* Sees FY12 adj EPS $1.62-$1.72 vs est $1.64
* Q2 adj EPS $0.50 vs est $0.37
* Q2 rev $567.5 mln vs est $569.7 mln
* Sales in U.S. grow 18 percent
* Shares up as much as 15 pct
Aug 3 ITT Corp's adjusted quarterly
profit handily beat market expectations on strong sales of
components to the U.S. mining, chemical and industrial sectors
as well as emerging markets, sending shares up as much 15
percent in morning trade.
The company, which caters to the aerospace, rail and energy
markets, said it expects sales to grow by 10 percent for 2012 in
emerging markets, driven by oil and gas in the Middle East,
mining in Latin America and automotive in China.
Total revenue rose 3 percent to $567.5 million for the
second quarter from a year earlier, helped by 18 percent growth
in the United States.
Excluding items, ITT earned 50 cents per share, well ahead
of Wall Street's estimates of 37 cents per share.
Revenue in the industrial process business - its largest
segment - jumped 16 percent to $233 million. The segment makes
pumps and valves for the oil and gas, chemical, mining and
ITT maintained its full-year 2012 adjusted earnings forecast
of between $1.62 and $1.72 per share.
Analysts on average were expecting earnings of $1.64 cents
per share, excluding items, according to Thomson Reuters
Shares of the White Plains, New York-based company, which
spun off its defense and water management segments in October to
take advantage of the recovering commercial markets, were up 12
percent at $20.41 on the New York Stock Exchange.