WHITE PLAINS, N.Y. (AP) -- ITT Corp. topped Wall Street's expectations for the second quarter on stronger sales of brake pads as well as pumps and valves used in the oil and gas industry. The company also raised its profit and revenue projections for the entire year.
The news sent ITT's shares up 10 percent to an all-time high.
ITT, a supplier of parts and services to a wide variety of industries, reported that a surge in worldwide oil and gas shipments helped boost revenue at the company's industrial process business by 15 percent to $269 million. Its industrial group produces pumps and valves for oil and gas companies, among others. Its motion technologies business, which makes brakes and shock absorbers for cars and railroads, saw revenue rise 11 percent to $171 million, powered by growth in China of 70 percent.
The company earned $25.8 million, or 28 cents per share, compared with $16.8 million, or 18 cents, during the same period last year. Excluding one-time items, per-share earnings were 51 cents per share, easily beating analyst estimates of 45 cents, according to FactSet.
Revenue climbed 9 percent to $609 million. That also topped the $600 million that analysts had expected.
The company now expects total revenue growth of 10 percent to 11 percent this year. In February, it had estimated 9 percent to 11 percent growth. ITT's forecast for 2013 adjusted earnings now ranges between $1.86 and $1.92 per share, versus a previous estimate of $1.80 to $1.90.
Over the past 12 months, ITT's stock has risen from a low of $17.90 to an all-time high Thursday of $34.58. It's up 46 percent so far this year, much higher than the overall stock market. The benchmark Standard & Poor's 500 index has climbed 19.5 percent in 2013. In afternoon trading, shares rose $3.18 to $34.42.