ITT Corp. Q3 Profit Surges, Lifts FY13 Adj. EPS View - Quick Facts

(RTTNews) - ITT Corp. (ITT) Thursday reported a surge in the third-quarter net income, reflecting an income tax benefit. Adjusted earnings per share exceeded the consensus estimates.

Net income attributable to ITT Corporation was $430.7 million or $4.69 per share, compared with $73 million or $0.78 per share last year. The recent quarter results include an income tax benefit of $354.4 million, compared with $19 million during the same period a year ago.

On an adjusted basis, earnings per share from continuing operations, which excludes special items, was $0.54 per share. On average,eight analysts polled by Thomson Reuters expected the company to report earnings per share of $0.48 the quarter. Analysts' estimates typically exclude one-time items.

Revenue grew 16 percent to $634 million from prior year's $547.5 million. Analysts expected the company to generate revenues of $606.56 million for the quarter.

For the full-year, the company said it is increasing its adjusted earnings per share guidance to a range of $1.97 to $2.00, from previous range of $1.86 - $1.92. Analysts expect the company to report earnings per share of $1.94 for the year.