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ITT Q2 Profit Increases, Beats Street; Updates 2022 Earnings Guidance - Update

(Adds Outlook)

ITT Corporation (ITT) revealed a profit for its second quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $74.6 million, or $0.89 per share. This compares with $39.0M, or $0.45 per share, in last year's second quarter.

Excluding items, ITT Corporation reported adjusted earnings of $81.6 million or $0.98 per share for the period.

Analysts on average had expected the company to earn $0.96 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 6.0% to $733.3 million from $691.6M last year.

Outlook:

ITT reiterated its revenue growth of 7% to 9% for the full year. It said, "The company's 2022 guidance assumes continued disruptions in the global supply chain stemming from labor shortages, supplier delays, and high raw material prices, which we anticipate will persist throughout 2022. "

The company also updated its full-year earnings outlook to $4.12 -$4.45 a share versus its previous view of $4.07 to $4.50. Adjusted earnings are now expected in the range of $4.35 to $4.65 compared to its previous guidance of $4.30 - $4.70.

Analysts on average expect ITT to report earnings of $4.36 a share on revenue of $2.97 billion.

ITT Corporation earnings at a glance (GAAP) :

-Earnings (Q2): $74.6 Mln. vs. $39.0M. last year.
-EPS (Q2): $0.89 vs. $0.45 last year.
-Analyst Estimate: $0.96
-Revenue (Q2): $733.3 Mln vs. $691.6M last year.

-Guidance:
Full year EPS guidance: $4.35 to $4.65

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