 30, 2023, ITT INC ($NYSE:ITT) announced their second quarter of FY2023 earnings results, with total revenue of USD 833.9 million, up 13.7% from the same period in the previous year. Net income increased 45.0% year-on-year to USD 108.2 million.
Price History
The company’s stock opened at $99.9 and closed at $101.8, up by 3.6% from the closing price of 98.3 the day before. The results were driven by strong sales across its industrial and defense markets. Operating profit decreased by 14% due to a decrease in revenue and an increase in costs related to the restructuring actions.
Overall, ITT INC reported strong financial performance for the second quarter of FY2023. The company is well-positioned to capitalize on its various markets in the future and deliver solid returns for its shareholders. 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
GoodWhale has conducted a financial analysis of ITT INC, and found that it is a medium risk investment in terms of financial and business aspects. The company’s balance sheet shows 1 risk warning, which our registered members can check out. We believe the business to be fairly stable, but there are some areas of concern which could cause investors to hesitate. For example, its current liabilities are higher than its current assets, indicating that the company may need to raise additional capital soon. Additionally, the company has not been able to reduce its debt as quickly as expected, suggesting that its business strategy is not as effective as it could be. However, overall the company has managed to remain profitable and has shown signs of growth in recent years. We therefore recommend that potential investors look deeper into ITT INC before investing. 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 have seen positive returns following the company’s second quarter earnings report for FY2023. Total revenues increased by 13.7% year-on-year, while net income rose 45.0%. This was reflected in a stock price movement upwards on the same day, indicating that the market believes ITT INC is a stable and growing investment. With strong growth prospects and consistent financial performance, ITT INC may be an appealing option for investors looking for a dependable stock.
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