ITT posts 4Q net income of $32.4M
WHITE PLAINS, N.Y. (AP) — ITT Corp. said Wednesday that it posted fourth-quarter net income of $32.4 million in contrast to a loss a year ago that included hefty charges related to its split into three separate companies.
Also on Wednesday, ITT said it will buy back an additional $75 million in stock and boost its dividend by 10 percent to 10 cents. The dividend will be paid on April 1 to shareowners of record as of March 15.
Its shares rose more than 2 percent in midday trading.
The company, which supplies parts and services to the oil, gas, chemicals, mining, aerospace, industrial and transportation markets, earned 35 cents per share. It lost $529 million, or $5.68 per share, in the same period a year ago.
In October 2011, ITT completed the spinoff of its defense and information solutions and its water technology and services businesses. Expenses related to that largely accounted for the year-ago loss.
Excluding one-time items, ITT posted adjusted earnings of 37 cents per share in the latest quarter compared with an adjusted 36 cents per share a year ago. That matched analysts' average expectations, according to FactSet.
Revenue rose 9 percent to $554.3 million from $509.9 million. That beat the $534.8 million that analysts expected.