ITT Inc.: Initiation of Coverage – Will Its Outstanding performance In The China Market Last?

ITT Corporation delivered strong results in the first quarter of 2024, surpassing revenue, margin, and EPS expectations. The company continued its robust performance, building on the momentum it achieved in 2023. The company achieved organic order growth of around 7% or 13% in total, which led them to nearly $1 billion in order bookings. Their Q1 revenue grew 9% organically or 14% in total, going beyond $900 million of sales. ITT’s adjusted operating margin expanded by 120 basis points to reach 17%, showcasing substantial progress across all business divisions.