0000216228FALSE00002162282025-02-062025-02-06

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: February 6, 2025
(Date of earliest event reported)

 
ITT INC.
(Exact name of registrant as specified in its charter)  
Indiana001-0567281-1197930
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
100 Washington Boulevard
6th Floor
Stamford, CT 06902
(Address of principal executive offices) (Zip Code)

(914) 641-2000
(Registrant’s telephone number, including area code)

Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per shareITTNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 


Item 2.02.     Results of Operations and Financial Condition.

On February 6, 2025, ITT Inc. (the “Company”) issued a press release reporting the financial results for the fourth fiscal quarter and full year ended December 31, 2024. A copy of the press release is attached to this Current Report on Form 8-K (“Current Report”) as Exhibit 99.1 and is incorporated by reference herein solely for purposes of this Item 2.02 disclosure.

The information in Item 2.02 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in Item 2.02 of this Current Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL Document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ITT Inc.
(Registrant)
February 6, 2025By:/s/ Lori B. Marino
Name:Lori B. Marino
Title:Senior Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary
(Authorized Officer of Registrant)




Exhibit 99.1
itt_logoxblacka.jpg

ITT REPORTS FOURTH QUARTER EARNINGS PER SHARE (EPS) OF $1.55, ADJUSTED EPS OF $1.50; REPORTS FULL YEAR EPS OF $6.30, ADJUSTED EPS OF $5.86
Full Year Highlights:

▪11% revenue growth (7% organic) driven by higher volume and pricing actions, and contributions from the Svanehøj and kSARIA acquisitions
▪18.6% operating margin, up 250 basis points; 17.7% adjusted operating margin, up 80 basis points; surpassing long-term margin target
▪Deployed $1.2 billion of capital, over two times full year free cash flow, shifting portfolio to high growth, high margin flow and connector segments
▪Initiates 2025 EPS guidance of $6.05 to $6.45; adjusted EPS of $6.10 to $6.50

STAMFORD, Conn., February 6, 2025 – ITT Inc. (NYSE: ITT) today reported financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, the company reported a year-over-year revenue increase of 12%, up 6% on an organic basis, primarily driven by higher volume, pricing actions and the acquisitions of Svanehøj and kSARIA.
Fourth quarter operating income of $160 million increased 35% compared to prior year, and operating margin of 17.2% increased 290 basis points versus prior year primarily due to higher volume leverage, favorable price and cost actions, lower restructuring charges and the impact of a $15 million loss on sale in prior year. On an adjusted basis, operating income of $163 million increased 16% primarily due to higher volumes, pricing actions and productivity, partially offset by higher strategic growth investments and corporate costs.
Earnings per share for the fourth quarter of $1.55 increased 38% versus prior year primarily due to the impact of non-recurring items in prior year, higher operating income and a lower tax rate, partially offset by higher interest expense related to acquisition debt. On an adjusted basis, earnings per share of $1.50 increased 12% compared to prior year due primarily to higher operating income.
Operating cash flow for the fourth quarter of $223 million increased 31% versus prior year driven by higher operating income and working capital improvements, resulting in operating cash flow margin of 24%. Free cash flow for the fourth quarter of $187 million increased 42% versus prior year, resulting in free cash flow margin of 20%. For the full year, operating cash flow of $563 million increased 5%, and free cash flow of $439 million increased 2%. Both increases were due to higher net income, improved accounts receivable collections and inventory management.
1

Exhibit 99.1

Table 1. Fourth Quarter Performance
Q4 2024Q4 2023Change
Revenue
$929.0 $829.1 12.0 %
Organic Growth5.9 %
Operating Income
$159.9 $118.8 34.6 %
Operating Margin
17.2 %14.3 %290  bps
Adjusted Operating Income
$162.8 $140.9 15.5 %
Adjusted Operating Margin
17.5 %17.0 %50  bps
Earnings Per Share$1.55 $1.12 38.4 %
Adjusted Earnings Per Share$1.50 $1.34 11.9 %
Operating Cash Flow$223.2 $170.4 31.0 %
Free Cash Flow$186.8 $131.3 42.3 %
Note: all results unaudited; dollars in millions except for per share amounts.
Management Commentary
“In 2024, our teams delivered on our commitments once again. We grew revenues 11% in total, 7% organically, with strength across all segments. Our businesses drove strong margin expansion and eclipsed our long-term margin target two years ahead of plan. We deployed over $860 million of capital through the acquisitions of cryogenic pump manufacturer, Svanehøj, and defense interconnect specialist, kSARIA. These acquisitions, coupled with the divestiture of our automotive component business, significantly enhanced ITT’s opportunities in higher growth and higher margin flow and connectors businesses whilst strategically shifting our portfolio. On top of this, we invested over $100 million in growth and productivity to further our differentiation, paid down over $500 million of debt related to M&A, and returned over $200 million of capital to shareholders. We entered 2025 with a $1.6 billion backlog, continued growth and margin expansion opportunities in our core and ramping value creation from our acquisitions,” said Luca Savi, ITT’s Chief Executive Officer and President.
Table 2. Fourth Quarter Segment Results
RevenueOperating Income
Operating Margin
Q4 2024
Reported Change
Organic GrowthQ4 2024
Reported Change
Adjusted Change
Q4 2024
Reported Change
Adjusted Change
Motion Technologies
$326.0 (10.6)%— %$62.8 4.1 %1.0 %19.3 %280 bps220 bps
Industrial Process
362.6 25.2 %10.4 %76.9 34.4 %28.3 %21.2 %150 bps60 bps
Connect & Control Technologies
241.0 37.2 %9.4 %39.9 141.8 %26.0 %16.6 %720 bps(150) bps
Note: all results unaudited; excludes intercompany revenue eliminations of $0.6 million; comparisons to Q4 2023; dollars in millions.
Motion Technologies revenue decreased 11% due to the Wolverine divestiture in July 2024, partially offset by strength in rail and Friction’s automotive aftermarket. Operating income of $63 million increased 4% due to productivity, including supply chain savings, and lower material and overhead costs, partially offset by higher strategic investments.
Industrial Process revenue increased 25%, primarily due to the acquisition of Svanehøj and growth in pump projects and short cycle. This was partially offset by unfavorable foreign currency impacts.
2

Exhibit 99.1
Operating income of $77 million increased 34% driven by increased volume, pricing and productivity actions, and lower restructuring charges.
Connect & Control Technologies revenue increased 37%, primarily due to the acquisition of kSARIA, as well as growth in defense and industrial connectors and pricing actions. Operating income of $40 million increased 142% due to the impact of a prior year loss on sale and current year benefits from pricing actions, productivity and contributions from kSARIA. This was partially offset by higher material, labor and overhead costs.
Table 3. 2024 Full Year Performance
FY 2024FY 2023Change
Revenue
$3,630.7 $3,283.0 10.6 %
Organic Growth6.9 %
Operating Income
$676.0 $528.2 28.0 %
Operating Margin
18.6 %16.1 %250 bps
Adjusted Operating Income
$642.7 $554.6 15.9 %
Adjusted Operating Margin
17.7 %16.9 %80 bps
Earnings Per Share$6.30 $4.97 26.8 %
Adjusted Earnings Per Share$5.86 $5.21 12.5 %
Operating Cash Flow$562.6 $538.0 4.6 %
Free Cash Flow$438.7 $430.4 1.9 %
Note: dollars in millions except for per share amounts
Quarterly Dividend Increase
The company announced today an increase in its quarterly dividend of 10% to $0.351 per share on the company’s outstanding common stock. ITT’s Board of Directors approved the cash dividend for the first quarter of 2025, which will be payable on March 31, 2025 to shareholders of record as of the close of business on March 6, 2025. The 10% increase in the quarterly dividend announced today follows increases of 10% in both 2023 and 2024. Including the increase in 2025, the company’s dividend has grown at a 16% compounded annual growth rate since 2020.
2025 Guidance
We expect revenue growth of 2% to 4%, up 3% to 5% on an organic basis; operating margin of 18.0% to 18.9%, and adjusted operating margin of 18.1% to 19.0%, up 40 to 130 bps; EPS of $6.05 to $6.45, and adjusted EPS of $6.10 to $6.50; and free cash flow of $450 million to $500 million, representing free cash flow margin of 12% to 13% for full year 2025.
It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions, divestitures, and certain other special items that may occur in 2025 as these items are inherently uncertain and difficult to predict. As a result, we are unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and we have not provided reconciliations for these forward-looking non-GAAP financial measures.
3

Exhibit 99.1

Investor Conference Call Details
ITT’s management will host a conference call for investors on Thursday, February 6, 2025 at 9:30 a.m. Eastern Time. The briefing can be accessed live via webcast which is available on the company’s website: https://investors.itt.com. A replay of the webcast will be available two hours after the presentation concludes. Reconciliations of non-GAAP financial performance metrics to their most comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP.

