This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ITT Corp's 1Q Profit Down Sharply

Stocks in this article: ITT

WHITE PLAINS, N.Y. (AP) â¿¿ Industrial parts supplier ITT Corp. posted a sharply lower first-quarter profit on Friday, weighed down by costs and lower segment operating income in the aftermath of its split into three separate companies.

The results still beat Wall Street estimates.

The company completed its breakup last October. It spun off its defense and information solutions as well as its water technology and services businesses.

ITT reported net income of $3 million, or 3 cents a share, for the three months ended March 31. That compares with a profit of $121 million, or $1.31 a share, in the same quarter last year.

Taking out the costs tied to its separation plan and other items, earnings were 39 cents a share.

Revenue increased 9 percent to $577 million from $533 million a year earlier.

Analysts, on average, expected adjusted earnings of 31 cents a share on revenue of $557 million, according to FactSet.

Revenue rose by 22 percent in emerging markets and by 11 percent in North America. ITT also posted gains across several industries; including oil and gas, mining, chemical and general industrial.

Looking ahead, the company stood by its 2012 adjusted earnings outlook of $1.62 to $1.72 a share. Revenue is expected to climb 5 to 7 percent, which implies about $2.22 billion to $2.27 billion.

Analysts, on average, predict full-year earnings of $1.68 a share and $2.24 billion in revenue.

ITT shares fell 4 cents to close at $21.97.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs