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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ITT 2Q Adj. Profit Tops Street, Revenue Improves

WHITE PLAINS, N.Y. (AP) â¿¿ ITT's second-quarter net income tumbled 90 percent, mostly because of an accounting-related charge, and shares of the industrial parts supplier jumped 12 percent as it beat expectations for adjusted profits.

Revenue soared and operating margins grew across all segments of the company.

"We saw momentum across our businesses as our industrial process business had its third consecutive quarter of record shipments, and our motion technologies business grew 36 percent in emerging markets and gained European and North American market share," said CEO and President Denise Ramos.

ITT now expects 10 percent of all emerging market growth will be driven by oil and gas in the Middle East, and mining in Latin America, automotive gains in China.

The company earned $16.8 million, or 18 cents per share, for the three months ended June 30. In the prior-year period it earned $169.7 million, or $1.82 per sha

Stripping out the accounting item, restructuring costs and other items, earnings from continuing operations rose to 50 cents per share, from 46 cents per share last year.

Analysts polled by FactSet expected 37 cents per share.

Shares of ITT added $2.28 to hit $20.46 in midday trading. The stock has traded in a range of $16.67 to $43.20 over the past year.

Revenue climbed to $567.5 million from $552.4 million, up 3 percent. The results were backed by a 16 percent increase in revenue from the industrial process division, which makes pumps and valves for the oil and gas, chemical, mining and industrial markets.

Wall Street predicted $569.7 million in revenue.

ITT Corp. said Friday that it still expects 2012 adjusted earnings of $1.62 to $1.72 per share. It anticipates business in emerging markets rising 10 percent on oil and gas in the Middle East, mining in Latin America, automotive gains in China and new products.

Analysts forecast $1.63 per share.

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 This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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