Investor Contact            Media Contact        
Mark Macaluso            Phil Terrigno    
+1 914-641-2064            +1 914-641-2143
mark.macaluso@itt.com        phil.terrigno@itt.com



























4

Exhibit 99.1
Safe Harbor Statement    
This release contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In addition, the conference call (including the financial results presentation material) may include, and officers and representatives of ITT may from time to time make and discuss, projections, goals, assumptions, and statements that may constitute “forward-looking statements”. These forward-looking statements are not historical facts, but rather represent only a belief regarding future events based on current expectations, estimates, assumptions and projections about our business, future financial results, the industry in which we operate, and other legal, regulatory, and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future events and future operating or financial performance.
We use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “guidance,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and other similar expressions to identify such forward-looking statements. Forward-looking statements are uncertain and, by their nature, many are inherently unpredictable and outside of ITT’s control, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements.
Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, we cannot provide any assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:
•uncertain global economic and capital markets conditions, which have been influenced by heightened geopolitical tensions, inflation, changes in monetary policies, the threat of a possible regional or global economic recession, trade disputes between the U.S. and its trading partners, political and social unrest, and the availability and fluctuations in prices of energy and commodities, including steel, oil, copper and tin;
•fluctuations in interest rates and the impact of such fluctuations on customer behavior and on our cost of debt;
•fluctuations in foreign currency exchange rates and the impact of such fluctuations on our revenues, customer demand for our products and on our hedging arrangements;
•volatility in raw material prices and our suppliers’ ability to meet quality and delivery requirements;
•impacts and risk of liabilities from recent mergers, acquisitions, or venture investments, and past divestitures and spin-offs;
•our inability to hire or retain key personnel;
•failure to compete successfully and innovate in our markets;
•failure to manage the distribution of products and services effectively;
•failure to protect our intellectual property rights or violations of the intellectual property rights of others;
•the extent to which there are quality problems with respect to manufacturing processes or finished goods;
•the risk of cybersecurity breaches or failure of any information systems used by the Company, including any flaws in the implementation of any enterprise resource planning systems;
•loss of or decrease in sales from our most significant customers;
•risks due to our operations and sales outside the U.S. and in emerging markets, including the imposition of tariffs and trade sanctions;
•fluctuations in demand or customers’ levels of capital investment, maintenance expenditures, production, and market cyclicality;
•the risk of material business interruptions, particularly at our manufacturing facilities;
•risks related to government contracting, including changes in levels of government spending and regulatory and contractual requirements applicable to sales to the U.S. government;
•fluctuations in our effective tax rate, including as a result of changing tax laws and other possible tax reform legislation in the U.S. and other jurisdictions;
•changes in environmental laws or regulations, discovery of previously unknown or more extensive contamination, or the failure of a potentially responsible party to perform;
•failure to comply with the U.S. Foreign Corrupt Practices Act (or other applicable anti-corruption legislation), export controls and trade sanctions; and
•risk of product liability claims and litigation.
The forward-looking statements included in this release speak only as of the date hereof. We undertake no obligation (and expressly disclaim any obligation) to update any forward-looking statements, whether written or oral or as a result of new information, future events or otherwise.
5

