ITT Corp. (ITT) Tops Q2 EPS by 2c, Beat on Revenues; Boosts FY17 Revenue & EPS Guidance

ITT Corp. (NYSE: ITT) reported Q2 EPS of $0.65, $0.02 better than the analyst estimate of $0.63. Revenue for the quarter came in at $631 million versus the consensus estimate of $627.84 million.

Raises 2017 Total Revenue and EPS Guidance

Guidance

The company is raising its previously announced 2017 full-year revenue guidance to the range of flat to up 2 percent primarily due to the positive impacts of foreign exchange. In addition, the company is raising the midpoint of its previously announced adjusted EPS guidance by $0.07 to $2.45. The new adjusted EPS range is now $2.40 to $2.50. The updated adjusted EPS guidance reflects solid operational execution, partially offset by incremental commodity headwinds, and benefits from non-operating items, net of incremental investments. The new adjusted EPS midpoint of $2.45 represents a 6 percent increase compared to the prior year, or an 8 percent increase excluding foreign exchange.

GAAP Results:

• Revenue up 1% to $631 million
• Segment operating income up 12%
• EPS increased to $0.54

Adjusted Results:

• Organic revenue down 2%; Organic orders up 1%
• Adjusted segment operating income down 4%, including unfavorable FX of $6 million
• Adjusted EPS down 3% to $0.65

GUIDANCE:

ITT Corp. sees FY2017 EPS of $2.40-$2.50, versus the consensus of $2.43.

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

You May Also Be Interested In

• RH (RH) Tops Q1 EPS by 12c
• United Natural Foods (UNFI) Reports In-Line Q3 EPS ; Offers Outlook
• ’Ocean of opportunity’: Wolfe initiates SpaceX at Buy ahead of historic IPO