ATLANTA, Oct 30 (Reuters) - Diversified manufacturer ITT Corp posted better-than-expected quarterly earnings on Friday and raised its full-year outlook, citing improved operations as it controls costs.
But indicated profit for the current quarter was below Wall Street estimates, and ITT shares were down 1.2 percent in premarket trade.
The maker of military equipment and wastewater pumps said net income came to $59 million, or 32 cents a share, for the third quarter, down from $216.3 million, or $1.17 a share, a year earlier.
The latest results include a charge of $131 million, or 71 cents a share, tied to asbestos claims associated with older ITT products.
Adjusted for special items, income from continuing operations for the quarter was $1.03 a share. On that basis, analysts expected 90 cents a share, according to Thomson Reuters I/B/E/S.
Quarterly revenue fell 6 percent to $2.7 billion, about in line with analysts' expectations.
The company expects full-year earnings of $3.70 to $3.74 a share excluding one-time items, up from a prior view of $3.50 to $3.70. That suggests fourth-quarter profit of up to 93 cents a share, compared with analysts' average forecast of 98 cents.
ITT shares were at $53.70 in premarket trade, down 1.2 percent from their $54.36 Thursday close on the New York Stock Exchange.

(Reporting by Karen Jacobs; editing by John Wallace) Keywords: ITT/ (karen.jacobs@thomsonreuters.com + 1 404 493 3656; Reuters Messaging: karen.jacobs.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.