ITT Earnings: Profit Down
S&P 500 (NYSE:SPY) component ITT Corporation (NYSE:ITT) reported its results for the first quarter. ITT Corporation is a global multi-industry company that designs and manufactures engineered products and related services.
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ITT Earnings Cheat Sheet for the First Quarter
Results: Net income for ITT Corporation fell to $3 million (3 cents per share) vs. $121 million ($1.32 per share) a year earlier. This is a decline of 97.5% from the year-earlier quarter.
Revenue: Fell 79.1% to $577 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ITT Corporation reported adjusted net income of 39 cents per share. By that measure, the company beat the mean estimate of 32 cents per share. It beat the average revenue estimate of $554.3 million.
Quoting Management: “In the first quarter, ITT delivered strong revenue growth and made investments that will provide the foundation for additional future growth, including expanding our automotive facility in Wuxi, China, and investing to support our other key drivers of profitable growth, including premier customer experience, aftermarket expansion, and technical and operational excellence,” said CEO and President Denise Ramos.
The company has beaten estiamtes for two quarters in a row. In the fourth quarter of the last fiscal year, it topped expectations with net income of 36 cents versus a mean estimate of net income of 35 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 44 cents a share to 41 cents over the last sixty days. At $1.67 per share, the average estimate for the fiscal year has fallen from $1.69 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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