ITT posts 4Q net income of $32.4M

For the full year, the company earned $125.4 million, or $1.33 per share, compared with a loss of $129.5 million, or $1.40 per share, in 2011. Revenue increased to $2.23 billion from $2.09 billion.

ITT projected a 2013 profit of $1.80 to $1.90 per share on revenue growth of 9 percent to 11 percent. Based on the company's 2012 results, the guidance implies 2013 revenue of $2.43 billion to $2.47 billion.

Analysts expect earnings of $1.89 per share on $2.44 billion in revenue, according to FactSet.

ITT shares rose 61 cents, or 2.4 percent, to $25.85 in midday trading. They have risen 10.3 percent so far this year.