ITT (ITT) Q3 FY2023 earnings: revenue $822 million, up 9.1% on the year

ITT Inc. (ITT) reported revenue of $822 million for Q3 FY2023, the quarter ended 30 September 2023, up 9.1% on the same quarter a year earlier. Net income was $111 million, up 8.2% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$822 millionup 9.1%

Net income$111 millionup 8.2%

Diluted EPS$1.34

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	822	n/a	n/a	n/a
Cost of revenue	543	n/a	n/a	n/a
Gross profit	279	n/a	n/a	n/a
Gross margin	34.0%	n/a	n/a
Research and development	25.0	n/a	n/a	n/a
Operating income	143	n/a	n/a	n/a
Operating margin	17.4%	n/a	n/a
Interest expense	4.2	n/a	n/a	n/a
Pre-tax income	142	n/a	n/a	n/a
Income tax	29.9	n/a	n/a	n/a
Effective tax rate	21.1%	n/a	n/a
Net income	111	n/a	n/a	n/a
Net margin	13.5%	n/a	n/a
Diluted EPS	$1.34	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Capital expenditure	22.2	n/a	n/a	n/a
Cash from investing	-22.2	n/a	n/a	n/a
Cash from financing	-169	n/a	n/a	n/a
Depreciation and amortisation	27.4	n/a	n/a	n/a
Share-based compensation	5.4	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	23.8	n/a	n/a	n/a
Dividend per share	$0.29	n/a	n/a	n/a
Diluted shares, weighted	82m	n/a	n/a	n/a
Shares outstanding at period end	82m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,409	n/a	n/a	n/a
Non-controlling interest	10.1	n/a	n/a	n/a
Short-term borrowings	0.5	n/a	n/a	n/a
Debt	6.5	n/a	n/a	n/a
Operating lease liabilities	69.6	n/a	n/a	n/a
Other liabilities	1,306	n/a	n/a	n/a
Total liabilities and equity	3,802	n/a	n/a	n/a
Fixed assets	523	n/a	n/a	n/a
Goodwill	1,001	n/a	n/a	n/a
Intangible assets	123	n/a	n/a	n/a
Cash and equivalents	431	n/a	n/a	n/a
Receivables	674	n/a	n/a	n/a
Inventory	574	n/a	n/a	n/a
Other assets	476	n/a	n/a	n/a
Total assets	3,802	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	822	829	911	906	885	929	913	972	999	1,054	1,212	1,473
Cost of revenue	543	543	610	590	571	613	590	622	644	680	783	963
Gross profit	279	286	302	317	315	316	323	351	355	374	429	510
Gross margin	34%	34%	33%	35%	36%	34%	35%	36%	36%	35%	35%	35%
R&D	25.0	25.5	30.0	29.7	28.6	28.0	26.9	29.0	28.1	26.8	33.1	35.8
Operating income	143	119	150	160	209	160	151	175	180	179	141	180
Operating margin	17%	14%	16%	18%	24%	17%	17%	18%	18%	17%	12%	12%
Interest expense	4.2	n/a	7.7	7.4	10.0	61.7	9.3	12.6	11.7	81.7	24.7	49.7
Pre-tax income	142	118	146	154	200	150	144	164	172	170	129	135
Tax rate	21%	21%	23%	22%	19%	15%	24%	26%	26%	22%	38%	36%
Net income	111	91.5	112	120	162	127	108	121	127	132	78.0	84.9
Net margin	13%	11%	12%	13%	18%	14%	12%	12%	13%	12%	6%	6%
Diluted EPS	$1.34	$1.11	$1.35	$1.45	$1.96	$1.54	$1.33	$1.52	$1.62	$1.64	$0.89	$0.95
Capital expenditure	22.2	39.1	27.7	23.2	36.6	36.4	36.8	16.4	27.7	40.4	26.1	29.1
Buybacks	0.0	0.0	0.0	79.0	25.0	0.5	100	401	0.1	20.1	100	4.9
Dividends paid	23.8	23.9	26.5	26.1	26.1	26.0	28.7	27.5	27.3	27.5	35.0	34.5
Shares outstanding	82m	82m	82m	82m	82m	82m	81m	78m	78m	86m	89m	89m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0000216228-23-000039: the filing on EDGAR. All of ITT Inc.'s filings: EDGAR company page.

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