WASHINGTON (dpa-AFX) - (Adds Outlook)
ITT Inc. (ITT) reported a profit for fourth quarter that decreased from the same period last year in line with the Street estimates.
The company's bottom line came in at $91.5 million, or $1.11 per share. This compares with $115.2 million, or $1.39 per share, in last year's fourth quarter.
Excluding items, ITT Inc. reported adjusted earnings of $110.9 million or $1.34 per share for the period.
Analysts on average had expected the company to earn $1.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 7.0% to $829.1 million from $774.6 million last year.
Outlook
For fiscal 2024, the company projects earnings per share of $5.37 to $5.82, and adjusted earnings per share of $5.45 to $5.90, representing growth of 9 percent at the midpoint.
Analysts expect earnings of $5.90 per share for the year.
The company expects revenue growth of 9 percent to 12 percent on a reported basis, and up 3 percent to 6 percent on an organic basis.
Operating margin is projected to be 16.7 percent to 17.3 percent, and adjusted operating margin is projected to be 16.9 percent to 17.5 percent, flat to up 60 basis points.
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