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."
To illustrate this change, ITT's 2008 adjusted earnings forecast is
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
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