ITT Corp. (ITT) Tops Q4 EPS by 8c; Guides on Coronavirus Impact

ITT Corp. (NYSE: ITT) reported Q4 EPS of $0.99, $0.08 better than the analyst estimate of $0.91. Revenue for the quarter came in at $719.1 million versus the consensus estimate of $717.25 million.

“I am very proud of the hard work that ITTers delivered each and every day, that produced record 2019 revenue of $2.85 billion and record adjusted EPS of $3.81. By focusing on creating value for our customers, implementing productivity improvements, and making accretive organic and inorganic investments, we delivered strong results across multiple performance metrics in an increasingly challenging global environment. Additionally, in 2019 we returned $94 million to our valued shareholders,” said ITT Chief Executive Officer and President, Luca Savi. “Now we must carry this positive momentum into a more uncertain 2020 by focusing on the needs of our customers, seizing opportunities for growth, and continuing to drive operational improvements everywhere.”

GUIDANCE:

ITT Corp. sees FY2020 EPS of $3.72-$4.02, versus the consensus of $3.99.

The company’s 2020 operational guidance, excluding the potential first-quarter impacts of the novel coronavirus, is as follows: Flat total revenue with a range of down 2 percent to up 2 percent; Adjusted segment margin expansion of 110 bps with a range of up 70 bps to up 150 bps; and Adjusted EPS of $4.00 per share, with a range of $3.90 to $4.10 per share, representing midpoint growth of 5%.

However, the company’s 2020 guidance, including our current estimate of the potential first-quarter impacts of the novel coronavirus, is now projected as: Total revenue down 1 percent with a range of down 3 percent to up 1 percent; Adjusted segment margin expansion of 80 bps with a range of up 50 bps to up 110 bps; and Adjusted EPS of $3.87 per share, with a wider range of $3.72 to $4.02 per share to reflect the increasing uncertainty from the novel coronavirus.

In addition, the company plans to continue to return capital to shareholders in 2020 by increasing its quarterly dividend, for an eighth straight year, by 15 percent to $0.169 per share.

For earnings history and earnings-related data on ITT Corp. (ITT) click here.

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