Why ITT Stock Was Pushing Higher This Week
Key Points
It notched a pair of convincing third-quarter beats.
Management also raised its guidance for both revenue and adjusted net income.
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With a 6% Monday-to-Thursday increase in its stock price, according to data compiled by S&P Global Market Intelligence, ITT (NYSE: ITT) stock was poised to be a winner this week. The storied industrial company posted its third quarter earnings; many investors liked what they saw and reacted accordingly.
Several strong divisions
That earnings release dropped well before market open on Wednesday. It showed that ITT's revenue for the period was $999 million, representing a double-digit advance of 13% over the same quarter of 2024.
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Management attributed the juicy gain to the performance of its industrial process, aerospace, and defense divisions. It also said "pricing actions," with connect and control technologies, and motion technologies, helped move the top line higher. Recent acquisitions added to revenue too.
Net income not according to generally accepted accounting principles (GAAP) booked a 14% gain over that one-year stretch to land slightly under $185 million, or $1.78 per share.
This meant a double beat for ITT, as the consensus analyst for revenue was less than $974 million, and that for per-share, adjusted net income was $1.67.
The future is looking rosier
More encouragingly, ITT raised its full-year guidance for both headline revenue and profitability. These days, it's modeling a top-line improvement of 6% to 7% over 2024. Non-GAAP (adjusted) earnings per share should clock in at $6.62 to $6.68. The low end of the latter range is 13% higher than last year's figure.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ITT. The Motley Fool has a disclosure policy.
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