S&P 500 (NYSE:SPY) component ITT Corporation (NYSE:ITT) reported a lower net income in the first quarter compared with a year earlier, falling below analysts’ estimates. ITT Corporation is a global multi-industry company that designs and manufactures engineered products and related services.
ITT Earnings Cheat Sheet for the First Quarter
Results: Net income for ITT Corporation fell to $124 million (66 cents/share) vs. $146 million (79 cents/share) a year earlier. A decline of 15.1% from the year earlier quarter.
Revenue: Rose 4.7% to $2.76 billion YoY.
Actual vs. Wall St. Expectations: ITT fell short of the mean analyst estimate of 93 cents/share. Estimates ranged from 90 cents per share to 98 cents per share.
Quoting Management: “We are off to a very strong start in the first quarter of 2011, with double-digit revenue and earnings growth in both Fluid Technology and Motion and Flow Control, which is more than offsetting the headwinds we are facing in the U.S. defense market and higher commodity costs,” said Steve Loranger, ITT’s chairman, president and chief executive officer. “Our businesses delivered excellent operating performance, and productivity drove strong operating margin expansion. When coupled with double-digit order demand, this gives us confidence to raise full-year adjusted earnings guidance.”
Last quarter’s profit decrease breaks a streak of three consecutive quarters of year-over-year profit increases. Net income rose 35% in the fourth quarter of the last fiscal year from the year earlier while the figure rose more than twofold in the third quarter of the last fiscal year and 18.2% four quarters ago.
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).
Today’s Performance: Shares of ITT closed down 1.85%.