- Revenue up 34% (organic revenue up 29%) driven primarily by strength in Friction
- Segment operating margin of 16.5%, up 930 bps; up 390 bps adjusted
- EPS of $0.45, down 15%; adjusted EPS of $0.94, up 65% vs. 2020 and above 2019 levels
- Completed divestiture of all legacy asbestos liabilities
- Raising full-year 2021 revenue and EPS guidance
WHITE PLAINS, N.Y.–(BUSINESS WIRE)–August 5, 2021– ITT Inc. (NYSE: ITT) reported financial results for the second quarter ended July 3, 2021. The company delivered a year-over-year revenue increase of 34% (29% organic) driven by growth in our Motion Technologies’ Friction business, as well as growth across all other segments.
Segment operating margin for the second quarter of 16.5% expanded 930 basis points driven by higher sales volume, net productivity, cost action benefits, and higher restructuring charges in 2020, and was partially offset by higher raw material costs, a reversal of temporary cost reductions that were taken in response to the COVID-19 pandemic, and strategic growth investments.
Earnings per share of $0.45 decreased 15% from prior year primarily driven by a $28 million after-tax loss on the divestiture of InTelCo Management LLC (“InTelCo”), formerly a wholly-owned subsidiary that holds legacy asbestos liabilities and related insurance assets, prior-year income tax benefits and increased corporate and environmental costs. The loss was partially offset by higher sales volume and productivity, including the benefits of 2020 cost actions. Excluding the loss on the InTelCo divestiture and other items, adjusted earnings per share of $0.94 was up 65% compared to prior year and exceeded adjusted EPS for the same quarter in 2019.
Operating cash flow of $(232) million declined by $435 million mainly driven by a $398 million payment related to the InTelCo divestiture and investments in working capital, both of which also impacted free cash flow.
Table 1. Second Quarter Performance
|
|
Q2 2021 |
Q2 2020 |
Change |
||||||
|
Revenue |
$ |
691.6 |
|
$ |
514.7 |
|
34.4 |
% |
|
|
Organic Growth |
|
|
|
|
|
|
29.5 |
% |
|
|
Segment Operating Income |
$ |
114.1 |
|
$ |
37.3 |
|
205.9 |
% |
|
|
Segment Operating Margin |
|
16.5 |
% |
|
7.2 |
% |
930 |
bps |
|
|
Adjusted Segment Operating Income |
$ |
114.2 |
|
$ |
64.6 |
|
76.8 |
% |
|
|
Adjusted Segment Operating Margin |
|
16.5 |
% |
|
12.6 |
% |
390 |
bps |
|
|
Earnings Per Share |
$ |
0.45 |
|
$ |
0.53 |
|
(15.1) |
% |
|
|
Adjusted Earnings Per Share |
$ |
0.94 |
|
$ |
0.57 |
|
64.9 |
% |
|
|
Operating Cash Flow |
$ |
(231.6) |
|
$ |
203.1 |
|
(214.0) |
% |
|
|
Free Cash Flow |
$ |
(266.7) |
|
$ |
168.8 |
|
(258.0) |
% |
|
Note: all results unaudited
Divestiture of Subsidiary Holding Legacy Liabilities
On July 1, 2021, ITT divested InTelCo to Delticus HoldCo, L.P. (“Delticus”), a corporate liability consolidation vehicle and portfolio company of Warburg Pincus LLC, a leading global private equity firm. Delticus acquired 100% of the equity of InTelCo, which agreed to indemnify ITT for all legacy asbestos liabilities. At closing, ITT contributed $398 million in cash to InTelCo.
As a result of the transaction, ITT eliminated all asbestos obligations, related insurance assets and associated deferred tax assets from the company’s consolidated balance sheet. The company recorded a one-time after-tax loss of $28 million in the second quarter of 2021 related to the divestiture, which is excluded from adjusted earnings per share.
