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Last updateWed, 23 Aug 2017 6pm

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Valve Manufacturing

ITT Reports Second Quarter 2017 Results

Total revenue and organic revenue in ITT’s Industrial Process segment decreased 10% to $192 million, reflecting project declines, primarily due to lower oil and gas projects in North America, Asia and Latin America, as well as short-cycle declines in baseline oil and gas pumps and chemical valves.

GAAP operating income in the segment increased 135% to $15 million, and adjusted segment operating income decreased 38% to $15 million. Both measures primarily reflect lower volumes, negative impacts from pump projects with a high degree of engineering and manufacturing complexity and higher incentive compensation costs, which were partially offset by incremental restructuring benefits. 

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