ITT Tops Fourth-Quarter 2010 Outlook
Thursday, February 03, 2011
ITT’s Fluid Technology segment reported fourth-quarter
2010 revenue of $1.1 billion, up 16 percent on a year-over-year basis,
primarily driven by the strategic acquisitions completed during the year.
Organic revenue (defined as total revenue excluding the impacts of foreign
exchange and acquisition and divestiture activity) was up 4 percent, driven by
growth in the Industrial Process business within the chemical and oil and gas
sectors in emerging markets, and strong performance by the Residential &
Commercial Water business in North America. Fourth-quarter segment operating
income was $142 million, up 36 percent from the comparable prior-year period,
driven by higher revenue, incremental productivity and lower restructuring and
realignment expense. More…
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