Earnings Preview: ITT Corp.

ITT Corp. (ITT) is expected to report Q3 earnings before market open on Friday, October 30 with a conference call scheduled for 9 am ET.

Guidance

Analysts are looking for EPS of 90c on revenue of $2.7B. The consensus range is 84c-95c for EPS, and $2.62B-$2.79B for revenue, according to First Call. When the company last reported earnings it raised its FY09 EPS guidance to $3.50-$3.70 from $3.20-$3.60. Consensus at the time was $3.44; it has since been raised to $3.66. ITT also expects FY09 revenue to be $10.8B-$11B versus consensus $10.9B.

Analyst Views

FBR stated in mid-October it believes ITT management has been uncharacteristically silent recently, noting the company canceled investor meetings and is not returning calls. The firm thinks ITT could announce a "substantial positive event" in the near-term, and sees a takeover, some form of breakup/spin/merger, a transformational acquisition or joint venture as the most likely outcomes. ITT's shares have climbed 11.95% since it last reported earnings, jumping to $54.30 from $48.27, and the company has beaten analyst estimates in each of the past three quarters.