ITT 1Q EPS Tops; Cuts Outlook

ITT Corp. (ITT) posted better-than-expected first-quarter EPS today, but reduced its full-year guidance.

The company earned 72 cents per share, excluding items, which exceeded analysts' expectations of 58 cents. Sales dropped 9% to $2.6 billion.

For 2009, ITT now projects earnings of $3.20 to $3.60 per share, compared to the February forecast of $3.60 to $4. The current guidance includes an additional $26 million for restructuring and acquisition expenses. Revenue is expected between $10.6 billion and $11 billion.

ITT indicated that it doesn't expect improvement in the industrial, commercial and auto markets in 2009.

In the last month, 4 out of 17 covering brokerage analysts lowered annual forecasts. As a result, the 2009 consensus has fallen to $3.60 per share from $3.65.

Shares of this Zacks #3 Rank ("Hold") stock are down less than 1% so far today on low volume of a little more than 1 million shares, against the average of 1.8 million.

Read the full analyst report on ITT