ITT INC.

REVENUE

The following table illustrates the revenue derived from each of our segments.

(a)See the section titled “Key Performance Indicators and Non-GAAP Measures” for a definition and reconciliation of organic revenue.

Motion Technologies

MT revenue for the three months ended March 29, 2025 decreased by $46.3 primarily due to a decline of $39.5 from the divestiture of Wolverine in July 2024 and unfavorable foreign currency translation impacts of $8.4, which were partially offset by strength in rail. Excluding the impact of foreign currency translation and the divestiture of Wolverine, organic revenue during the three-months periods increased by $1.6.

Industrial Process

IP revenue for the three months ended March 29, 2025 decreased by $0.6. Acquisitions contributed $9.4, which was partially offset by unfavorable foreign currency translation of $6.5. Excluding the impacts from the acquisition and foreign currency translation, organic revenue for the three months periods decreased by $3.5 as strength in valves and Svanehøj were offset by a decline in pump projects and baseline pumps.

Connect & Control Technologies

CCT revenue for the three months ended March 29, 2025 increased by $49.6. The acquisition of kSARIA in September 2024 contributed $48.1. Excluding the impacts from the kSARIA acquisition and foreign currency translation, organic revenue increased by $2.6, primarily due to pricing actions and growth in defense and industrial connectors, partially offset by lower aerospace demand.

GROSS PROFIT

Gross profit for the three months ended March 29, 2025 and March 30, 2024 was $316.3 and $301.5, respectively, reflecting gross margins of 34.6% and 33.1%. The increases in gross profit and margin for both periods were primarily driven by benefits from pricing actions andproductivity savings, partially offset by increases in material and labor costs.

OPERATING EXPENSES

The following table summarizes our operating expenses, including by segment.

General and administrative (G&A) expenses increased $13.8 for the three months ended March 29, 2025, primarily driven by higher restructuring and personnel costs and unfavorable foreign currency impacts, partially offset by a current year recovery of bad debt.

Sales and marketing expenses increased $3.1 for the three months ended March 29, 2025, primarily driven by higher personnel costs and the additions of kSARIA and Svanehøj, partially offset by the divestiture of the Wolverine business.

Research and development expenses decreased $3.1 for the three months ended March 29, 2025, respectively, primarily driven by the divestiture of Wolverine in the prior year and timing of R&D projects.

OPERATING INCOME

The following table summarizes our operating income and margin by segment.

MT operating income for the three months ended March 29, 2025 decreased $3.0, primarily due to the prior year divestiture of Wolverine and unfavorable foreign currency impacts, partially offset by benefits from pricing and productivity actions.

IP operating income for the three months ended March 29, 2025 decreased $1.0 primarily driven by higher restructuring charges and personnel costs, offset by benefits from pricing and productivity actions and growth from the prior year Svanehøj acquisition.

CCT operating income for the three months ended March 29, 2025 increased $3.3 primarily driven by benefits from pricing and productivity actions, partially offset by higher material, labor, and overhead costs, and temporary intangible amortization expenses related to the prior year kSARIA acquisition.

Other corporate costs for the three months ended March 29, 2025 decreased $1.7 primarily due to favorable foreign currency impacts.

INTEREST AND NON-OPERATING EXPENSES, NET

The following table summarizes our interest and non-operating income and expenses.

The increase in total interest and non-operating expenses, net for the three months ended March 29, 2025 was primarily driven by higher outstanding debt.

INCOME TAX EXPENSE

The following table summarizes our income tax expense and effective tax rate (ETR).

The ETR for the three months ended March 29, 2025 increased 170 basis points to 24.4% primarily related to the jurisdictional mix of earnings. This impact was partially offset by favorable permanent tax benefits in the U.S. jurisdiction.

In October 2021, more than 135 countries and jurisdictions agreed to participate in a “two-pillar” international tax approach developed by the OECD, which includes establishing a global minimum corporate tax rate of 15 percent. The OECD published Tax Challenges Arising from the Digitalisation of the Economy — Global Anti-Base Erosion Model Rules (Pillar Two) in December 2021 and subsequently issued additional commentary and administrative guidance clarifying several aspects of the model rules. Since the model rules have been released, many countries have enacted Pillar Two-related laws, many of which became effective January 1, 2024 with additional laws effective January 1, 2025. As of March 29, 2025, the Company does not expect Pillar Two taxes to have a significant impact on its 2025 financial statements.

See Note 6, Income Taxes, to the Consolidated Condensed Financial Statements for further information.