Management Commentary
“ITT performed exceptionally well in the second quarter whilst positioning the company for long-term growth,” said Luca Savi, Chief Executive Officer and President of ITT. “With the divestiture of all legacy asbestos liabilities and the transfer of our U.S. pension liability complete, we are focused more than ever on growing ITT both organically and through M&A. We drove 47% organic orders growth in the second quarter, with strength across connectors, our short-cycle industrial portfolio, and in rail and auto. Specifically, in auto, we continued to gain traction on key electric vehicle (EV) platforms with leading EV manufacturers, which included ten new awards this quarter, seven of which are in China. Together these actions provide runway for continued success over the long-term.
Savi concluded, “Given our strong first half performance, we now expect adjusted earnings per share to grow 22 to 27 percent versus prior year, positioning ITT to surpass 2019 adjusted EPS levels. Our outlook for organic sales growth is now 8% to 10% for the year and our cash generation continues to improve. These results are a testament to our ability to outperform the market by driving profitable growth, leveraging our lower fixed cost base and effectively navigating significant market headwinds. We are driving superior financial results whilst executing on our strategic objectives and preparing the company for the long term.”
Table 2. Second Quarter Segment Results
|
|
Revenue |
|
Operating Income |
||||||||||||
|
|
Q2 2021 |
Reported |
Organic |
|
Q2 2021 |
Reported |
Adjusted |
||||||||
|
Motion Technologies |
$ |
343.6 |
|
72.4 |
% |
63.6 |
% |
|
$ |
64.7 |
|
522.1 |
% |
165.2% |
|
|
Industrial Process |
213.9 |
|
10.7 |
% |
7.7 |
% |
|
31.5 |
|
70.3 |
% |
18.9% |
|
||
|
Connect & Control Technologies |
134.5 |
|
9.4 |
% |
8.0 |
% |
|
17.9 |
|
113.1 |
% |
31.4% |
|
||
|
Total segment results |
691.6 |
|
34.4 |
% |
29.5 |
% |
|
114.1 |
|
205.9 |
% |
76.8% |
|
||
Note: all results unaudited; excludes intercompany eliminations; comparisons to Q2 2020
Motion Technologies revenue increased primarily due to strength in the global automotive markets and continued share gains in our Friction business, aided by increased revenues in our Wolverine business due to growth in sealings and original equipment (OE) shims. Operating income improved from $10 million to $65 million primarily due to strong sales volume, net productivity, favorable foreign currency, and the impact of higher restructuring costs on prior-year results, partially offset by significant headwinds related to higher raw materials costs, as anticipated, and strategic growth investments.
Industrial Process revenue increased primarily due to growth in pump projects within the oil and gas, chemical and general industrial markets, aided by easier comparisons given declines in the second quarter of 2020. Operating income increased from $19 million to $32 million primarily due to higher sales volume, net productivity, price, and the impact of higher restructuring costs on prior-year results, partially offset by the unfavorable mix of sales due to higher pump project sales.
Connect and Control Technologies revenue increased primarily due to Connector sales in the industrial market partially offset by continued weakness in commercial aerospace due to elevated inventory levels at OEM customers. Operating income increased from $8 million to $18 million primarily driven by higher sales volume and net productivity, including restructuring benefits, and the impact of higher restructuring costs on prior-year results.
2021 Guidance
The company raised its full-year 2021 guidance to reflect the better second quarter results and stronger outlook than anticipated for the second half of 2021 despite higher than anticipated headwinds from raw material costs, particularly in our Motion Technologies segment. We now expect revenue growth of 11% to 13%, or an increase of 8% to 10% on an organic basis; earnings per share of $3.35 to $3.55, up 329% to 355%, and adjusted earnings per share of $3.90 to $4.05 per share, up 22% to 27%. Segment operating margin of 16.8% to 17.3%, up 390 to 440 bps, and adjusted segment operating margin of 16.9% to 17.4%, up 170 to 220 bps, are unchanged due primarily to the impact of higher raw material costs offsetting higher sales volumes anticipated in the second half of 2021.
