Engineered components manufacturer for critical industries ITT Inc. (NYSE: ITT) will be announcing earnings results this Wednesday morning. Here’s what you need to know.
ITT beat analysts’ revenue expectations last quarter, reporting revenues of $1.05 billion, up 13.5% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ organic revenue estimates.
Is ITT a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting ITT’s revenue to grow 20.9% year on year, improving from its flat revenue in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing in majority upward revisions over the last 30 days. ITT rarely misses Wall Street’s revenue estimates.
Looking at ITT’s peers in the gas and liquid handling segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Gorman-Rupp delivered year-on-year revenue growth of 7.7%, beating analysts’ expectations by 3.5%, and SPX Technologies reported revenues up 17.4%, topping estimates by 1.4%. Gorman-Rupp traded up 16% following the results while SPX Technologies was down 4.9%.
Read our full analysis of Gorman-Rupp’s results here and SPX Technologies’s results here.
There has been positive sentiment among investors in the gas and liquid handling segment, with share prices up 7.6% on average over the last month. ITT is up 7.7% during the same time and is heading into earnings with an average analyst price target of $235.58 (compared to the current share price of $209.08).
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