Exhibit 99.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Three Months EndedTwelve Months Ended
December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Revenue$929.0 $829.1 $3,630.7 $3,283.0 
Cost of revenue612.6 543.1 2,383.4 2,175.7 
Gross profit316.4 286.0 1,247.3 1,107.3 
General and administrative expenses73.9 83.3 296.6 294.5 
Sales and marketing expenses54.5 42.8 205.7 174.0 
Research and development expenses28.0 25.5 116.3 102.6 
(Gain) loss on sale of businesses
— 15.3 (47.8)8.1 
(Gain) loss on sale of long-lived assets
0.1 0.3 0.5 (0.1)
Operating income159.9 118.8 676.0 528.2 
Interest expense
11.5 3.8 36.6 19.2 
Interest income
(1.6)(2.3)(6.6)(8.8)
Other non-operating income, net
0.3 (0.2)(1.6)(1.7)
Income from continuing operations before income tax149.7 117.5 647.6 519.5 
Income tax expense22.2 24.2 125.8 104.8 
Income from continuing operations127.5 93.3 521.8 414.7 
Income (loss) from discontinued operations, net of tax
0.1 (0.9)(0.1)(0.9)
Net income127.6 92.4 521.7 413.8 
Less: Income attributable to noncontrolling interests0.6 0.9 3.4 3.3 
Net income attributable to ITT Inc.$127.0 $91.5 $518.3 $410.5 
Amounts attributable to ITT Inc.:
Income from continuing operations$126.9 $92.4 $518.4 $411.4 
Income (loss) from discontinued operations, net of tax0.1 (0.9)(0.1)(0.9)
Net income attributable to ITT Inc.$127.0 $91.5 $518.3 $410.5 
Earnings per share attributable to ITT Inc.:
Basic:
Continuing operations$1.56 $1.13 $6.34 $5.00 
Discontinued operations— (0.02)— (0.01)
Net income$1.56 $1.11 $6.34 $4.99 
Diluted:
Continuing operations$1.55 $1.12 $6.30 $4.97 
Discontinued operations— (0.01)— (0.01)
Net income$1.55 $1.11 $6.30 $4.96 
Weighted average common shares – basic81.5 82.1 81.8 82.3 
Weighted average common shares – diluted82.0 82.6 82.3 82.7 


6

Exhibit 99.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 
As of the Period EndedDecember 31,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$439.3 $489.2 
Receivables, net703.0 675.2 
Inventories591.2 575.4 
Other current assets131.2 117.9 
Total current assets1,864.7 1,857.7 
Non-current assets:
Plant, property and equipment, net577.2 561.0 
Goodwill1,430.1 1,016.3 
Other intangible assets, net454.1 116.6 
Other non-current assets384.6 381.0 
Total non-current assets2,846.0 2,074.9 
Total assets$4,710.7 $3,932.6 
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings$427.6 $187.7 
Accounts payable458.4 437.0 
Accrued and other current liabilities447.2 413.1 
Total current liabilities1,333.2 1,037.8 
Non-current liabilities:
Non-current portion of long-term debt232.6 5.7 
Postretirement benefits119.0 138.7 
Other non-current liabilities256.3 211.3 
Total non-current liabilities607.9 355.7 
Total liabilities1,941.1 1,393.5 
Shareholders’ equity:
Common stock:
Authorized – 250.0 shares, $1 par value per share
Issued and outstanding – 81.5 shares and 82.1 shares, respectively81.5 82.1 
Retained earnings3,099.4 2,778.0 
Accumulated other comprehensive income (loss):
Postretirement benefits3.2 (1.6)
Cumulative translation adjustments(421.5)(330.3)
Total accumulated other comprehensive loss(418.3)(331.9)
Total ITT Inc. shareholders’ equity2,762.6 2,528.2 
Noncontrolling interests7.0 10.9 
Total shareholders’ equity2,769.6 2,539.1 
Total liabilities and shareholders’ equity$4,710.7 $3,932.6 
7

