ITT Cuts 2016 Outlook

(RTTNews) - ITT Inc. (ITT) lowered its full-year 2016 GAAP and organic revenue guidance. GAAP revenue is now expected to be down 3 percent to down 5 percent, and organic revenue is expected to be down 7 percent to down 9 percent, primarily due to negative impacts from weaker than expected aftermarket activities and lower project revenues due to customer delays at Industrial Process, partially offset by incremental growth in automotive due to greater visibility in the aftermarket.

The company also lowered its GAAP and adjusted EPS guidance primarily due to its revised volume expectations for the second half of the year at Industrial Process. As a result, the company now expects the GAAP EPS guidance range to be $1.40 to $1.62 and the adjusted EPS guidance range to be $2.34 to $2.46 with a mid-point of $2.40.

Analysts polled by Thomson Reuters expect the company to report earnings of $2.46 per share and revenues of $2.47 billion for fiscal year 2016. Analysts' estimates typically exclude special items.