ITT Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2021
February 09, 2022 at 05:45 pm EST
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ITT Inc. reported earnings results for the fourth quarter and full year ended December 31, 2021. For the fourth quarter, the company reported sales was USD 685.4 million compared to USD 708.6 million a year ago. Net income was USD 103.6 million compared to net loss of USD 13.5 million a year ago. Basic earnings per share from continuing operations was USD 1.2 compared to basic loss per share from continuing operations of USD 0.16 a year ago. Diluted earnings per share from continuing operations was USD 1.2 compared to diluted loss per share from continuing operations of USD 0.16 a year ago. Basic earnings per share was USD 1.21 compared to basic loss per share of USD 0.16 a year ago. Diluted earnings per share was USD 1.2 compared to diluted loss per share of USD 0.16 a year ago.
For the full year, sales was USD 2,765 million compared to USD 2,477.8 million a year ago. Net income was USD 316.3 million compared to USD 72.5 million a year ago. Basic earnings per share from continuing operations was USD 3.66 compared to USD 0.79 a year ago. Diluted earnings per share from continuing operations was USD 3.64 compared to USD 0.78 a year ago. Basic earnings per share was USD 3.68 compared to USD 0.84 a year ago. Diluted earnings per share was USD 3.66 compared to USD 0.83 a year ago.
ITT Inc. is a diversified manufacturer of engineered critical components and customized technology solutions for the transportation, industrial and energy markets. Its segments include Motion Technologies (MT), Industrial Process (IP), and Connect & Control Technologies (CCT). The MT segment manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation markets. The IP segment manufactures engineered fluid process equipment serving a diversified mix of customers in global industries such as chemical, energy, mining, and other industrial process markets and is a provider of plant optimization and efficiency solutions and aftermarket services and parts. The CCT segment manufactures connector solutions, critical energy absorption, flow control components, and composite materials for the aerospace and defense, general industrial, medical, and energy markets.