Exhibit 99.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN MILLIONS)
For the Year EndedDecember 31, 2024December 31,
2023
Operating Activities
Income from continuing operations attributable to ITT Inc.$518.4 $411.4 
Adjustments to income from continuing operations:
Depreciation and amortization137.3 109.2 
Equity-based compensation25.9 20.2 
Deferred income tax (benefit) expense(20.6)(27.6)
(Gain) loss on sale of businesses(47.8)8.1 
Loss (gain) on sale of long-lived assets0.5 (0.1)
Other non-cash charges, net30.5 29.0 
Changes in assets and liabilities:
Change in receivables(43.2)(39.2)
Change in inventories2.0 (34.4)
Change in contract assets(7.9)(0.3)
Change in contract liabilities(0.9)23.1 
Change in accounts payable1.8 26.3 
Change in accrued expenses(10.8)47.6 
Change in income taxes(2.1)5.4 
Other, net(20.5)(40.7)
Net Cash – Operating Activities562.6 538.0 
Investing Activities
Capital expenditures(123.9)(107.6)
Proceeds from sale of business177.9 11.5 
Proceeds from sale of long-lived assets1.6 0.9 
Acquisitions, net of cash acquired(864.8)(79.3)
Payments to acquire interest in unconsolidated subsidiaries(2.6)(2.5)
Other, net(6.1)(4.0)
Net Cash – Investing Activities(817.9)(181.0)
Financing Activities
Commercial paper, net borrowings239.5 (266.0)
Long-term debt issued, net of debt issuance costs763.9 — 
Long-term debt repayments
(537.4)(2.2)
Share repurchases under repurchase plan(104.5)(60.0)
Payments for taxes related to net share settlement of stock incentive plans(14.2)(7.2)
Dividends paid(104.7)(95.8)
Other, net(7.7)(1.1)
Net Cash – Financing Activities234.9 (432.3)
Exchange rate effects on cash and cash equivalents(29.0)3.6 
Net cash from discontinued operations – operating activities(0.5)(0.3)
Net change in cash and cash equivalents(49.9)(72.0)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7 and $0.7, respectively)
489.9 561.9 
Cash and cash equivalents – end of year (includes restricted cash of $0.7 and $0.7, respectively)
$440.0 $489.9 
Supplemental Disclosures of Cash Flow and Non-Cash Information:
Cash paid for interest
$33.4 $15.7 
Cash paid for income taxes, net of refunds received
$128.6 $113.1 
Capital expenditures included in current liabilities$31.2 $25.3 
8

Exhibit 99.1
Key Performance Indicators and Non-GAAP Measures
ITT reviews a variety of key performance indicators including revenue, operating income and margin, earnings per share, order growth, and backlog. In addition, we consider certain measures to be useful to management and investors when evaluating our operating performance for the periods presented. These measures provide a tool for evaluating our ongoing operations and management of assets from period to period. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including, but not limited to, acquisitions, dividends, and share repurchases. Some of these metrics, however, are not measures of financial performance under accounting principles generally accepted in the United States of America (GAAP) and should not be considered a substitute for measures determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators for purposes of our reconciliation tables.

Organic Revenues and Organic Orders are defined, respectively, as revenue and orders, excluding the impacts of foreign currency fluctuations, acquisitions, and divestitures that may or may not qualify as discontinued operations. Current year activity from acquisitions is excluded for twelve months following the closing date of acquisition. The period-over-period change resulting from foreign currency fluctuations is estimated using a fixed exchange rate for both the current and prior periods. Prior year revenue and orders are adjusted to exclude activity during the comparable period for twelve months post-closing date for divestitures that do not qualify as discontinued operations. We believe that reporting organic revenue and organic orders provide useful information to investors by helping identify underlying trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers.

Adjusted Operating Income is defined as operating income adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition- and divestiture-related impacts, and unusual or infrequent operating items. Special items represent charges or credits that impact current results, which management views as unrelated to the Company's ongoing operations and performance. Adjusted Operating Margin is defined as adjusted operating income divided by revenue. We believe these financial measures are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.

Adjusted Income from Continuing Operations is defined as income from continuing operations attributable to ITT Inc. adjusted to exclude special items that include, but are not limited to, restructuring, certain asset impairment charges, certain acquisition- and divestiture-related impacts, income tax settlements or adjustments, and unusual or infrequent items. Special items represent charges or credits, on an after-tax basis, that impact current results, which management views as unrelated to the Company’s ongoing operations and performance. The after-tax basis of each special item is determined using the jurisdictional tax rate of where the expense or benefit occurred and the tax deductibility under local tax rules. Adjusted Income from Continuing Operations per Diluted Share (Adjusted EPS) is defined as adjusted income from continuing operations divided by diluted weighted average common shares outstanding. We believe that adjusted income from continuing operations and adjusted EPS are useful to investors and other users of our financial statements in evaluating ongoing operating profitability, as well as in evaluating operating performance in relation to our competitors.

Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. Free Cash Flow Margin is defined as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin provide useful information to investors as it provides insight into a primary cash flow metric used by management to monitor and evaluate cash flows generated by our operations.
9

Exhibit 99.1
ITT Inc. Non-GAAP Reconciliation Statements
(In millions; all amounts unaudited)

Reconciliation of Revenue to Organic Revenue
Fourth Quarter 2024
Full Year 2024
MT
IP
CCT
Elim
Total
MTIPCCTElimTotal
2024 Revenue
$326.0 $362.6 $241.0 $(0.6)$929.0 $1,447.8 $1,361.0 $825.1 $(3.2)$3,630.7 
Less: Acquisitions
— 49.0 51.5 — 100.5 — 156.2 73.9 — 230.1 
Less: Foreign currency translation
(1.3)(6.1)(0.7)— (8.1)(9.7)(13.0)(2.0)— (24.7)
2024 Organic revenue
$327.3 $319.7 $190.2 $(0.6)$836.6 $1,457.5 $1,217.8 $753.2 $(3.2)$3,425.3 
2023 Revenue
$364.7 $289.7 $175.6 $(0.9)$829.1 $1,457.8 $1,129.6 $699.4 $(3.8)$3,283.0 
Less: Divestitures37.3 — 1.8 — 39.1 68.7 — 10.2 0.1 79.0 
2023 Organic revenue
$327.4 $289.7 $173.8 $(0.9)$790.0 $1,389.1 $1,129.6 $689.2 $(3.9)$3,204.0 
Organic Revenue Growth - $
$(0.1)$30.0 $16.4 $46.6 $68.4 $88.2 $64.0 $221.3 
Organic Revenue Growth - %
— %10.4 %9.4 %5.9 %4.9 %7.8 %9.3 %6.9 %
Reported Revenue Growth - $
$(38.7)$72.9 $65.4 $99.9 $(10.0)$231.4 $125.7 $347.7 
Reported Revenue Growth - %
(10.6)%25.2 %37.2 %12.0 %(0.7)%20.5 %18.0 %10.6 %
Reconciliation of Orders to Organic Orders
Fourth Quarter 2024
Full Year 2024
MT
IP
CCT
Elim
Total
MTIPCCTElimTotal
2024 Orders
$321.2 $372.0 $222.4 $(0.8)$914.8 $1,471.6 $1,484.6 $833.0 $(3.5)$3,785.7 
Less: Acquisitions
— 54.2 49.0 — 103.2 — 206.0 61.8 — 267.8 
Less: Foreign currency translation
(0.7)(2.7)(0.5)— (3.9)(8.6)(7.6)(2.1)— (18.3)
2024 Organic orders
$321.9 $320.5 $173.9 $(0.8)$815.5 $1,480.2 $1,286.2 $773.3 $(3.5)$3,536.2 
2023 Orders
$373.0 $285.9 $183.1 $(0.9)$841.1 $1,487.5 $1,227.0 $738.3 $(3.3)$3,449.5 
Less: Divestitures37.3 — 1.7 — 39.0 68.7 — 7.3 — 76.0 
2023 Organic orders
$335.7 $285.9 $181.4 $(0.9)$802.1 $1,418.8 $1,227.0 $731.0 $(3.3)$3,373.5 
Organic Orders Growth - $
$(13.8)$34.6 $(7.5)$13.4 $61.4 $59.2 $42.3 $162.7 
Organic Orders Growth - %
(4.1)%12.1 %(4.1)%1.7 %4.3 %4.8 %5.8 %4.8 %
Reported Orders Growth - $
$(51.8)$86.1 $39.3 $73.7 $(15.9)$257.6 $94.7 $336.2 
Reported Orders Growth - %
(13.9)%30.1 %21.5 %8.8 %(1.1)%21.0 %12.8 %9.7 %
Note: Immaterial differences due to rounding.
10

Exhibit 99.1
ITT Inc. Non-GAAP Reconciliation Statements
(In millions; all amounts unaudited)

