ITT Inc (ITT) released its first quarter results on Sunday, May 9, 2021. The company reported net earnings of $0.99 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 3 percent compared to the same period a year ago.
ITT Inc. was incorporated in 1920 and is headquartered in White Plains, New York. ITT Inc. manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies.
ITT's revenue decreased 11 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 36.87% for the first quarter compared to the same period in the previous year, and operating margins increased to 16.6% over the same period. Net earnings for past trailing twelve months were $71.0 million, down 79% from the prior year.
Moving on to the balance sheet, ITT's cash levels dropped 7% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 30.07% this past year. The current ratio for ITT now stands at 2.29. The company decreased shares outstanding by 0.23%.
Shares of ITT are currently trading around $98.96. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 117.1 and price to book ratio of 4.08.
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This article was written by Value Investing News (https://www.valueinvestingnews.com) on Monday, May 10, 2021.