ITT Corp. Q2 Profit Rises, Boosts 2014 EPS Outlook - Quick Facts

(RTTNews) - ITT Corp. (ITT) reported that its second-quarter net income attributable to company increased to $38.3 million or $0.41 per share from $25.8 million or $0.28 per share in the prior-year quarter. Earnings from continuing operations was $0.44 per share, compared to last year's $0.27 per share.

Adjusted earnings from continuing operations was $0.60 per share for the quarter. On average, nine 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 9 percent to $663.0 million from $609.2 million in the same quarter last year. Analysts expected revenue of $637.02 million for the quarter. Organic revenue growth was 8 percent.

Looking ahead to fiscal 2014, the company increased its adjusted earnings guidance to a range of $2.38 to $2.46 per share from a previous range of $2.28 to $2.36 per share. The company is now projecting total revenue growth of 5 to 7 percent and organic revenue growth of 5 to 6 percent, up from the prior projection of 4 to 6 percent for both total and organic revenue growth.

Street is currently looking for full-year 2014 earnings of $2.35 per share on annual revenues of $2.65 billion.