ITT Maintains FY Adj. EPS Outlook

(RTTNews) - ITT Corp. (ITT), a manufacturer of highly engineered critical components and customized technology solutions, Friday maintained its previously announced full-year adjusted earnings per share or EPS and GAAP revenue guidance, but raised its GAAP EPS guidance.

On an adjusted basis, the company continues to expect EPS to be in the range of $2.45 to $2.55 and organic revenue is expected to range from down 3 percent to down 1 percent.

The company also maintained its organic revenue guidance.

Analysts look for earnings of $2.51 per share on revenues of $2.45 billion.

GAAP EPS is now expected to be in the range of $3.07 to $3.33. GAAP revenue is expected to be down 9 percent to down 7 percent year-over-year.

For the third quarter, the company reported net income that increased to $130.7 million from $80.3 million in the previous year. Earnings per share grew to $1.45 from $0.86.

Adjusted earnings per share were $0.63, compared to $0.66 last year. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue dropped to $601.9 million from $657.1 million due to adverse currency. Analysts expected revenues of $608.36 million.

"Despite the persistent headwinds from foreign exchange and global oil and gas and industrial markets, we continued our track record of execution and delivered solid operating margins in the quarter," said Denise Ramos, Chief Executive Officer and President.