ITT Inc. ITT reported better-than-expected results in third-quarter 2020, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. In the quarter, the company pulled off a positive earnings surprise of 15.5%. Quarterly adjusted earnings were 82 cents per share, outpacing the Zacks Consensus Estimate of 71 cents. However, the bottom line declined 15.5% from the year-ago figure.Revenues of $591.2 million were down 17% year over year. Also, revenues fell 18% on an organic basis. However, the top line surpassed the consensus mark of $589 million by 0.4%.Segmental BreakupThird-quarter revenues of Industrial Process were $194.1 million, down 19% year over year. Organic sales declined 19%, owing to lower revenues from chemical and oil and gas pump projects and weakness across the short-cycle business.Quarterly revenues of Motion Technologies declined 11% year over year to $271.8 million.Organic sales decreased 13%, mainly due to lower Friction sales in Europe on account of soft demand.Connect & Control Technologies generated $125.9 million revenues, down 25% year over year. Organic sales fell 26%, owing to weakness across aerospace and defense end markets amid the coronavirus outbreak.ITT Inc. Price, Consensus and EPS Surprise ITT Inc. price-consensus-eps-surprise-chart | ITT Inc. QuoteCosts/MarginsCost of sales in the third quarter was $400.6 million, down 16.6% year over year. Sales and marketing expenses were $33.4 million compared with $41.6 million in the year-ago quarter.Gross profit decreased 17.6% on a year-over-year basis to $190.6 million. Gross profit margin was 32.2%, down 30 basis points.Balance Sheet/Cash FlowExiting the third quarter, ITT had cash and cash equivalents of $782.3 million, up from $612.1 million as of Dec 31, 2019. Commercial paper and current maturities of long-term debt were $118.7 million compared with $86.5 million at the end of 2019.In the first nine months of 2020, the company generated $318.1 million in cash from operating activities, higher than $221.7 million recorded in the year-ago period. Capital expenditure totaled $47.6 million, declining from $69.3 million spent in the year-ago period.GuidanceOn uncertainties regarding the impacts of the coronavirus outbreak on financial and operating results, ITT has not provided its earnings and revenues guidance for 2020.Zacks Rank & Other Stocks to ConsiderThe company currently carries a Zacks Rank #2 (Buy).Some other top-ranked stocks from the same space are Crane Company CR, Danaher Corporation DHR and Federal Signal Corporation FSS. All these companies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Crane delivered trailing-four quarter positive earnings surprise of 14.59%, on average.Danaher delivered a positive earnings surprise of 17%, on average, in the trailing four quarters.Federal Signal delivered a positive earnings surprise of 16.78%, on average, in the trailing four quarters.The Hottest Tech Mega-Trend of AllLast year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ITT Inc. (ITT): Free Stock Analysis Report Danaher Corporation (DHR): Free Stock Analysis Report Crane Company (CR): Free Stock Analysis Report Federal Signal Corporation (FSS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research