ITT Corporation (NYSE: ITT) reported the following financial news:
“2010 fourth-quarter revenue of $3 billion and income from continuing operations of $272 million, or $1.46 per share. Excluding special items, income from continuing operations was $253 million, or $1.36 per share, reflecting year-over-year growth of 42 percent.
“For the full year 2010, ITT reported revenue of $11 billion and income from continuing operations of $654 million, or $3.53 per share. Excluding special items, income from continuing operations was $818 million, resulting in a record $4.41 per share, an 18 percent increase over 2009. For the full year, free cash flow was $937 million, a 104 percent conversion of net income from continuing operations adjusted for non-cash special items.
“We are very pleased with the exceptional strategic and operating performance delivered by our teams across the globe in 2010, ” CEO Steve Loranger said. “We realized outstanding productivity across our businesses, while driving overall top-line growth, generating very strong free cash flow and investing for our future. This record-breaking year provides momentum for continuing strong performance in 2011 and sets a solid foundation for our transformation into three independent publicly traded companies by year end.”