ITT Corporation (NYSE:ITT) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
ITT Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 20.51% to $0.47 in the quarter versus EPS of $0.39 in the year-earlier quarter.
Revenue: Rose 5.41% to $608.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ITT Corporation reported adjusted EPS income of $0.47 per share. By that measure, the company beat the mean analyst estimate of $0.43. It missed the average revenue estimate of $611.52 million.
Quoting Management: “ITT is executing at a high level early in 2013 as we continued to make meaningful progress against our key drivers of profitable growth and value creation,” said Denise Ramos, chief executive officer and president. “We continued our consistent market expansion by achieving strong growth in emerging markets, winning share in a tough Western European environment and enhancing our presence in key global end-markets such as energy and automotive.”
Key Stats (on next page)…
Revenue increased 15.3% from $527.5 million in the previous quarter. EPS increased 27.03% from $0.37 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.49 to a profit $0.46. For the current year, the average estimate has moved down from a profit of $1.93 to a profit of $1.90 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)