ITT Corporation Q1 Profit Drops, Inline With Estimates

(RTTNews) - ITT Corporation (ITT) reported earnings for first quarter that decreased from the same period last year in line with the Street estimates.

The company's bottom line totaled $74.8 million, or $0.88 per share. This compares with $86.2 million, or $0.99 per share, in last year's first quarter.

Excluding items, ITT Corporation reported adjusted earnings of $82.9 million or $0.97 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 4.0% to $726.2 million from $698.4 million last year.

ITT Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $74.8 Mln. vs. $86.2 Mln. last year. -EPS (Q1): $0.88 vs. $0.99 last year. -Analyst Estimates: $0.97 -Revenue (Q1): $726.2 Mln vs. $698.4 Mln last year.

-Guidance: Full year EPS guidance: Adj; $4.30 to $4.70