ITT Forecasts Strong 2008, Expects Another Year of Double-Digit Earnings Growth from Continuing Operations

To illustrate this change, ITT's 2008 adjusted earnings forecast is $3.80 to $3.95 per share from continuing operations including anticipated restructuring costs of $40 million. On a comparable basis, ITT's 2007 earnings are estimated to be $3.30 to $3.33 per share including expected restructuring costs of $55 million. This represents anticipated adjusted earnings growth of 15 to 19 percent in 2008 when compared to the 2007 guidance midpoint.

Analyst Event Today

ITT's senior management will host an investor event today beginning at 1:00 p.m. Eastern Standard Time in New York City to discuss the company's strategic objectives and review the outlook for 2008. The entire event can be monitored live via webcast at the following address on the company's Web site: www.itt.com/ir. A replay of the briefing will be available on the Internet for one year, until Nov. 13, 2008 .

About ITT Corporation

ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. ITT is a global leader in water and fluid transport, treatment and control technology. The company plays a vital role in international security with communications and electronics products; space surveillance and intelligence systems; and advanced engineering and services. It also serves a number of growing markets -- including marine, transportation and aerospace -- with a wide range of motion and flow control technologies. Headquartered in White Plains, N.Y., the company employs approximately 35,000 people and generated $7.8 billion in 2006 sales.

Safe Harbor Statement

Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 ("the Act"). These forward- looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated by the Company include general global economic conditions, decline in consumer spending, interest and foreign currency exchange rate fluctuations, availability of commodities, supplies and raw materials, competition, acquisitions or divestitures, changes in government defense budgets, employment and pension matters, contingencies related to actual or alleged environmental contamination, claims and concerns, intellectual property matters, personal injury claims, governmental investigations, tax obligations, and changes in generally accepted accounting principles. Other factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2006 , and other of its filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE ITT Corporation