ITT Corp Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component ITT Corporation (NYSE:ITT) will unveil its latest earnings on Friday, October 28, 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 $1.18 per share, a rise of 9.3% 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 $1.22. Between one and three months ago, the average estimate moved down. It has risen from $1.17 during the last month. Analysts are projecting profit to rise by 7.7% versus last year to $4.75.

Past Earnings Performance: The company has beaten estimates the last four quarters and is coming off a quarter where it topped forecasts by 2 cents, reporting profit of $1.18 per share against a mean estimate of net income of $1.16 per share.

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Wall St. Revenue Expectations: On average, analysts predict $2.85 billion in revenue this quarter, a rise of 8% from the year ago quarter. Analysts are forecasting total revenue of $11.6 billion for the year, a rise of 5.5% from last year’s revenue of $11 billion.

Analyst Ratings: Analysts seem relatively indifferent about ITT with eight of 15 analysts surveyed maintaining a hold rating.

A Look Back: In the second quarter, profit fell 29.4% to $168 million (90 cents a share) from $238 million ($1.28 a share) the year earlier, but exceeded analyst expectations. Revenue rose 10.4% to $3.02 billion from $2.74 billion.

Key Stats:

The company has seen net income fall in each of the last two quarters. Net income dropped 15.1% in the first quarter.

Revenue has gone up for three straight quarters. It rose 4.7% in the first quarter from the year earlier and 5.8% in the fourth quarter of the last fiscal year.

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), and Environmental Tectonics Corp. (ETCC).

Stock Price Performance: During July 29, 2011 to October 24, 2011, the stock price had fallen $8.42 (-15.9%) from $53.03 to $44.61. The stock price saw one of its best stretches over the last year between September 9, 2011 and September 16, 2011 when shares rose for six-straight days, rising 5% (+$2.15) over that span. It saw one of its worst periods between July 25, 2011 and August 4, 2011 when shares fell for nine-straight days, falling 15.3% (-$8.63) over that span. Shares are down $6.75 (-13.1%) year to date.

(Source: Xignite Financials)

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