UPDATE: ITT Reports Better-Than-Expected Q1 Earnings

ITT Corp ITT reported a 15% decline in its first-quarter net income. The company's adjusted profit per share from continuing operations increased 18%. The company's earnings dropped to $124 million, or $0.66 per share, from $146 million, or $0.79 per share, in the year-ago period. The company's adjusted profit from continuing operations came in at $0.98 per share. The company's revenue increased to $2.76 billion from $2.58 billion. However, analysts were expecting earnings of $0.93 per share on revenue of $2.65 billion. ITT now projects 2011adjusted earnings of $4.70 to $4.82 per share, versus analysts' estimates of $4.77 per share. ITT shares fell 0.67% to close at $58.88 yesterday. Read more from Benzinga's Company news.