Despite Beating Street, ITT Lowers Outlook

Add ITT(ITT Quote) to the list of U.S. manufacturing firms whose projections augur poorly for a quick rebound in the sector. While the company reported better-than-expected first-quarter earnings, it lowered its full-year outlook, citing commercial market pressures.

ITT now expects full-year earnings in the range of $3.20 to $3.60 a share from continuing operations, compared with a previous forecast of $3.60 to $4.00 a share.

The company joins other manufacturers, such as 3M(MMM Quote) and Honeywell(HON Quote), who also cut their guidance on Friday, in saying they don't expect improvement in the industrial, commercial and auto markets this year.

ITT, maker of a range of industrial products, said first-quarter earnings reached $184.1 million or $1.01 a diluted share, from $171.9 million, or 93 cents a share, a year earlier.

Revenue fell 9% to $2.56 billion from $2.81 billion, hurt by lower sales in its fluid-technology and motion-and-flow-control products. Sales remained steady in its biggest segment, defense, which remained flat at $1.5 billion.