ITT Reports First Quarter Earnings of $187 Million
Sunday, April 26, 2009
ITT Corp. reported first quarter 2009 income of $187 mln, or $1.02 per share, from continuing operations, including a net $54 mln tax benefit resulting primarily from the reorganization of certain international legal entities. Excluding special items, income from continuing operations for the quarter was $132 mln, or 72 cents per share, and better than expected primarily due to performance in the Defense Electronics & Services and Fluid Technology segments.
First quarter revenue for the Fluid Technology segment was $744 mln, down 16% compared to the first quarter of the prior year or down 6% excluding the impact of foreign currency exchange. This performance reflects better than anticipated sales in municipal markets and softer residential and commercial market performance. First quarter operating income for the segment was down to $69 mln, primarily due to volume declines, change in order mix, and higher employee benefit plan and restructuring costs. More...
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