WHITE PLAINS, N.Y., Nov. 13 /PRNewswire/ -- ITT Corporation (NYSE: ITT)
today announced its full-year 2008 earnings forecast in the range of
ITT reaffirmed its current year earnings guidance from continuing
operations, excluding special items, of
"We are expecting 2007 to finish strong and anticipate this year's performance will provide a springboard for another exciting year of growth and continued operational improvements for our company in 2008," said Steve Loranger , chairman, president and chief executive officer of ITT. "Our guidance reflects a high degree of confidence in our leadership team and the company's core businesses, which we believe are well-positioned for success over the long term."
Loranger added the company has been effective at positioning its portfolio - in terms of end markets and geographies served - to be able to balance a moderating U.S. economy and capitalize on strength in international markets.
2008 Segment Guidance
Defense Electronics & Services
ITT's Defense segment expects revenues to grow eight to nine percent to
The Fluid Technology segment is expecting revenue growth of seven to eight
percent in 2008 to
Motion & Flow Control
Top-line revenue in the Motion & Flow Control segment is expected to
increase 18 to 22 percent to
Change in Reporting Presentation Planned
ITT has historically presented restructuring costs as a "special item" in its delivery of adjusted earnings per share (EPS) results to investors. Beginning in 2008, the company will discontinue this practice. Restructuring costs will no longer be treated as a special item and will be presented as part of ITT's total adjusted EPS figure.
"In a dynamic multi-industry business like ours, restructuring is a variable, but ongoing activity," said Denise Ramos , chief financial officer of ITT. "For this reason, we decided to no longer classify restructuring costs as a special or one-time item. We believe the revised presentation of adjusted EPS will provide investors with a more complete view of our overall performance and is consistent with the company's track record of transparent reporting of results."