ITT (ITT) FY2023 results: revenue $3.3 billion, up 9.9% on the year

ITT Inc. (ITT) reported revenue of $3.3 billion for fiscal 2023, the year ended 31 December 2023, up 9.9% on the year before. Net income was $412 million, up 12.3%, and diluted earnings per share $4.98. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.

Revenue

$3.3 billion

+9.9% on the year

FY2016FY2023

Operating margin

16.2%

15.7% a year earlier

FY2016FY2023

Net income

$412 million

+12.3% on the year

FY2016FY2023

Diluted EPS

$4.98

+13.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,283	2,988	2,765	+9.9%
Cost of revenue	2,176	2,065	1,866	+5.3%
Gross profit	1,110	922	900	+20.3%
Gross margin	33.8%	30.9%	32.5%
Research and development	103	96.5	94.9	+6.3%
Operating income	530	468	504	+13.4%
Operating margin	16.2%	15.7%	18.2%
Interest expense	19.2	10.9	n/a	+76.1%
Pre-tax income	522	462	509	+13.0%
Income tax	105	91.1	190	+15.7%
Effective tax rate	20.2%	19.7%	37.2%
Net income	412	367	316	+12.3%
Net margin	12.6%	12.3%	11.4%
Diluted EPS	$4.98	$4.38	$3.66	+13.7%

$ 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

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	538	278	-7.6	+93.6%
Capital expenditure	108	104	88.4	+3.6%
Free cash flow	430	174	-96.0	+147.3%
Free cash flow margin	13.1%	5.8%	-3.5%
Cash from investing	-181	-255	-82.3
Cash from financing	-432	-83.3	-99.8
Depreciation and amortisation	109	107	113	+1.7%
Share-based compensation	20.2	18.1	16.5	+11.6%
Buybacks	60.0	245	105	-75.5%
Dividends paid	95.8	87.9	75.8	+9.0%
Dividend per share	$1.16	$1.06	$0.88	+9.8%
Diluted shares, weighted	83m	84m	86m	-1.2%
Shares outstanding at period end	82m	83m	86m	-0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,528	2,248	2,226	+12.5%
Non-controlling interest	10.9	9.3	4.9	+17.2%
Debt	193	451	198	-57.1%
Operating lease liabilities	72.3	58.9	64.0	+22.8%
Other liabilities	1,128	1,013	1,073	+11.3%
Total liabilities and equity	3,933	3,780	3,565	+4.0%
Fixed assets	561	527	509	+6.5%
Goodwill	1,016	965	924	+5.3%
Intangible assets	117	113	85.7	+3.4%
Investments	0.0	0.0	0.0
Cash and equivalents	489	561	648	-12.8%
Receivables	675	629	555	+7.4%
Inventory	575	534	431	+7.8%
Other assets	499	452	413	+10.4%
Total assets	3,933	3,780	3,565	+4.0%

10-K for the year ended 31 December 2023, filed 12 February 2024: the filing.