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  • Tuesday, April 23, 2024

ITT Rolls Out Fiscal Figures

ITT Corporation (NYSE: ITT) announced 2010 first-quarter revenue of $2.6 billion and income from continuing operations of $146 million or $0.79 per share. Excluding special items, income from continuing operations for the quarter was $156 million, or $0.84 per share, representing 17 percent year-over-year growth.

According to ITT, special items in the year-ago period included a $54 million tax-related gain, compared with a $10 million expense in the first quarter of 2010, primarily related to the recent U.S. healthcare reform legislation.

“Promising organic growth combined with ITT’s focused execution got us off to a great start in 2010. Our Motion & Flow Control business delivered significant increases in revenue and operating income, ” said Steve Loranger, ITT’s chairman, president and chief executive officer. “Our Defense & Information Solutions business made great progress on its strategic realignment, and significant productivity gains drove margin improvements in both our Fluid Technology and Motion & Flow Control businesses.”

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