ITT Boosts FY19 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the first quarter, ITT Inc. (ITT) on Friday raised its full-year 2019 guidance for earnings and revenue growth, while maintaining organic revenue growth outlook.

For fiscal 2019, the company raised the mid-point of its previously announced 2019 adjusted earnings guidance by 4 cents to $3.58 to now reflect a new range of $3.50 to $3.66 per share, reflecting the strong first-quarter results and incremental productivity and cost actions, partially offset by additional unfavorable foreign currency, and European tariff costs impacting Motion Technologies.

The company also raised its revenue growth guidance to a range of 3 to 5 percent from the prior forecast range of 2 to 4 percent, based on the incremental benefits from the Rheinhütte Pumpen acquisition of about $40 million, partially offset by unfavorable foreign exchange of $24 million. However, the company continues to project organic revenue growth of 3 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.57 per share on revenue growth of 3.2 percent to $2.83 billion for the year. Analysts' estimates typically exclude special items.