ITT Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $3.6 billion, an increase of 10.6% compared to $3.3 billion in 2023. The company's operating income rose by 28% to $676 million, resulting in an operating margin of 18.6%, up from 16.1% the previous year. Earnings per share (EPS) also saw significant growth, climbing to $6.30, a 26.8% increase from $4.97 in 2023. The revenue growth was primarily driven by acquisitions, particularly the integration of Svanehøj and kSARIA, which contributed approximately $230 million to total revenue.
In terms of strategic developments, ITT made notable acquisitions in 2024, including Svanehøj Group A/S, a supplier of pumps for the marine sector, and kSARIA Parent, Inc., a manufacturer of connectivity solutions for defense and aerospace markets. These acquisitions were part of ITT's strategy to enhance its portfolio and expand its market presence. The company also divested its Wolverine Advanced Materials business, which was completed in July 2024, generating $186.2 million in proceeds. The divestiture was part of ITT's effort to streamline operations and focus on core competencies.
Operationally, ITT reported a workforce of approximately 11,700 employees across 39 countries, with 67% of its revenue generated outside the United States. The company emphasized its commitment to innovation, increasing capital expenditures by 15% compared to the previous year, which included investments in green energy initiatives. The Motion Technologies segment, which includes brake pads and shock absorbers, experienced a slight revenue decline due to the Wolverine divestiture but saw growth in its Friction and KONI businesses. The Industrial Process segment reported a revenue increase of 19%, driven by strong demand in the energy and chemical markets.
The filing also highlighted challenges faced by ITT, including supply chain disruptions and inflationary pressures that impacted raw material costs. The company has implemented measures to mitigate these effects, such as fixed-price contracts with suppliers and pricing adjustments. Looking ahead, ITT remains focused on leveraging its engineering capabilities to drive growth and innovation while navigating the complexities of the global economic landscape. The company anticipates continued revenue growth and operational improvements, although it acknowledges the potential for ongoing market volatility and geopolitical tensions to affect its performance.
About ITT INC.
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