ITT Industries Meets Estimates - TheStreet

ITT Industries Meets Estimates

The company also raises its guidance for the full year.
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ITT Industries

(ITT) - Get Report

said second-quarter earnings and revenue climbed from a year ago, mainly as a result of growth in its defense and fluid-technology businesses, and the company raised its outlook for the full year.

The company earned $99.9 million, or $1.06 a share, in the quarter, up from $92.9 million, or 99 cents a share, last year. The latest quarter included a gain of 8 cents a share from a benefits claim settlement and a tax settlement, and a charge of 4 cents a share for restructuring actions.

Analysts polled by Thomson First Call were expecting earnings of $1.02 per share for the quarter, excluding items.

ITT's defense segment posted a 9% gain in revenue. The fluid-technology and motion and flow-control businesses each turned in higher revenue, but weakness continued in ITT's electronic-components business. Total second-quarter revenue rose to $1.44 billion from $1.32 billion in the same period a year ago.

ITT now expects to report earnings of $3.77 to $3.97 a share for 2003, with revenue growth of 7% to 9%. For the third quarter, the company projected earnings of 92 cents to 98 cents a share and revenue growth of 8% to 10%.

Wall Street's consensus estimate is 97 cents for the third quarter and $3.86 for the full year.