reported fourth-quarter earnings today that beat analysts' expectations by 2 cents.
In the fourth quarter ITT earned $78.1 million, or 87 cents a share. Eight analysts surveyed by
First Call/Thomson Financial
estimated the company would earn 85 cents a share. During the same quarter last year, ITT, which is based in White Plains, N.Y., posted earnings of $69.8 million, or 77 cents a share.
The company, which makes a variety of goods, including defense products, pumps and connectors, also reported fourth-quarter revenue of $1.22 billion, down 2% from the same period a year ago. The company attributed the decline to the winding down of several defense programs and softness in the industrial pump market.
Shares of ITT gained $2.63, or 7.1%, to $39.63 in recent
New York Stock Exchange