WASHINGTON (dpa-AFX) - ITT Corp. (ITT) posted net income of $3 million or $0.03 per share for the first quarter compared to $121 million or $1.31 per share last year.
Income from continuing operations for the quarter was $10 million or $0.11 per share versus loss from continuing operations of $22 million or $0.23 per share in the prior year. Adjusted earnings from continuing operations, which excludes special items, totaled $0.39 per share compared to pro forma adjusted earnings of $0.45 per share in the first quarter of 2011.
Quarterly revenues advanced to $577 million from $533 million in the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share on revenues of $554.32 million for the quarter. Analysts' estimates typically exclude special items.
Looking forward, the company maintains its guidance for full-year 2012 of adjusted earnings in the range of $1.62 to $1.72 per share. Total revenue is expected to grow 5 to 7 percent including expected market share gains as well as the impact of late-cycle strength in oil and gas and mining. Analysts expect the company to earn $1.67 per share on revenues of $2.24 billion for the year.
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