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ITT Reports Solid 2008 Fourth Quarter and Full-Year Results

Wednesday, February 4, 2009  
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ITT's Fluid Technology segment reported fourth quarter 2008 revenue of $984 million, roughly flat on a year-over-year basis, with solid organic revenue growth of 7%, offset by the negative impact of foreign currency exchange. Fourth quarter segment operating income was $96 million, which is down 24% from the comparable prior year period due primarily to higher costs associated with aggressive restructuring activity during the quarter.

For the full-year 2008, the segment grew nine percent year-over-year on revenue of $3.8 billion, including solid organic revenue growth of eight percent. The segment generated operating income of $469 million, up eight percent on a comparable basis, as organic growth and productivity improvements more than offset negative impacts from restructuring and foreign currency exchange. More…

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