Fluid Technology Boosts ITT Profits

Jan. 22, 2003

Defense systems and technology company ITT Industries Inc. reported a rise in quarterly earnings today, boosted by gains in its fluid technology businesses.

ITT's fluid technology business has been growing as regulations on how water is handled and treated have increased.

With products ranging from wastewater pumps to night-vision goggles, the company said fourth-quarter profit rose to $95.1 million, or $1.01 a share, from $74.0 million, or 81 cents a share. Revenue rose to $1.24 billion from $1.18 billion.

ITT said it earned $93.9 million, or $1.00 per share, excluding items related to restructuring.

The results beat Wall Street forecasts compiled by research firm Thomson First Call. Analysts were expecting the company to earn between 94 cents a share and 98 cents a share, with an average forecast of 97 cents, according to First Call.

The company said it expects first-quarter 2003 earnings per share to reach between 78 cents and 82 cents, and reaffirmed its full-year earnings per share forecast of between $3.70 and $3.90.

Source: Reuters