ITT back in black

ITT Corp., based in White Plains, returned to profitability in the first quarter reporting earnings from continuing operations of 11 cents a share compared with a loss of 23 cents in the year ago quarter. Adjusted earnings from continuing operations, which exclude special items, were 39 cents a share, down from pro forma earnings of 45 cents a share in the first quarter of last year.

Revenue was $577 million. Organic revenue was up 9 percent from a year ago ”“ that excludes the effects of foreign exchange, acquisitions and divestitures. Revenue in emerging markets was up 22 percent, North American revenue was up 11 percent and there were gains in core markets such as oil and gas, mining, chemical and general industrial.

“We saw the benefits in the first quarter as our global growth in the oil and gas, mining and automotive markets offset expected lower volumes in the connectors market,” said Denise Ramos, CEO and president. “In addition, despite overall market softness in Western Europe, we drove strong growth globally, particularly in North America, Asia and the Middle East.”

ITT stuck to its per share earnings estimate for the year of $1.62 to $1.72 a share. In oil and gas and mining, ITT said it expects revenue up 5 to 7 percent, with gains in market share. In emerging markets, 10 percent growth is estimated in the Middle East, Latin America and China.