ITT Inc.'s stock plummeted 5.28% in intraday trading on Thursday despite reporting better-than-expected fourth-quarter earnings. The company's shares fell sharply even as it reported adjusted earnings per share of $1.50, surpassing Wall Street's expectations of $1.47.
The Connecticut-based industrial conglomerate posted revenue of $929 million for the quarter, also topping analyst estimates of $926.8 million. However, investors seemingly reacted negatively to the company's full-year earnings guidance, which fell short of expectations.
ITT Inc. forecasted full-year earnings in the range of $6.10 to $6.50 per share, while analysts had projected higher earnings for the year. The company's cautious outlook, coupled with broader market concerns, may have contributed to the stock's sharp decline on Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.