ITT (NYSE: ITT) reported earnings on Aug. 3. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), ITT met expectations on revenues and crushed expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped significantly and GAAP earnings per share dropped significantly.

Gross margins grew, operating margins expanded, and net margins dropped.

Revenue details
ITT tallied revenue of $567.5 million. The five analysts polled by S&P Capital IQ expected revenue of $569.7 million on the same basis. GAAP reported sales were 81% lower than the prior-year quarter's $3.02 billion.

My

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.50. The six earnings estimates compiled by S&P Capital IQ predicted $0.37 per share. GAAP EPS of $0.18 for Q2 were 90% lower than the prior-year quarter's $1.80 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 30.6%, 260 basis points better than the prior-year quarter. Operating margin was 12.1%, 60 basis points better than the prior-year quarter. Net margin was 3.0%, 260 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $550.2 million. On the bottom line, the average EPS estimate is $0.41.

Next year's average estimate for revenue is $2.24 billion. The average EPS estimate is $1.66.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 344 members out of 368 rating the stock outperform, and 24 members rating it underperform. Among 85 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 77 give ITT a green thumbs-up, and eight give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ITT is outperform, with an average price target of $24.21.