Reconciliations of Operating Income/Margin to Adjusted Operating Income/Margin
Fourth Quarter 2024
Fourth Quarter 2023
MTIPCCTCorporateITTMTIPCCTCorporateITT
Reported Operating Income$62.8 $76.9 $39.9 $(19.7)$159.9 $60.3 $57.2 $16.5 $(15.2)$118.8 
Loss on sale of businesses
— — — — — — — 15.3 — 15.3 
Restructuring costs0.4 0.5 0.6 — 1.5 2.5 3.7 0.9 — 7.1 
Acquisition-related expenses— 0.1 1.6 — 1.7 — — 0.8 — 0.8 
Impacts related to Russia-Ukraine war
(0.3)— — — (0.3)(0.6)(0.6)— — (1.2)
Other special items
— — — — — 0.1 0.1 (0.1)— 0.1 
Adjusted Operating Income$62.9 $77.5 $42.1 $(19.7)$162.8 $62.3 $60.4 $33.4 $(15.2)$140.9 
Change in Operating Income4.1 %34.4 %141.8 %29.6 %34.6 %
Change in Adjusted Operating Income1.0 %28.3 %26.0 %29.6 %15.5 %
Reported Operating Margin19.3 %21.2 %16.6 %17.2 %16.5 %19.7 %9.4 %14.3 %
Impact of special item adjustments0 bps20 bps90 bps30 bps 60 bps  110 bps  960 bps  270 bps
Adjusted Operating Margin19.3 %21.4 %17.5 %17.5 %17.1 %20.8 %19.0 %17.0 %
Change in Operating Margin280 bps150 bps720 bps290 bps
Change in Adjusted Operating Margin220 bps60 bps-150 bps50 bps
Full Year 2024Full Year 2023
MTIPCCTCorporateITTMTIPCCTCorporateITT
Reported Operating Income$314.6 $276.3 $146.1 $(61.0)$676.0 $230.8 $243.6 $107.5 $(53.7)$528.2 
(Gain) loss on sale of businesses
(47.8)— — — (47.8)— — 15.3 — 15.3 
Restructuring costs2.7 3.0 2.4 — 8.1 4.0 4.6 1.3 — 9.9 
Acquisition-related expenses— 4.2 2.8 — 7.0 — — 2.4 — 2.4 
Impacts related to Russia-Ukraine war
(0.6)— — — (0.6)1.3 1.2 — — 2.5 
Other special items [a]
— — — — — 0.1 — (0.1)(3.7)(3.7)
Adjusted Operating Income$268.9 $283.5 $151.3 $(61.0)$642.7 $236.2 $249.4 $126.4 $(57.4)$554.6 
Change in Operating Income36.3 %13.4 %35.9 %13.6 %28.0 %
Change in Adjusted Operating Income13.8 %13.7 %19.7 %6.3 %15.9 %
Reported Operating Margin21.7 %20.3 %17.7 %18.6 %15.8 %21.6 %15.4 %16.1 %
Impact of special item adjustments-310 bps50 bps60 bps-90 bps 40 bps  50 bps  270 bps  80 bps
Adjusted Operating Margin18.6 %20.8 %18.3 %17.7 %16.2 %22.1 %18.1 %16.9 %
Change in Operating Margin590 bps-130 bps230 bps250 bps
Change in Adjusted Operating Margin240 bps-130 bps20 bps80 bps
Note: Immaterial differences due to rounding.
[a] 2023 includes income from a recovery of costs associated with the 2020 lease termination of a legacy site.
11

Exhibit 99.1
ITT Inc. Non-GAAP Reconciliation Statements
(In millions; all amounts unaudited)

