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ITT Provides 2009 Outlook, Reaffirms 2008 Full-Year Guidance

Tuesday, December 16, 2008  
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ITT Corp. announced its full-year 2009 earnings forecast in the range of $3.60 to $4.00 per share, including anticipated restructuring costs. Including the expected negative impact of foreign currency exchange, total revenue is anticipated to be down between 2-6%.

ITT also reaffirmed its current year earnings guidance from continuing operations, excluding special items, of $3.97-$4.03 per share, representing growth of approximately 22% over the prior year.

In 2009, ITT expects its Defense Electronics & Services segment to grow organic revenue approximately 5% on projected strength in both its products and services businesses. Organic revenue in the Fluid Technology segment is expected to decline approximately four percent on softening municipal and commercial end markets. In the Motion & Flow Control segment, the company expects 2009 organic revenues to be down approximately 15%, due in part to projected weakness in automotive, marine, and certain industrial end-markets. More...

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