ITT (NYSE: ITT) reported earnings on Nov. 2. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Sep. 30 (Q3), ITT beat expectations on revenues and beat expectations on earnings per share.

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

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

Revenue details
ITT reported revenue of $555.9 million. The six analysts polled by S&P Capital IQ wanted to see revenue of $539.2 million on the same basis. GAAP reported sales were 81% lower than the prior-year quarter's $2.98 billion.

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 $0.44. The eight earnings estimates compiled by S&P Capital IQ anticipated $0.39 per share. GAAP EPS of $0.78 for Q3 were 7.1% lower than the prior-year quarter's $0.84 per share. (The prior-year quarter included $0.08 per share in earnings from discontinued operations.)

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 30.4%, 180 basis points better than the prior-year quarter. Operating margin was 9.8%, 180 basis points worse than the prior-year quarter. Net margin was 13.1%, 1,050 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $539.1 million. On the bottom line, the average EPS estimate is $0.40.

Next year's average estimate for revenue is $2.22 billion. The average EPS estimate is $1.67.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 342 members out of 366 rating the stock outperform, and 24 members rating it underperform. Among 91 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 84 give ITT a green thumbs-up, and seven 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 $23.21.

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