ITT Q1 Profit Rises; Lowers FY15 Guidance - Quick Facts

(RTTNews) - ITT Corp. (ITT) reported first-quarter income from continuing operations of $38.7 million or $0.42 per share, compared to $33.2 million or $0.36 per share, prior year. Adjusted earnings per share from continuing operations was $0.65, for the quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.53 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $588.7 million from $674.5 million last year. Analysts expected revenue of $633.75 million for the quarter. The company said the 13 percent decline in revenue was primarily driven by unfavorable foreign exchange and lower organic revenue. On an adjusted basis, organic revenue declined 5 percent.

On a GAAP basis, the company lowered its full-year 2015 GAAP EPS and revenue guidance. GAAP EPS is expected to be in the range of $1.65 to $1.83 and GAAP revenue is expected to be down 8.5 to 5.5 percent.

On an adjusted basis, the company lowered its full-year adjusted EPS guidance by $0.05 at the mid-point, driven by the expected negative impact of foreign exchange. Adjusted EPS is now expected to be in the range of $2.50 to $2.60, up 3 percent at the mid-point. Excluding the impact of foreign exchange, adjusted EPS would be up 14 percent at the mid-point. Organic revenue is now expected to range from down 2 percent to up 1 percent, compared to a previous range of up 1 to 3 percent. Analysts expect the company to report fiscal 2015 earnings per share of $2.57.