ITT Lifts FY23 Earnings View; Backs Revenue Growth Forecast - Update

(RTTNews) - ITT Inc. (ITT), while reporting higher first-quarter results on Thursday, updated its fiscal 2023 earnings guidance, and maintained revenue growth view.

For the full year, the manufacturer of highly engineered critical components now projects earnings per share of $4.49 to $4.79, and adjusted earnings per share of $4.65 to $4.95, up 5 percent to 11 percent from last year. The revision reflects an increase of ten cents on the low end of the previous guidance range.

On average, 12 analysts polled by Thomson Reuters expect earnings of $4.83 per share for the year. Analysts' estimates typically exclude special items.

For the year, the company continues to expect revenue growth of 7 percent to 9 percent on a reported basis, and 6 percent to 8 percent on an organic basis. Segment operating margin is still expected to be 17.0 percent to 17.8 percent, and adjusted segment operating margin to be 17.3 percent to 18.1 percent, up 10 to 90 basis points.

In its first quarter, earnings came in at $100.0 million or $1.20 per share, higher than last year's $74.8 million, or $0.88 per share. Adjusted earnings were $97.3 million or $1.17 per share for the period. Analysts expected the company to earn $1.11 per share.

The company's revenue for the quarter rose 9.9 percent to $797.9 million from $726.2 million last year.

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