ITT Guides FY23 Adj. EPS Just Below Estimates; Hikes Dividend 10% - Update

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, ITT Inc. (ITT) initiated its adjusted earnings and revenue growth guidance for the full-year 2023. It also increased quarterly dividend by 10 percent.

For fiscal 2023, the company now projects earnings in a range of $4.38 to $4.78 per share and adjusted earnings in a range of $4.55 to $4.95 per share on revenue growth of 7 to 9 percent, with organic revenue growth of 6 to 8 percent.

On average, 13 analysts polled by Thomson Reuters expect the company to report earnings of $4.96 per share on revenue growth of 4.9 percent to $3.13 billion for the year. Analysts' estimates typically exclude special items.

Additionally, the company announced a 10 percent higher quarterly cash dividend of $0.29 per share on the company's outstanding common stock for the first quarter, payable on April 3, 2023, to shareholders of record as of the close of business on March 9, 2023.

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