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Reuters
ITT Earnings Rise, Ups Forecast
Monday July 28, 6:51 am ET


NEW YORK (Reuters) - ITT Industries Inc. (NYSEITTNews) on Monday reported second-quarter earnings that rose as the defense and technology company benefited from strength in its defense and wastewater businesses.
White Plains, New York-based ITT, which makes products ranging from military night-vision devices to pumps and valves, reported net income of $99.9 million, or $1.06 per share, including items. That compared with $92.9 million, or 99 cents a share during the same quarter a year ago.

Results for the second quarter included an 8-cent-per-share gain from a benefits claim settlement and a tax settlement, as well as a 4-cent-per-share charge for restructuring actions taken during the second quarter.

Wall Street analysts on average had expected the company to earn $1.02 per share, according to Reuters Research, a unit of Reuters Group Plc.

Second-quarter 2003 revenues rose 9 percent to $1.44 billion, the company said, citing strength in its defense and fluid technology segments. Outside of acquisitions, sales growth was 5 percent.

Looking ahead, the company said it was raising its full-year earnings-per-share forecast to a range of $3.77 to $3.97, citing financial performance so far this year, as well as the benefit of some one-time items. It said it expected to see third-quarter earnings in a range of 92 cents to 98 cents per share.

Analysts surveyed by Reuters Research had anticipated the company to earn $3.83 per share for the full year, and 97 cents per share for the third quarter.