ITT Q4 Net Profit Falls, Yet Results Top Consensus; Guides 2014 - Quick Facts

(RTTNews) - ITT Corp. (ITT) reported a plunge in fourth-quarter 2013 net income attributable to the company to $11.2 million, or $0.12 per share, from last year's $32.4 million, or $0.35 per share.

On the other hand, quarterly adjusted earnings per share from continuing operations, excluding special items, amounted to $0.49 per share, reflecting strong volume gains and operational improvements as well as a lower effective tax rate. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.47 for the quarter. Analysts' estimates typically exclude one-time items.

In the fourth quarter, the firm delivered revenue of $646 million, reflecting 17 percent overall growth and 13 percent organic growth. Revenue stood at $554.3 million in the prior year. Analysts estimated revenues of $631.85 million for the quarter.

For 2014, the company issued its forecast with total and organic revenue up 4 to 6 percent to $2.6 billion - $2.65 billion and adjusted earnings per share from continuing operations in the range of $2.23 - $2.33 per share, up 13 percent to $2.28 at the mid-point. Analysts project full-year earnings of $2.30 per share and revenue of $2.64 billion.

Revenue growth is likely to be driven by the global oil and gas pump market, and share gains and market growth in the global automotive market, partially offset by non-strategic connector product lines and an aerospace program ramp down.