ITT Tops Second Quarter 2009 Forecast on Strong Operational Performance, Full-Year Earnings Outlook
Monday, August 3, 2009
ITT Corp. reported second quarter 2009 income of $203
million, or $1.10 per share, from continuing operations. Excluding special
items, income from continuing operations for the quarter was $196 million, or
$1.06 per share, better than expected primarily due to productivity
improvements and non-operating benefits during the quarter. Second quarter
revenue was $2.8 billion, down nine percent compared to the second quarter of
2008, and down five percent excluding the impacts of foreign exchange,
acquisitions and divestitures on a comparable basis. Year-to-date free cash
flow generation was $462 million, representing a robust 139 percent conversion
of income from continuing operations, excluding non-cash tax adjustments.
For the second quarter of 2009, revenue for the Fluid
Technology segment was $869 million, down 15 percent overall and seven percent
organically compared to the second quarter of the prior year. Weak sales in
North American commercial and residential water markets were partially offset
by strong shipments in the municipal, mining, oil and gas markets. On a
geographic basis, relative strength in emerging markets offset slower sales in
North America and Europe. More…
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