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ITT Tops Second Quarter 2009 Forecast on Strong Operational Performance, Full-Year Earnings Outlook

Monday, August 3, 2009  
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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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