ITT Boosts FY19 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Friday, ITT Inc. (ITT) raised its adjusted earnings guidance for the full-year 2019, while maintaining revenue and organic revenue growth outlook. It also announced a $500 million share repurchase program.

For fiscal 2019, the company raised its adjusted earnings guidance to a range of $3.73 to $3.75 per share from the prior forecast range of $3.58 to $3.68 per share, reflecting the strong third quarter performance and incremental productivity gains and cost actions expected for the fourth quarter.

However, the company continues to project revenue and organic revenue growth of 3 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.61 per share on revenue growth of 3.5 percent to $2.84 billion for the year. Analysts' estimates typically exclude special items.

Further, the company's Board of Directors approved a new $500 million share repurchase program with an indefinite term.

The company also reported third-quarter financial results that reflected the company's strong operational execution and share gain strategies in key global markets.