ITT Provides 2009 Outlook, Reaffirms 2008 Full-Year Guidance
Tuesday, December 16, 2008
ITT Corp. announced
its full-year 2009 earnings forecast in the range of $3.60 to $4.00 per share,
including anticipated restructuring costs. Including the expected negative
impact of foreign currency exchange, total revenue is anticipated to be down
between 2-6%.
ITT also reaffirmed
its current year earnings guidance from continuing operations, excluding
special items, of $3.97-$4.03 per share, representing growth of approximately
22% over the prior year.
In 2009, ITT
expects its Defense Electronics & Services segment to grow organic revenue
approximately 5% on projected strength in both its products and services
businesses. Organic revenue in the Fluid Technology segment is expected to
decline approximately four percent on softening municipal and commercial end
markets. In the Motion & Flow Control segment, the company expects 2009
organic revenues to be down approximately 15%, due in part to projected
weakness in automotive, marine, and certain industrial end-markets. More...
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