ITT Corp. (ITT) Tops Q1 EPS by 4c, beats on Revenues; Boosts FY18 EPS Guidance

ITT Corp. (NYSE: ITT) reported Q1 EPS of $0.77, $0.04 better than the analyst estimate of $0.73. Revenue for the quarter came in at $689 million versus the consensus estimate of $683.96 million.

Raises full-year EPS guidance

Guidance

The company is raising the mid-point of its previously announced 2018 full-year adjusted EPS guidance by five cents to $3.05 which represents an 18 percent increase compared to the prior year. The updated adjusted EPS guidance range of $2.95 to $3.15 reflects stable market dynamics and improved net operating productivity including restructuring benefits, partially offset by higher commodity costs.

2018 First-Quarter GAAP Results

• Record revenue up 10% to $689 million
• Record orders up 14% to $761 million
• Segment operating income up 28% to $102 million
• EPS of $1.14

2018 First-Quarter Adjusted Results

• Organic revenue up 2%
• Organic orders up 4%
• Record adjusted segment operating income up 22% to $103 million
• Record adjusted EPS up 20% to $0.77

Strategic Highlights

• Won 2 North American Front Axle, Copper Free OEM Friction Platforms with Major OEMs
• Successfully Ramping Production at New State-of-the-Art North American Friction Facility
• Record Orders on Share Gains in Rotorcraft, and Electric Vehicle Charging Station Markets

GUIDANCE:

ITT Corp. sees FY2018 EPS of $2.95-$3.15, versus the consensus of $3.09.

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

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