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What: Shares of ITT Corporation
So what: Revenue rose 3% from a year ago to $567.5 million, which was above estimates of $569.7 million from analysts. On an adjusted basis earnings per share came in at $0.50, which was up $0.04 from last year and ahead of the $0.37 estimate from analysts.
Now what: Momentum is solid, if not spectacular, on both the revenue and earnings front. For the full year management now expects adjusted earnings to be $1.62-$1.72, so the stock trades at 12.6 times this year's earnings on the low end, even after the jump today. I think that's a reasonable value and shares will continue to move higher.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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