ITT Corp. (ITT) Thursday reported a better-than-expected jump in first-quarter profit, due mainly to lower income tax expenses and the absence of discontinued operations-related losses of last year.
Revenues improved on growth in key end-markets such as energy and transportation, and contribution from the recently acquired Bornemann Pumps business, but was largely offset by flat segment-operating margins.
ITT makes engineered critical components and customized technology solutions for the energy, transportation, and industrial markets.
The White Plains, New York-based company posted quarterly net income of $21 million or $0.22 per share, compared to $3 million or $0.03 per share last year.
Results for the prior year included a loss of $7 million related to discontinued operations.
Excluding items, adjusted earnings for the quarter were $44 million or $0.47 per share, compared to $37 million or $.39 per share a year ago. On average, six analysts polled by Thomson Reuters estimated earnings of $0.43 per share for the quarter. Analyst estimates typically exclude one-time items.
Revenues for the first quarter increased 7 percent to $608 million from $568 million a year ago.
Analysts, on consensus, estimated revenues of $611.52 million for the quarter.
The company benefited from a stronger operational performance, improved volumes and favorable mix. Sales in emerging markets rose 11 percent, with organic revenue up 2 percent.
At Industrial Process segment, which makes pumps and valves, revenue was up 14 percent. Interconnect Solutions and Control Technologies businesses each slid 2 percent, while Motion Technologies saw organic growth of 7 percent.
Results also benefited by lower income tax expenses at $15 million, compared to $26 million a year earlier.
For fiscal year 2013, ITT continues to expect adjusted earnings of $1.80 to $1.90 per share and revenues to grow 9 to 11 percent.
Analysts currently estimate earnings of $1.90 per share on revenues of $2.46 billion for the year.
ITT stock is trading at $27.48, up 0.86%, on a volume of 456 thousand shares on the NYSE.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.