Add ITT ( ITT) 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) and Honeywell ( HON), 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.
Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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