Investor Conference Call Details
ITT’s management will host a conference call for investors on Friday, August 6 at 8:30 a.m., Eastern Time. The briefing can be monitored live via webcast at the following address on the company’s website: www.itt.com/investors. A replay of the webcast will be available for 90 days following the presentation. A replay will also be available telephonically from two hours after the webcast until Friday, August 20, 2021, at midnight, Eastern time. 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.
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 and 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,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “future,” “may,” “will,” “could,” “should,” “potential,” “continue,” “guidance” 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, there can be no 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:
- impacts on our business due to the COVID-19 pandemic and the rise of the COVID-19 Delta variant, as well as the timing, effectiveness and availability of vaccines or other medical remedies and people’s attitudes towards receiving them; including disruptions to our operations and demand for our products, increased costs, disruption of supply chain and other constraints in the availability of key commodities and other necessary services, government-mandated site closures, employee illness, skilled labor shortage, the impact of travel restrictions and stay-in-place restrictions on our business and workforce, customer and supplier bankruptcies, impacts to the global economy and financial markets, and liquidity challenges in accessing capital markets;
- uncertain global economic and capital markets conditions, including due to COVID-19, trade disputes between the U.S. and its trading partners, the new U.S. administration, political and social unrest, and the availability and fluctuations in prices of steel, oil, copper, and other commodities;
- volatility in raw material prices and our suppliers’ ability to meet quality and delivery requirements;
- fluctuations in demand or customers’ levels of capital investment and maintenance expenditures, especially in the oil and gas, chemical, and mining markets, or changes in our customers’ anticipated production schedules, especially in the commercial aerospace market;
- failure to manage the distribution of products and services effectively;
- the risk of material business interruptions, particularly at our manufacturing facilities;
- risks due to our operations and sales outside the U.S. and in emerging markets;
- the extent to which there are quality problems with respect to manufacturing processes or finished goods;
- loss of or decrease in sales from our most significant customers;
- fluctuations in foreign currency exchange rates;
- failure to compete successfully and innovate in our markets;
- 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;
- failure to protect our intellectual property rights or violations of the intellectual property rights of others;
- the risk of cybersecurity breaches;
- changes in laws relating to the use and transfer of personal and other information;
- failure of portfolio management strategies, including cost-saving initiatives, to meet expectations;
- 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, including tariffs;
- risk of product liability claims and litigation; and
- risk of liabilities from past divestitures and spin-offs.
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.
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||
| (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| July 3, 2021 |
June 27, 2020 |
