ITT Posts Q1 EPS, Revenue Above Street

ITT fell 1% in Monday’s afternoon trade after the company reported financial results for Q1, with earnings and revenue that topped analysts’ expectations. It also raised its earnings guidance for fiscal 2017 in line with Street forecasts. The manufacturer of highly engineered critical components and customized technology solutions posted adjusted earnings of $0.64 per share, compared with the prior-year period’s $0.59 per share. Analysts polled by Capital IQ were expecting EPS of $0.60.

Revenue was $625.8 million, up from $609.1 million in the same quarter last year. The Street view is for revenue of $607.1 million. The company is maintaining its previously announced 2017 full-year revenue guidance in the range of down 2% to up 2% vs. the prior year. It is also raising the midpoint of its previous adjusted EPS guidance of $2.18 – $2.48 by $0.05. This calculates to new adjusted EPS guidance of $2.23 – $2.51 versus the Street’s $2.37.