ITT Releases 2nd Quarter Financial Results; Loranger Comments

ITT Corp. (NYSE: ITT) released its second quarter 2011 financial results on July 29.

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ITT generated $220 million of income from continuing operations, or $11.8 per share, not including costs related to its upcoming spinoff of its defense and water businesses, for four percent year-over-year growth.

The company generated revenue of $3 billion, a 10 percent increase over its second quarter 2010 result.

Earnings from continuing operations were $168 million, or $0.90 per share.

“We are exceedingly pleased with our strong overall results and solid revenue across all our businesses this quarter, ” said Steve Loranger, ITT’s chairman, president and CEO. “We delivered robust growth in our commercial businesses, held defense revenue steady despite market uncertainty and continued to grow our global project pipeline. These impressive results were achieved while the organization successfully continued executing our strategic separation into three independent companies.”

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