ITT (ITT) Q3 earnings: what to expect
Engineered components manufacturer for critical industries ITT Inc. (NYSE: ITT) will be reporting results this Wednesday after market close. Here’s what to expect.
ITT beat analysts’ revenue expectations last quarter, reporting revenues of $1.47 billion, up 51.5% year on year. It was a stunning quarter for the company, with a solid beat of analysts’ organic revenue estimates and full-year EPS guidance exceeding analysts’ expectations.
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 41.7% year on year, improving from the 12.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. ITT has a history of exceeding Wall Street’s expectations.
Looking at ITT’s peers in the gas and liquid handling segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Gorman-Rupp delivered year-on-year revenue growth of 11.8%, beating analysts’ expectations by 6.4%, and IDEX reported revenues up 8.3%, topping estimates by 1.8%. Gorman-Rupp traded up 6.9% following the results while IDEX was also up 2.6%.
Read our full analysis of Gorman-Rupp’s results here and IDEX’s results here.
Investors in the gas and liquid handling segment have had steady hands going into earnings, with share prices flat over the last month. ITT is down 2% during the same time and is heading into earnings with an average analyst price target of $257.77 (compared to the current share price of $201.99).
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