ITT Corp. (ITT) Posts Q1 EPS of $0.42, Reaffirms Outlook

ITT Corp. (NYSE: ITT) reported Q1 EPS of $0.42, which may not compare to the analyst estimate of $0.59. Revenue for the quarter came in at $609 million versus the consensus estimate of $592.67 million.

“In the first quarter, ITT continued to confront a challenging macroeconomic environment that presented headwinds across a number of areas, including foreign exchange and the oil and gas and mining markets. For ITT, we realized the benefits of our balanced and diverse portfolio as the market headwinds we faced were offset by solid revenue growth in key global transportation markets. We also continued to drive an intense focus on corporate cost containment,” said ITT CEO and President Denise Ramos.

“In addition, our 2015 acquisitions of Wolverine Advanced Materials and Hartzell Aerospace – which are performing extremely well – have strengthened key transportation platforms and given us new opportunities for long-term growth. We are continuing to deploy our capital to both position ITT for long-term success and to provide returns of value to shareowners. Our latest organic investment is a new North American automotive brake pad facility to support recent multi-year platform wins with key customers.

“As we move through 2016, we expect the persistent volatility in the global macroeconomic environment will continue and that these conditions will continue to impact our businesses. As a result, we will maintain our strong focus on managing those areas over which we have control, and optimizing and aligning our businesses and their respective cost structures to drive enhanced long-term value for shareowners.”

GUIDANCE:

ITT Corp. reaffirms FY2016 EPS of $2.42-$2.68, versus the consensus of $2.51.

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

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