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ITT Inc.'s (ITT) CEO Luca Savi on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 7:26 PM ETITT Inc. (ITT)
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ITT Inc. (NYSE:ITT) Q1 2020 Results Earnings Conference Call May 1, 2020 9:00 AM ET

Company Participants

Emmanuel Caprais - Group Chief Financial Officer

Luca Savi - President and CEO

Tom Scalera - Chief Financial Officer

Conference Call Participants

Jeff Hammond - KeyBanc Capital

Damian Karas - UBS

Brett Linzey - Vertical Research Partners

Mike Halloran - Baird

Joe Ritchie - Goldman Sachs

Nathan Jones - Stifel

John Inch - Gordon Haskett

Brian Blair - Oppenheimer

Andrew Obin - Bank of America

Joe Giordano - Cowen


Welcome to ITT’s 2020 First Quarter Conference Call. Today is Friday, May 1, 2020. Today’s call is being recorded and will be available for replay beginning at 12 p.m. Eastern. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. [Operator Instructions]

It is now my pleasure to turn the floor over to Emmanuel Caprais, Group Chief Financial Officer. You may begin.

Emmanuel Caprais

Good morning, and thank you, Maria. Welcome to ITT’s first quarter 2020 earnings call. This is Emmanuel and on the line this morning are Luca Savi, Chief Executive Officer and President; and Tom Scalera, Chief Financial Officer.

Today’s presentation, press release and reconciliation of non-GAAP financial measures to the most comparable GAAP measure can be found on our website at itt.com/investors. Our adjusted non-GAAP results exclude certain non-operating and non-recurring items, including but not limited to asbestos restructuring, asset impairment, acquisition related items and certain tax items. All adjustments in the quarter are detailed in the reconciliations.

Before we begin, I’d like to provide a brief overview on our Q1 GAAP results compared to prior year. Q1 total revenue decreased 5% to $663 million. Segment operating income decreased 30% to $78 million and EPS of $0.95 increased 19%.

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