Reconciliation of Reported vs. Adjusted Income from Continuing Operating and Diluted EPS
Income from Continuing OperationsDiluted Earnings per Share
Q4 2024
Q4 2023
% Change
FY 2024
FY 2023
% Change
Q4 2024
Q4 2023
% Change
FY 2024
FY 2023
% Change
Reported$126.9 $92.4 37.3 %$518.4 $411.4 26.0 %$1.55 $1.12 38.4 %$6.30 $4.97 26.8 %
Special Items Expense / (Income):
(Gain) loss on sale of businesses [a]
— 15.3 (47.8)15.3 — 0.19 (0.58)0.19 
Restructuring costs1.5 7.1 8.1 9.9 0.01 0.09 0.09 0.12 
Acquisition-related costs
1.7 0.8 7.0 2.4 0.02 0.01 0.08 0.03 
Impacts related to Russia-Ukraine war
(0.3)(1.2)(0.6)2.5 — (0.01)(0.01)0.03 
Other pre-tax special items [b]
— 0.1 — (2.3)— (0.01)— (0.04)
Net tax benefit of pre-tax special items
(0.4)(5.4)(3.3)(6.2)— (0.07)(0.04)(0.07)
Other tax-related special items [c][d]
(6.7)1.8 0.5 (2.0)(0.08)0.02 0.02 (0.02)
Adjusted$122.7 $110.9 10.6 %$482.3 $431.0 11.9 %$1.50 $1.34 11.9 %$5.86 $5.21 12.5 %
Note: Amounts may not calculate due to rounding.
Per share amounts are based on diluted weighted average common shares outstanding.
[a]
The (gain) loss on sale of businesses reflects the divestiture of Wolverine in Q3 2024 and the divestiture of Matrix in Q4 2023.
[b]
FY 2023 primarily includes income of $3.7 from a recovery of costs associated with the 2020 lease termination of a legacy site, partially offset by interest expense of $1.4 related to a tax audit settlement in Italy.
[c]
Q4 2024 includes tax benefit from valuation allowance impacts of ($8.9M), tax benefit on undistributed foreign earnings ($7.6M), tax expense on distributions of $7.1M, tax expense from tax rate change impacts of $1.9M, and other tax expense items totaling $0.8M. Full year 2024 includes tax expense on distributions of $12.5M, tax benefit from valuation allowance impacts of ($6.7M), tax benefit on undistributed foreign earnings of ($5.7M), tax benefit related to the Micro-Mode acquisition of ($2.2M), tax expense from tax rate change impacts of $1.6M, and other tax expense items totaling $1.0M.
[d]
Q4 2023 tax-related special items include expense (benefits) from the tax impact on distributions of $5.9, return to accrual adjustments of $(1.8), a change in uncertain tax positions of $(1.5) and other tax special items of $(0.8). FY 2023 tax-related special items include expense (benefits) from valuation allowance reversals of $(16.4), settlements of $14.4 primarily related to a tax audit in Italy, the tax impact on distributions of $7.5, an amendment of our federal tax return of $(4.9), and other tax special items of $(2.6).
12

Exhibit 99.1
ITT Inc. Non-GAAP Reconciliation Statements
(In millions; all amounts unaudited)

Reconciliation of GAAP vs Adjusted EPS Guidance - Full Year 2025
2025 Full-Year Guidance
LowHigh
EPS from Continuing Operations - GAAP
$6.05 $6.45 
Estimated restructuring0.05 0.05 
Other special items0.01 0.01 
Tax on special Items(0.01)(0.01)
EPS from Continuing Operations - Adjusted$6.10 $6.50 
Note: The Company has provided forward-looking non-GAAP financial measures for organic revenue growth and adjusted operating margin. It is not possible, without unreasonable efforts, to estimate the impacts of foreign currency fluctuations, acquisitions, divestitures, and certain other special items that may occur in 2025 as these items are inherently uncertain and difficult to predict. As a result, the Company is unable to quantify certain amounts that would be included in a reconciliation of organic revenue growth and adjusted operating margin to the most directly comparable GAAP financial measures without unreasonable efforts and accordingly has not provided reconciliations for these forward looking non-GAAP financial measures.
13

Exhibit 99.1
ITT Inc. Non-GAAP Reconciliation Statements
(In millions; all amounts unaudited)


Reconciliation of Cash from Operating Activities to Free Cash Flow
Three Months Ended
Full Year Ended
FY 2025 Guidance
12/31/202412/31/202312/31/202412/31/2023LowHigh
Net Cash - Operating Activities$223.2 $170.4 $562.6 $538.0 $575 $625 
Less: Capital expenditures36.4 39.1 123.9 107.6 125 125 
Free Cash Flow$186.8 $131.3 $438.7 $430.4 $450 $500 
Revenue$929.0 $829.1 $3,630.7 $3,283.0 $3,720 $3,720 
[a]
Operating Cash Flow Margin
24.0 %20.6 %15.5 %16.4 %15 %17 %
Free Cash Flow Margin20.1 %15.8 %12.1 %13.1 %12 %13 %
[a] Revenue included in the full year 2025 free cash flow margin guidance represents the expected revenue growth mid-point.


14

v3.25.0.1
Cover
Feb. 06, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 06, 2025
Registrant Name ITT INC.
Entity Incorporation, State or Country Code IN
Entity File Number 001-05672
Entity Tax Identification Number 81-1197930
Entity Address, Address Line One 100 Washington Boulevard
Entity Address, Address Line Two 6th Floor
Entity Address, City or Town Stamford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06902
City Area Code 914
Local Phone Number 641-2000
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $1 per share
Trading Symbol ITT
Security Exchange Name NYSE
Entity Emerging Growth Company false
Central Index Key 0000216228
Amendment Flag false
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