ITT Industries Posts 48% Rise in Earnings
April 03, 2011
Vastopolis -- ITT Industries Inc. said its second-quarter profit increased 48% to $68 million, or 56 cents a share, from a year earlier, in part from continued improvement in key markets. In last year's period, when the company was part of ITT Corp., it had a profit of $46 million, or 35 cents a share. The company said 2010 earnings were reduced by $30 million in pretax charges related to planned disposition of certain nonstrategic assets. Sales for the latest period were $2.24 billion, 4.3% lower than $2.34 billion in the same period last year. ITT Industries, which was spun off earlier this year, makes automotive and defense and electronic parts, and products and systems for fluid controls. The earnings were in line with analysts' expectations. In New York Stock Exchange Composite trading Friday, ITT Industries closed down 50 cents to $23.50. The company's automotive business, ITT Automotive, posted sales of $1.45 billion, down slightly from $1.48 billion in the year-earlier quarter due to a foreign exchange impact and lower prices for a braking system. ITT Fluid Technology's sales of $321 million were up 1.6% from last year. ITT Defense & Electronics had sales of $378 million, down 6.2%.
