Earnings Preview: ITT Corporation

ITT Corporation (ITT) is expected to report Q3 earnings before market open Friday, October 23, with a conference call scheduled for 8:30 am ET.

Guidance

Analysts are looking for EPS of $1.10 on revenue of $2.93B. The consensus range is $1.06 to $1.13 for EPS, and revenue range of $2.89B to $2.95B, according to First Call. When the company reported its Q2 earnings it raised its FY08 EPS and revenue guidance. ITT Corporation raised its FY08 EPS guidance to $4.11 to $4.17 from $4.00 to $4.10 vs. consensus of EPS of $4.17. The company also raised its FY08 revenue forecast to $11.6B to $11.7B from $11.4B to $11.5B vs. consensus of $11.65B.

ITT Corporation announced a strategic partnership with Mercy Corps, on October 20, as part of its corporate philanthropy program, ITT Watermark. The partnership includes a three-year, $1M commitment to help provide safe water during emergencies created by natural catastrophes such as floods, droughts and earthquakes.

Analyst Views

JP Morgan downgraded the company to Underweight from Neutral on August 12. The firm cited valuation for the downgrade.