- ITT came in a little short on revenue in the third quarter, but profits beat by a significant amount as management continues to deliver one of the better cost performances.
- Management believes business troughed in the second quarter; auto demand should recover fairly quickly, but longer-cycle process-oriented businesses will need more time, as will aerospace and oil/gas.
- ITT still offers an attractive relative valuation and a clean balance sheet gives management some growth-enhancing M&A options.
For further details see:
ITT Posting Better Margins As It Moves Past The Trough