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ITT Inc. (ITT+0.93%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenue of $3,630.7 million for 2024, an increase of 10.6% from the previous year. This growth was driven by acquisitions and higher sales volume across its segments.
Operating income for the year was $676.0 million, a 28.0% increase from 2023, with an operating margin of 18.6%.
Net income attributable to ITT Inc. was $518.3 million, a 26.3% increase compared to 2023. Earnings per diluted share were reported at $6.30.
The Motion Technologies segment reported revenue of $1,447.8 million, a slight decrease due to the divestiture of the Wolverine business.
Industrial Process revenue increased to $1,361.0 million, largely due to the acquisition of Svanehøj Group A/S.
Connect & Control Technologies revenue rose to $825.1 million, supported by the acquisition of kSARIA Parent, Inc.
The company completed the sale of its Wolverine business for $186.2 million and acquired Svanehøj and kSARIA, enhancing its portfolio in the energy and aerospace markets.
ITT Inc. ended the year with total assets of $4,710.7 million and total liabilities of $1,941.1 million.
The company declared dividends of $1.276 per share in 2024, reflecting a 10% increase over the previous year.
ITT Inc. repurchased 0.8 million shares of its common stock for $104.8 million during the year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ITT Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.