ITT Corporation Q1 Profit Drops, Inline With Estimates

ITT Corporation (ITT) reported earnings for first quarter that decreased from the same period last year in line with the Street estimates.

The company's bottom line totaled $74.8 million, or $0.88 per share. This compares with $86.2 million, or $0.99 per share, in last year's first quarter.

Excluding items, ITT Corporation reported adjusted earnings of $82.9 million or $0.97 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 4.0% to $726.2 million from $698.4 million last year.

ITT Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $74.8 Mln. vs. $86.2 Mln. last year.
-EPS (Q1): $0.88 vs. $0.99 last year.
-Analyst Estimates: $0.97
-Revenue (Q1): $726.2 Mln vs. $698.4 Mln last year.

Full year EPS guidance: Adj; $4.30 to $4.70

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