Yahoo Finance ITT (ITT) Q2 Earnings: What To Expect
Engineered components manufacturer for critical industries ITT Inc. (NYSE: ITT) will be reporting results tomorrow before market hours. Here's what investors should know.
ITT beat analysts' revenue expectations by 3.1% last quarter, reporting revenues of $910.6 million, up 14.1% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.
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 9.9% year on year to $916.4 million, slowing from the 13.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.46 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. ITT has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 2.2% on average.
Looking at ITT's peers in the industrial machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Flowserve delivered year-on-year revenue growth of 7.1%, beating analysts' expectations by 2.4%, and Flowserve traded down 3.2% following the results.
Read our full analysis of Flowserve's results here and Desktop Metal's results here.
There has been positive sentiment among investors in the industrial machinery segment, with share prices up 9.4% on average over the last month. ITT is up 11% during the same time and is heading into earnings with an average analyst price target of $154.9 (compared to the current share price of $140.82).
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