Engineered components manufacturer for critical industries ITT Inc. (NYSE: ITT) will be reporting results this Thursday before market hours. Here’s what to expect.
ITT beat analysts’ revenue expectations by 0.6% last quarter, reporting revenues of $913 million, flat year on year. It was a mixed quarter for the company, with a decent beat of analysts’ EBITDA estimates but full-year EPS guidance meeting analysts’ expectations.
Is ITT a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting ITT’s revenue to grow 4.6% year on year to $947.8 million, slowing from the 8.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.61 per share.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 7 upward revisions over the last 30 days (we track 12 analysts). ITT has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.3% on average.
Looking at ITT’s peers in the gas and liquid handling segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Gorman-Rupp delivered year-on-year revenue growth of 5.6%, beating analysts’ expectations by 2.5%, and Flowserve reported revenues up 2.7%, falling short of estimates by 3.1%. Gorman-Rupp traded up 9.9% following the results.
Read our full analysis of Gorman-Rupp’s results here and Flowserve’s results here.
There has been positive sentiment among investors in the gas and liquid handling segment, with share prices up 5.5% on average over the last month. ITT is up 2.8% during the same time and is heading into earnings with an average analyst price target of $175.36 (compared to the current share price of $161.27).
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