ITT Tops Third-Quarter Earnings Forecast and Raises Full-Year Adjusted Guidance
Monday, November 1, 2010
ITT Corporation reported 2010 third-quarter revenue of $2.6
billion and net income of $145 million, or $0.78 per share.
Third-quarter 2010 Fluid Technology revenue of $920 million
was up 11 percent on a year-over-year basis, primarily driven by acquisitions.
Organic revenue (defined as total revenue excluding foreign exchange,
acquisition and divestiture impacts) was up 3 percent, as a result of
significant global municipal market growth, solid residential performance in
North America and growth across emerging markets. Organic orders for the
segment were up 5 percent, largely driven by residential growth in the
Americas, improvements in emerging markets for oil and gas projects and strong
Industrial Process business growth in North America. More…