WHITE PLAINS, N.Y. (AP) -- Defense contractor ITT Corp. said Wednesday fourth-quarter profit rose 7 percent as lower costs helped offset a sales decline.
The company also raised its full-year outlook.
ITT earned $199.2 million, or $1.08 per share, in the three months ended Dec. 31, up from $185.5 million, or $1.01 per share, a year ago.
Excluding one time items, profit totaled 97 cents per share.
Analysts polled by Thomson Reuters, on average, predicted a smaller profit of 93 cents per share. Analyst estimates typically exclude one-time items.
Revenue fell 3 percent to $2.87 billion from $2.95 billion last year. Analysts expected revenue of $2.88 billion.
The company said better productivity and lower restructuring costs offset lower volume.
Revenue from its largest unit, defense, edged down 1 percent to $11.6 billion. Total costs and expenses fell 4 percent to $2.58 billion.
"A solid performance, although weakness in defense revenues could cause concern," said Deustche Bank analyst Nigel Coe in a note to investors.
For the year, profit fell 19 percent to $643.7 million, or $3.50 per share, from $794.7 million, or $4.32 per share a year ago.
Revenue fell 7 percent to $10.9 billion from $11.69 billion.
ITT raised its fourth-quarter outlook to $3.90 to $4.10 per share from previous guidance of $3.85 to $4.05 per share.
Analysts predict $4.01 per share.
Its shares rose 27 cents to $50.72 in morning trading.
