WHITE PLAINS, N.Y., July 27 /PRNewswire-FirstCall/ -- ITT Corporation
(NYSE: ITT) today reported second quarter 2007 earnings from continuing
ITT also announced today the completion of the sale of its Switches business to Littlejohn & Co. LLC, a private equity firm based in Greenwich, Conn. The divestiture was announced in May.
"Many factors contributed to the strong quarter, including another remarkable operating performance from our Defense segment and strong global sales in Fluid Technology," said Steve Loranger , chairman, president and chief executive officer, ITT Corp. "Ultimately, it's the ongoing commitment of our employees worldwide to exceed customer expectations that enabled us to record double-digit order expansion and achieve significant organic revenue growth during the quarter."
Loranger added, "During the quarter, we also saw the continued execution
of our strategy to refine our portfolio with the sale of our Switches business
and planned acquisition of International Motion Control, the Buffalo, N.Y.-
based manufacturer of motion control products. We believe the stronger-than-
expected overall performance of our business will offset anticipated dilution
from the acquisition, enabling us to maintain our current earnings guidance of
The company forecasts full-year revenue of approximately
Investor Call Today
ITT's senior management will host a conference call for investors today at 9:00 a.m. Eastern Daylight Time to review second quarter performance and answer questions. The briefing can be monitored live via webcast at the following address on the company's Web site: www.itt.com/ir.
About ITT Corporation
ITT Corporation (www.itt.com) supplies advanced technology products and
services in several growth markets. ITT is a global leader in the transport,
treatment and control of water, wastewater and other fluids. The company plays
a vital role in international security through its defense communications and
electronics products; space surveillance and intelligence systems; and
advanced engineering and related services. It also serves the growing leisure
marine and electrical connectors markets with a wide range of products.
Headquartered in White Plains, N.Y., the company generated
"Safe Harbor Statement" under the Private Securities Litigation Reform Act of 1995 ("the Act"):