ITT Corp. (NYSE: ITT) has announced financial results for both its fourth fiscal quarter and full 2013 fiscal year that ended Dec. 31, 2013.
Full-year revenue grew 12 percent to $2.5 billion and fourth quarter revenue jumped 17 percent over the prior-year period to $646 million, ITT announced Friday.
The technology manufacturing and engineering firm cited expansion efforts in aftermarkets, emerging markets and the North American region as helping to drive the full-year revenue increase.
“We have driven growth in key end markets including oil and gas, automotive and aerospace, and expanded our global manufacturing and R&D capabilities in Korea, China and the United States, ” said Denise Ramos, ITT’s president and CEO.
“In addition, we have been turning around key businesses such as connectors and shock absorbers while advancing our goals to focus our portfolio, operate more productively and drive an enhanced customer experience.”
The company’s industrial process and motion technology businesses posted respective increases of 16 percent and 29 percent in fourth quarter revenue.
According to ITT, fourth quarter revenue for its interconnect solutions and control technologies segments respectively were up 9 percent and 2 percent.
ITT projects total and organic revenue to be $2.65 billion in fiscal 2014 and that growth to be propelled by activities in the global energy pump and automotive markets.
