ITT: 2Q Earnings Snapshot
WHITE PLAINS, N.Y. (AP) _ ITT Corp. (ITT) on Friday reported second-quarter profit of $66.8 million.
On a per-share basis, the White Plains, New York-based company said it had net income of 75 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 93 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share.
The supplier of parts and services to a wide variety of industries posted revenue of $719.9 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $703.8 million.
ITT expects full-year earnings in the range of $3.58 to $3.68 per share.
ITT shares have increased 26% since the beginning of the year. The stock has risen almost 9% in the last 12 months.