ITT 3Q profit up 60 pct on sales, gain |
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Fri, 26 Oct 2007 13:02
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WHITE PLAINS, N.Y. (AP) - Defense contractor ITT Corp. said Friday third-quarter earnings increased 60 percent as sales in its fluid technology and defense units rose and it recorded a one-time gain from the sale of its switches business.For the quarter that ended Sept. 30, ITT's earnings rose to $230.1 million, or $1.25 per share, from $143.5 million, or 77 cents per share, in the year-ago quarter. Profit from continuing operations rose to $168.6 million, or 92 cents per share from $140.4 million, or 75 cents per share.ITT said its adjusted earnings also totaled 92 cents per share. ITT recorded a $64 million gain during the period from selling its switches business. This, plus other discontinued operations, added 33 cents per share to its quarterly earnings.Revenue rose to $2.18 billion, compared with $2.0 billion in the same quarter last year.Analysts polled by Thomson Financial had expected adjusted earnings of 90 cents per share on $2.16 billion in sales.Defense unit revenue rose to $1.01 billion from $957.4 million. ITT also said its fluid technology unit sales rose to $858.4 million from $780.3 million in the year-ago quarter.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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