ITT Corp Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component ITT Corporation (NYSE:ITT) will unveil its latest earnings on Friday, July 29, 2011. ITT Corporation is a global multi-industry company that designs and manufactures engineered products and related services.

ITT Corporation Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of $1.17 per share, a rise of 2.6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from $1.23. Between one and three months ago, the average estimate moved down, but it has been unchanged at $1.17 during the last month. For the year, analysts are projecting profit of $4.79 per share, a rise of 8.6% from last year.

Past Earnings Performance: The company has beaten estimates the last four quarters and is coming off a quarter where it topped forecasts by 5 cents, reporting net income of 98 cents per share against a mean estimate of profit of 93 cents per share.

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Wall St. Revenue Expectations: On average, analysts predict $2.83 billion in revenue this quarter, a rise of 3.3% from the year ago quarter. Analysts are forecasting total revenue of $11.38 billion for the year, a rise of 3.5% from last year’s revenue of $11 billion.

Analyst Ratings: Analysts seem relatively indifferent about ITT with nine of 16 analysts surveyed maintaining a hold rating.

Key Stats:

The decrease in profit in the first quarter breaks a streak of three consecutive quarters of year-over-year profit increases. Net income fell 15.1% in the first quarter from the year earlier, while the figure rose 35% in the fourth quarter of the last fiscal year, more than twofold in the third quarter of the last fiscal year and 18.2% in the second quarter of the last fiscal year.

The company’s revenue has now risen for two straight quarters. In first quarter, revenue increased 4.7% to $2.76 billion from the year earlier quarter. In the fourth quarter of the last fiscal year, the figure rose 5.8%.

Competitors to Watch: General Dynamics Corp. (NYSE:GD), Raytheon Company (NYSE:RTN), Lockheed Martin Corp. (NYSE:LMT), Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS), Northrop Grumman Corp. (NYSE:NOC), The Boeing Company (NYSE:BA), L-3 Communications Hldgs., Inc. (NYSE:LLL), Goodrich Corporation (NYSE:GR), FLIR Systems, Inc. (NASDAQ:FLIR).

Stock Price Performance: During April 28, 2011 to July 25, 2011, the stock price had fallen $1.88 (-3.2%) from $58.62 to $56.74. The stock price saw one of its best stretches over the last year between June 24, 2011 and July 1, 2011 when shares rose for six-straight days, rising 6.5% (+$3.63) over that span. It saw one of its worst periods between January 12, 2011 and January 21, 2011 when shares fell for seven-straight days, falling 5.6% (-$3.44) over that span. Shares are up $5.08 (+9.8%) year to date.

(Source: Xignite Financials)

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