ITT (NYSE: ITT) announced its results for the third quarter on October 28, 2011. Let's take a closer look at the company's industry, financials, and commentary and see what steps you can take next.
Earnings and Revenue:
ITT posted revenues above analyst predictions, though the company's EPS came up short of expectations. The company reported adjusted net income of $1.17/share versus the $1.18/share estimate and revenues of $2.98 billion versus the $2.85 billion estimate. Revenue climbed 12.8% from the same period last year.
Last quarter marks the third in a row in which the company's net income has fallen. Profits declined 29.4% in the second quarter and 15.1% in the first quarter. ITT's revenue has grown during each of the past four quarters on a year-over-year basis.
Income:
For the year, ITT reported net income of $4.69/share. The company trumped analyst projections of $4.55 by 3.1%. According to the reported number, the company's income fell 46.2% from last year's levels.
Official Comment:
"We are proud of our team for remaining focused on serving our customers to deliver this strong performance, even while executing on the separation of ITT into three strongly positioned, independent companies. I want to thank all of our employees for their diligence and hard work over the last several months," said Steve Loranger, ITT's chairman, president and chief executive officer. "The transformation of ITT and the launch of ITT Exelis and Xylem are on track to occur on October 31. The necessary costs to successfully separate into three companies are in line with our previous forecast, and all three new companies are nicely capitalized for future growth."
Industry:
ITT's industry, diversified operations, is currently reporting price/earnings growth of 1%.
What to Do Next:
Now you're all set to decide what to do with those ITT shares until the next earnings announcement. Whether you buy, sell, or hold, check back with us before the company's next earnings release for a full preview.
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