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ITT Tops Third-Quarter Earnings Forecast and Raises Full-Year Adjusted Guidance

Monday, November 1, 2010  
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ITT Corporation reported 2010 third-quarter revenue of $2.6 billion and net income of $145 million, or $0.78 per share.

Third-quarter 2010 Fluid Technology revenue of $920 million was up 11 percent on a year-over-year basis, primarily driven by acquisitions. Organic revenue (defined as total revenue excluding foreign exchange, acquisition and divestiture impacts) was up 3 percent, as a result of significant global municipal market growth, solid residential performance in North America and growth across emerging markets. Organic orders for the segment were up 5 percent, largely driven by residential growth in the Americas, improvements in emerging markets for oil and gas projects and strong Industrial Process business growth in North America. More…

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