ITT Corporation (NYSE: ITT) released the following financial announcement:
“[The firm] announced its full-year 2011 earnings forecast in the range of $4.62 to $4.82 per share, representing approximately 7 to 12 percent growth compared with its 2010 adjusted earnings per share guidance midpoint of $4.30. The company expects 2011 total revenue growth will be 3 to 5 percent compared with 2010 total revenue, which is forecast at approximately $11 billion.
“The company also today reaffirmed its 2010 adjusted earnings per share guidance range of $4.28 to $4.32, with the midpoint representing a 15 percent growth rate compared with 2009.
“ITT has made tremendous progress in our growth strategies in 2010, and we are on track to deliver premier earnings performance. We continued to generate strong free cash flow, while making strategic acquisitions, which are already accretive, ” said Steve Loranger, chairman, president and chief executive officer of ITT. “The outstanding productivity we generated in 2010, combined with the investments we have made, positions us for solid margin expansion in 2011.”
