ITT Corporation (ITT) Thursday reported higher profit for the first quarter, reflecting a revenue growth for the period. Adjusted earnings per share were higher than the Street estimates. The company further maintained its full-year outlook.
For the quarter the company reported net income attributable to ITT of $20.8 million, up from $3.2 million last year. On a per share basis earnings totaled $0.22 versus $0.03 a year earlier.
On an adjusted basis the company posted earnings per share from continuing operations of $0.47 for the quarter. Six analysts on average polled by Thomson Reuters estimated earnings per share of $0.43 for the period. Analyst estimates typically exclude one-time items.
The company clocked a revenue of $608.2 million, up from $568.1 million last year. Analysts were looking for higher revenue of $611.52 million for the quarter.
Looking forward, the firm said it still sees adjusted earnings in the range of $1.80 to $1.90 per share for the full-year. Currently the Street is looking for earnings per share of $1.90 for the same.
The firm further continues to expect revenue to grow 9 to 11 percent for the full-year.
For comments and feedback: editorial@rttnews.com