July 3, 2021 |
June 27, 2020 |
||||||||||
| Revenue | $ |
691.6 |
$ |
514.7 |
$ |
1,390.0 |
$ |
1,178.0 |
|||||
| Costs of revenue |
467.0 |
351.1 |
936.4 |
805.0 |
|||||||||
| Gross profit |
224.6 |
163.6 |
453.6 |
373.0 |
|||||||||
| General and administrative expenses |
60.2 |
44.6 |
112.3 |
101.7 |
|||||||||
| Sales and marketing expenses |
38.3 |
35.7 |
75.0 |
77.3 |
|||||||||
| Research and development expenses |
23.2 |
18.9 |
47.5 |
41.6 |
|||||||||
| Asbestos-related (benefit) costs, net |
(76.8) |
16.0 |
(74.4) |
(24.7) |
|||||||||
| Restructuring costs |
0.1 |
27.9 |
3.7 |
31.0 |
|||||||||
| Asset impairment charges |
– |
– |
– |
16.3 |
|||||||||
| Operating income |
179.6 |
20.5 |
289.5 |
129.8 |
|||||||||
| Interest and non-operating (income) expenses, net |
(3.5) |
2.2 |
(4.8) |
2.8 |
|||||||||
| Income from continuing operations before income tax expense |
183.1 |
18.3 |
294.3 |
127.0 |
|||||||||
| Income tax expense (benefit) |
143.9 |
(28.1) |
168.6 |
(3.4) |
|||||||||
| Income from continuing operations |
39.2 |
46.4 |
125.7 |
130.4 |
|||||||||
| Income from discontinued operations, net of tax expense of $0.0, $0.3, $0.0, and $0.7, respectively |
– |
1.6 |
– |
2.7 |
|||||||||
| Net income |
39.2 |
48.0 |
125.7 |
133.1 |
|||||||||
| Less: Income attributable to noncontrolling interests |
0.2 |
0.0 |
0.5 |
0.3 |
|||||||||
| Net income attributable to ITT Inc. | $ |
39.0 |
$ |
48.0 |
$ |
125.2 |
$ |
132.8 |
|||||
| Amounts attributable to ITT Inc.: | |||||||||||||
| Income from continuing operations, net of tax | $ |
39.0 |
$ |
46.4 |
$ |
125.2 |
$ |
130.1 |
|||||
| Income from discontinued operations, net of tax |
– |
1.6 |
– |
2.7 |
|||||||||
| Net income attributable to ITT Inc. | $ |
39.0 |
$ |
48.0 |
$ |
125.2 |
$ |
132.8 |
|||||
| Earnings per share attributable to ITT Inc.: | |||||||||||||
| Basic earnings per share: | |||||||||||||
| Continuing operations | $ |
0.45 |
$ |
0.54 |
$ |
1.45 |
$ |
1.50 |
|||||
| Discontinued operations |
– |
0.02 |
– |
0.03 |
|||||||||
| Net income | $ |
0.45 |
$ |
0.56 |
$ |
1.45 |
$ |
1.53 |
|||||
| Diluted earnings per share: | |||||||||||||
| Continuing operations | $ |
0.45 |
$ |
0.53 |
$ |
1.44 |
$ |
1.49 |
|||||
| Discontinued operations |
– |
0.02 |
– |
0.03 |
|||||||||
| Net income | $ |
0.45 |
$ |
0.55 |
$ |
1.44 |
$ |
1.52 |
|||||
| Weighted average common shares – basic |
86.1 |
86.3 |
86.2 |
87.0 |
|||||||||
| Weighted average common shares – diluted |
86.5 |
86.8 |
86.7 |
87.6 |
|||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) | |||||||
| (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) | |||||||
|
July 3, |
December 31, |
||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
578.8 |
$ |
859.8 |
|||
| Receivables, net |
553.4 |
507.5 |
|||||
| Inventories, net |
406.2 |
360.5 |
|||||
| Other current assets |
88.8 |
189.5 |
|||||
| Total current assets |
1,627.2 |
1,917.3 |
|||||
| Plant, property and equipment, net |
502.7 |
525.1 |
|||||
| Goodwill |
936.3 |
944.8 |
|||||
| Other intangible assets, net |
95.8 |
106.4 |
|||||
| Asbestos-related assets |
– |
353.7 |
|||||
| Deferred income taxes |
37.3 |
158.3 |
|||||
| Other non-current assets |
263.0 |
272.0 |
|||||
| Total non-current assets |
1,835.1 |
2,360.3 |
|||||
| Total assets | $ |
3,462.3 |
$ |
4,277.6 |
|||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities: | |||||||
| Commercial paper and current maturities of long-term debt | $ |
199.7 |
$ |
106.8 |
|||
| Accounts payable |
337.8 |
306.8 |
|||||
| Accrued liabilities |
362.5 |
457.4 |
|||||
| Total current liabilities |
900.0 |
871.0 |
|||||
| Asbestos-related liabilities |
– |
840.6 |
|||||
