ITT Corporation’s (NYSE:ITT) reported that its second-quarter net income plunged 90 percent, mainly due to an accounting-associated expense, and shares of the industrial parts supplier moved higher 12 percent as it topped predictions for revised profits.
Sales surged and operating margins enhanced throughout all divisions of the firm.
Sales moved up to $567.5 million as compared to $552.4 million, higher 3 percent. The outcomes were supported by a 16 percent hike in Sales from the industrial process unit, which manufactures pumps and valves for the oil and gas, chemical, mining and industrial sectors. Wall Street estimated $569.7 million in sales.
The company reported earnings of $16.8 million, or 18 cents per share, for the recent quarter concluded on June 30. In the last year same quarter it reported earnings of $169.7 million, or $1.82 a share.
Its competitors include Dana Holding Corporation (NYSE:DAN) whose number of outstanding shares remained 147.68 million having insider ownership of 0.27%.
Other consumer goods stocks include Ford Motor Company (NYSE:F) with insider ownership of 0.39%, Kraft Foods Inc (NASDAQ:KFT) insider ownership remained 0.14%, Avon Products, Inc. (NYSE:AVP) insider ownership stayed 0.01%, The Procter & Gamble Company (NYSE:PG) having insider ownership of 0.04%, Xerox Corporation (NYSE:XRX) with 0.24% insider ownership and Sealed Air Corp (NYSE:SEE) possessing 2.01% insider ownership.
ITT Corporation (NYSE:ITT) stock’s trade at beginning with a price of $19.29 and throughout the trading session climbed at a high of $21.85 other than when day-trade ended the stock finally advanced 11.50% to $20.27.
Shares price of ITT moved up from its 20 days moving average with +11.15% and remote positively from 50 days moving average with +7.80%. ITT current year earnings per share experienced a decline with -334.10% while its current quarter performance remained -7.32%.
ITT had a trade volume of 4.10million shares was higher as compared to average trading capacity of 1.35 million shares.
ITT last month stock price volatility remained 3.23%. In its share capital ITT has 5.10 Billion outstanding shares among them 92.30 million shares have been floated in market exchange. ITT stock institutional ownership remained 90.90% while insider ownership included 0.74%.
The stock is ahead its 52 week low with 23.17% and lagging behind from its 52 week high price with -79.80%. Company’s beta coefficient included 1.08. Beta factors measures the amount of market risk associated with market trade.
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