Demand in emerging markets helps ITT beat forecasts
(Reuters) - ITT Corp (ITT.N) reported stronger-than-expected quarterly earnings and sales on Friday, helped by U.S. industrial demand and sales to energy markets in emerging economies.
The maker of specialty components for energy, transportation and manufacturing said it had earned $73.0 million, or 78 cents per share, in the third quarter, compared with $108.5 million, or $1.17 per share, a year earlier.
Excluding special items, ITT earned 44 cents a share, 5 cents above Wall Street expectations, according to Thomson Reuters I/B/E/S.
Sales rose 8 percent to $555.9 million, beating analysts' estimates of $539.2 million.
ITT, which spun off its defense and water units last year, said sales to oil, gas and mining markets in emerging countries had helped lift industrial process sales by 27 percent. The division, ITT's biggest, makes valves and pumps, and the company announced an acquisition last month to expand in this area.
The White Plains, New York-based company kept its full-year profit forecast unchanged at the midpoint while narrowing the range to between $1.64 and $1.70 per share. (Reporting by Nick Zieminski in New York; Editing by Lisa Von Ahn)
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