ITT Corp. Q3 Adj. Profit Tops View, Boosts 2014 Adj. EPS Outlook - Quick Facts

(RTTNews) - ITT Corp. (ITT) reported that its third-quarter net income attributable to company plunged to $80.3 million or $0.86 per share from $430.7 million or $4.69 per share in the prior-year quarter. Earnings from continuing operations decreased to $0.87 per share from $4.71 per share last year, reflecting the impact of a $4.08 per share tax benefit in 2013 from a valuation allowance release.

Adjusted earnings from continuing operations for the latest third quarter was $0.66 per share, up from $0.54 per share in the comparable quarter last year. On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 4 percent to $657.1 million from $634.0 million in the same quarter last year. Analysts expected revenue of $667.06 million for the quarter. Organic revenue was also up 4 percent.

Looking ahead to fiscal 2014, the company increased its adjusted earnings guidance to a range of $2.42 to $2.47 per share from a previous range of $2.38 to $2.46 per share. GAAP earnings is expected to be in the range of $2.01 to $2.06 per share.

The company is maintaining its organic revenue guidance and lowering the high-end of its total revenue guidance to reflect the impact of foreign currency. Both full-year organic and total revenue growth are now expected to be in the range of 5 to 6 percent versus the prior year.

Street is currently looking for full-year 2014 earnings of $2.44 per share on annual revenues of $2.67 billion.