ITT, Inc. (NYSE:ITT) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET
Company Participants
Mark Macaluso - VP, IR & Global Communications
Luca Savi - CEO, President & Director
Emmanuel Caprais - SVP & CFO
Conference Call Participants
Damian Karas - UBS
Jeff Hammond - KeyBanc Capital Markets
Joseph Ritchie - Goldman Sachs Group
Matt Summerville - D.A. Davidson & Co.
Vlad Bystricky - Citigroup
Michael Halloran - Robert W. Baird & Co.
Michael Anastasiou - TD Cowen
Nathan Jones - Stifel, Nicolaus & Company
Operator
Welcome to ITT's 2023 Second Quarter Conference Call. Today is Thursday, August 3, 2023. Today's call is being recorded and will be available for replay beginning at 12:00 p.m. ET. [Operator Instructions]. It is now my pleasure to turn the floor over to Mark Macaluso, Vice President of Investor Relations and Global Communications. You may now begin.
Mark Macaluso
Thank you, Ellen. Good morning. Joining me here in Stamford this morning are Luca Savi, ITT's Chief Executive Officer and President; and Emmanuel Caprais, Chief Financial Officer.
Today's call will cover ITT's financial results for the 3-month period ending July 1, 2023, which we announced this morning. Before we begin, please refer to Slide 2 of today's presentation available on our website, where we note that today's comments will include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties, including those described in our 2022 annual report on Form 10-K and other recent SEC filings.
Except or otherwise noted, the second quarter results we present this morning will be compared to the second quarter 2022 and include non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures are detailed in our press release and in the appendix of our presentation, both of which are available on our website.
With that, it's now my pleasure to turn the call over to Luca, who will begin on Slide 3.
Luca Savi
Thank you, Mark, and good morning. I would like to begin, as I always do, by thanking our employees around the world who work hard every day to ensure we deliver on our commitments to all our stakeholders and to our shareholders and customers for their ongoing support and investment in ITT.
Last quarter, the ITT story was about growth and execution. And in Q2, the story is again growth and execution with a significant step-up and record results on many fronts. Our order growth rate accelerated. We expanded our margin, especially in Industrial Process and Motion Technologies, and our teams generated significantly higher cash and we deployed it.