ITT Corp. Updates FY22 Outlook; Expects Sales In Russia To Decline Significantly

(RTTNews) - ITT Corporation (ITT), a manufacturing firm, on Tuesday reaffirmed its guidance for the fiscal 2022, amidst persisting global supply disruptions, labor shortages, supplier delays, raw material inflation, and war in Ukraine.

In addition, the outlook assumes a significant reduction in the company sales in Russia due to ongoing Ukraine crisis.

For the full year, the company expects a revenue growth of 7 percent to 9 percent, or up 9 percent to 11 percent on an organic basis.

For 12-month period, the company now projects its earnings per share (EPS) of $4.07 to $4.50, less than its previous projection of $4.22 to $4.66. However, ITT expects its adjusted EPS to remain in the range of $4.30 - $4.70.

Owing to war in Ukraine and related tensions, the annual guidance also assumes a major reduction in sales in Russia which is expected to impact the Group's revenue by around $60 million to $85 million for the full year.

For the first quarter ended in March, the company's bottom line totaled at $74.8 million or $0.88 per share, compared with $86.2 million or $0.99 per share, reported for the same period last year. The company's revenue for the quarter moved up to $726.2 million from $698.4 million of the previous year quarter.