| Postretirement benefits |
222.0 |
227.5 |
|||||
| Other non-current liabilities |
200.0 |
210.6 |
|||||
| Total non-current liabilities |
422.0 |
1,278.7 |
|||||
| Total liabilities |
1,322.0 |
2,149.7 |
|||||
| Shareholders’ equity: | |||||||
| Common stock: | |||||||
|
Authorized – 250.0 shares, $1 par value per share |
|||||||
|
Issued and outstanding – 86.1 shares and 86.5 shares, respectively |
86.1 |
86.5 |
|||||
| Retained earnings |
2,353.1 |
2,319.3 |
|||||
| Total accumulated other comprehensive loss |
(301.0) |
(279.4) |
|||||
| Total ITT Inc. shareholders’ equity |
2,138.2 |
2,126.4 |
|||||
| Noncontrolling interests |
2.1 |
1.5 |
|||||
| Total shareholders’ equity |
2,140.3 |
2,127.9 |
|||||
| Total liabilities and shareholders’ equity | $ |
3,462.3 |
$ |
4,277.6 |
|||
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
| (IN MILLIONS) | |||||||
| Six Months Ended | |||||||
| July 3, 2021 |
June 27, 2020 |
||||||
| Operating Activities | |||||||
| Income from continuing operations attributable to ITT Inc. | $ |
125.2 |
$ |
130.1 |
|||
| Adjustments to income from continuing operations: | |||||||
| Depreciation and amortization |
57.2 |
54.5 |
|||||
| Equity-based compensation |
7.4 |
5.8 |
|||||
| Asbestos-related benefit, net |
(74.4) |
(24.7) |
|||||
| Asset impairment charges |
– |
16.3 |
|||||
| Other non-cash charges, net |
11.2 |
23.5 |
|||||
| Asbestos-related payments, net |
(4.5) |
(7.6) |
|||||
| Divestiture of asbestos-related assets and liabilities |
(398.0) |
– |
|||||
| Changes in assets and liabilities: | |||||||
| Change in receivables |
(51.6) |
97.2 |
|||||
| Change in inventories |
(50.8) |
2.0 |
|||||
| Change in accounts payable |
32.1 |
(62.3) |
|||||
| Change in accrued expenses |
12.9 |
5.7 |
|||||
| Change in income taxes |
123.1 |
(17.5) |
|||||
| Other, net |
(21.4) |
(19.9) |
|||||
| Net Cash – Operating Activities |
(231.6) |
203.1 |
|||||
| Investing Activities | |||||||
| Capital expenditures |
(35.1) |
(34.3) |
|||||
| Other, net |
0.4 |
(2.8) |
|||||
| Net Cash – Investing Activities |
(34.7) |
(37.1) |
|||||
| Financing Activities | |||||||
| Commercial paper, net borrowings |
95.4 |
51.0 |
|||||
| Short-term revolving loans, borrowings |
– |
495.8 |
|||||
| Short-term revolving loans, repayments |
– |
(406.2) |
|||||
| Long-term debt, repayments |
(1.3) |
(1.2) |
|||||
| Repurchase of common stock |
(61.4) |
(83.7) |
|||||
| Dividends paid |
(38.1) |
(14.6) |
|||||
| Other, net |
0.3 |
0.1 |
|||||
| Net Cash – Financing Activities |
(5.1) |
41.2 |
|||||
| Exchange rate effects on cash and cash equivalents |
(9.2) |
(0.2) |
|||||
| Net cash – operating activities of discontinued operations |
(0.2) |
0.1 |
|||||
| Net change in cash and cash equivalents |
(280.8) |
207.1 |
|||||
| Cash and cash equivalents – beginning of year (includes restricted cash of $0.8 and $0.8, respectively) |
860.6 |
612.9 |
|||||
| Cash and Cash Equivalents – End of Period (includes restricted cash of $1.0 and $0.9, respectively) | $ |
579.8 |
$ |
820.0 |
|||
| Supplemental Disclosures of Cash Flow Information | |||||||
| Cash paid during the year for: | |||||||
| Interest | $ |
0.7 |
$ |
1.2 |
|||
| Income taxes, net of refunds received | $ |
42.3 |
$ |
10.7 |
|||
| Key Performance Indicators and Non-GAAP Measures |
