ITT Posts Upbeat Q1 Earnings, But Revenue Misses Views

reported better-than-expected earnings for the first quarter. However, the company reported downbeat quarterly revenue and reduced its earnings outlook for the year. The White Plains, New York-based company reported a quarterly profit of $42.1 million, or $0.46 per share, versus a year-ago profit of $32.2 million, or $0.36 per share. Excluding items, the company earned $0.65 per share. Its revenue declined 13 percent to $588.7 million. However, analysts were expecting a profit of $0.53 per share on revenue of $633.75 million. The average estimate among 8 Estimize users was for earnings of $0.57 per share and revenue of $649.82 million. Industrial-process revenue dropped 10 percent to $256 million in the quarter, while revenue in the company's motion-technologies segment slipped 12 percent to $191 million. Revenue in its interconnect solutions segment dropped 22 percent to $78 million in the quarter, while control technologies segment revenue slipped 10 percent to $66 million. GAAP segment operating margins widened 230 basis points to 13.7 percent in the quarter. "Despite the ongoing headwinds from foreign exchange and the global oil and gas and industrial markets, we continued our track record of delivering solid results, as reflected in our improved operating margins and earnings per share in the quarter," said Denise Ramos, Chief Executive Officer and President. For 2015, ITT now expects earnings of $2.50 to $2.60 per share. ITT shares fell 1.44 percent to close at $39.65 yesterday.