ITT Q2 revenue up 34% to $691.6M, raises 2021 guidance; exits asbestos liabilities

ITT INC.

2021-Q2 EPS reported $1.44 revenue$1,390,000,000

Q2 revenue $691.6M (+34% reported, +29% organic); segment op margin 16.5% (+930 bps).
GAAP EPS $0.45 (-15% YoY); adjusted EPS $0.94 (+65% YoY, above 2019 level).
Divested InTelCo (asbestos liabilities) on Jul 1; recorded $28M after-tax loss.
Raised FY2021 guidance: organic revenue growth 8-10%; adj. EPS $3.90-$4.05 (+22-27%).
Motion Tech revenue +72%; Friction share gains; 10 new EV platform awards in Q2.

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