| Management reviews a variety of key performance indicators including revenue, segment operating income and margins, earnings per share, order growth, and backlog, some of which are calculated on a non-GAAP basis. 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 and acquisitions. The period-over-period change resulting from foreign currency fluctuations is estimated using a fixed exchange rate for both the current and prior periods. Management believes that reporting organic revenue and organic orders provides 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 and Adjusted Segment Operating Income are defined, respectively, as total operating income and segment operating income, adjusted to exclude special items that include, but are not limited to, asbestos-related impacts, impairments, restructuring, realignment, certain acquisition-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 and Adjusted Segment Operating Margin are defined as adjusted operating income or adjusted segment operating income divided by revenue. Adjusted Segment Decremental or Incremental Operating Margin is defined as the change in adjusted segment operating income divided by the change in 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 and Adjusted EPS are defined, respectively, as income from continuing operations attributable to ITT Inc. and income from continuing operations attributable to ITT Inc. per diluted share, adjusted to exclude special items that include, but are not limited to, asbestos-related impacts, impairments, restructuring, realignment, pension settlement and curtailment impacts, certain acquisition-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. We believe that adjusted income from continuing operations is 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. We believe that free cash flow provides useful information to investors as it provides insight into the primary cash flow metric used by management to monitor and evaluate cash flows generated by our operations. |
| ITT Inc. Non-GAAP Reconciliation | |||||||||||||||||||||||||||
| Reported vs. Organic Revenue / Orders | |||||||||||||||||||||||||||
| Second Quarter 2021 & 2020 | |||||||||||||||||||||||||||
| (In Millions) | |||||||||||||||||||||||||||
|
(all amounts unaudited) |
|||||||||||||||||||||||||||
| (As Reported – GAAP) | (As Adjusted – Organic) | ||||||||||||||||||||||||||
| (A) | (B) | (C) | (D) | (E) | (F) = A-D-E | (G) =C-D-E | (H) = G / B | ||||||||||||||||||||
| $ Change | % Change | Revenue / | $ Change | % Change | |||||||||||||||||||||||
| Q2 2021 | Q2 2020 | 2021 vs. 2020 |
2021 vs. 2020 |
Acquisitions Q2 2021 |
FX Impact Q2 2021 |
Orders Q2 2021 |
Adj. 2021 vs. 2020 |
Adj. 2021 vs. 2020 |
|||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||
| ITT Inc. |
$ |
691.6 |
$ |
514.7 |
$ |
176.9 |
34.4 |
% |
$ |
– |
$ |
25.2 |
$ |
666.4 |
$ |
151.7 |
29.5 |
% |
|||||||||
| Motion Technologies |
|
343.6 |
|
199.3 |
|
144.3 |
72.4 |
% |
|
– |
|
17.5 |
|
326.1 |
|
126.8 |
63.6 |
% |
|||||||||
| Industrial Process |
|
213.9 |
|
193.3 |
|
20.6 |
10.7 |
% |
|
– |
|
5.8 |
|
208.1 |
|
14.8 |
7.7 |
% |
|||||||||
| Connect & Control Technologies |
|
134.5 |
|
122.9 |
|
11.6 |
9.4 |
% |
|
– |
|
1.8 |
|
132.7 |
|
9.8 |
8.0 |
% |
|||||||||
| Orders | |||||||||||||||||||||||||||
| ITT Inc. |
$ |
735.8 |
$ |
485.4 |
$ |
250.4 |
51.6 |
% |
$ |
– |
$ |
23.0 |
$ |
712.8 |
$ |
227.4 |
46.8 |
% |
|||||||||
| Motion Technologies |
|
346.1 |
|
187.1 |
|
159.0 |
85.0 |
% |
|
– |
|
16.5 |
|
329.6 |
|
142.5 |
76.2 |
% |
|||||||||
| Industrial Process |
|
231.2 |
|
191.7 |
|
39.5 |
20.6 |
% |
|
– |
|
4.9 |
|
226.3 |
|
34.6 |
18.0 |
% |
|||||||||
| Connect & Control Technologies |
|
159.0 |
|
107.1 |
|
51.9 |
48.5 |
% |
|
– |
|
1.6 |
|
157.4 |
|
50.3 |
47.0 |
% |
|||||||||
| Note: Excludes intercompany eliminations. | |||||||||||||||||||||||||||
| Amounts may not calculate due to rounding. | |||||||||||||||||||||||||||
Contacts
Investor Contact
Mark Macaluso
+1 914-641-2064
mark.macaluso@itt.com
Read full story here
