UPDATE: ITT Posts Q4 Profit, Lifts Dividend By 10%
ITT (NYSE: ITT) posted a profit in the fourth quarter and lifted its quarterly dividend by 9.9% to $0.10 per share.
It also announced its plans to buy back up to $75 million of its stock.
ITT posted a quarterly profit of $32.4 million, or $0.35 per share, versus a year-ago loss of $529 million, or $5.68 per share. Excluding special items, its adjusted earnings rose to $0.37 from $0.36 per share.
Its revenue climbed 8.7% to $554.3 million. However, analysts were expecting earnings of $0.38 per share on revenue of $538 million.
Its gross margin increased to 31.3% from 30%.
For the year, ITT expects earnings of $1.80 to $1.90 per share on revenue growth of 9% to 11%. However, analysts projected earnings of $1.89 per share on revenue growth of 9%.
ITT shares rose 0.40% to $25.35 in pre-market trading.
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