ITT Corp. Q1 Profit Rises, Boosts 2014 EPS Outlook - Quick Facts

(RTTNews) - ITT Corp. (ITT) reported that its first-quarter net income attributable to company increased to $32.2 million or $0.35 per share from $20.8 million or $0.22 per share in the prior-year quarter. Earnings from continuing operations was $0.36 per share, compared to last year's $0.20 per share.

Adjusted earnings from continuing operations was $0.62 per share for the quarter. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 11 percent to $674.5 million from $608.2 million in the same quarter last year. Analysts expected revenue of $645.66 million for the quarter. Organic revenue growth was 10 percent.

Looking ahead to fiscal 2014, the company increased its adjusted earnings guidance to a range of $2.28 to $2.36 from a previous range of $2.23 to $2.33. The company is maintaining its full-year total and organic revenue growth guidance in the range of 4 to 6 percent to between $2.6 billion and $2.65 billion.

Street is currently looking for full-year 2014 earnings of $2.65 per share on annual revenues of $2.65 billion.