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MarketWatch MarketPulseFeb 21, 2020
ITT beats earnings expectations and lifts dividend, but gives downbeat outlook on coronavirus outbreak
ITT Inc. reported Friday fourth-quarter earnings that beat expectations and raised its dividend by 15%, but provided a downbeat outlook included an estimated impact from the coronavirus outbreak in China. The stock was still inactive in premarket trading. Net income at the engineered components company rose to $68.4 million, or 77 cents a share, from $51.9 million, or 58 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 99 cents, above the FactSet consensus of 92 cents. Revenue rose 6% to $719.1 million, topping the FactSet consensus of $716.6 million, as beats in the motion technologies and industrial process segments offset a miss in connect and control technologies. For 2020, the company currently expects adjusted EPS of $3.87, with a wider range of $3.72 to $4.02, compared with the FactSet consensus of $3.99, and revenue to be down 1%, with a range of down 3% to up 1%, while expectations of $2.92 billion implies 2.5% growth. ITT raised its quarterly dividend to 16.9 cents a share from 14.75 cents, with the new dividend payable April 6 to shareholders of record on March 16. Based on Thursday's stock closing price of $68.87, the new annual dividend rate implies a dividend yield of 0.98%, compared with the implied yield for the S&P 500 of 1.80%. ITT's stock has slipped less than 0.1% over the past three months, while the S&P 500 has gained 8.7%.

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