ITT Reports Strong First-Quarter Results and Raises Full-Year Guidance
Monday, May 3, 2010
ITT Corp. reported 2010 first-quarter revenue of $2.6
billion and income from continuing operations of $146 million, or $0.79 per
share. Excluding special items, income from continuing operations for the
quarter was $156 million, or $0.84 per share, representing 17 percent
year-over-year growth. Special items in the year-ago period included a $54
million tax-related gain, compared with a $10 million expense in the first
quarter of 2010, primarily related to the recent U.S. healthcare reform
legislation.
First-quarter 2010 Fluid Technology revenue of $801 million
was up eight percent on a year-over-year basis. Organic revenue was flat, as
growth in residential markets was offset by a decline versus the strong
year-ago period in industrial projects. Organic orders for the segment were up
three percent, largely driven by stabilizing residential market conditions and
strong mining, oil and gas projects. Moreā¦
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