23 Oct 02. ITT Industries Inc. (NYSE:ITT – News) said on Wednesday quarterly profit rose 11 percent on strong sales of its defense products, particularly
night vision goggles, and its fluid technology business.
The defense business has been boosted by the U.S. government’s focus on security in the aftermath of Sept. 11 while fluid technology is riding a wave of increased regulations on the treatment of wastewater. Both are expected to fuel future growth, Chairman and Chief Executive Lou Giuliano said in an interview. The company also said it expected its full year earnings to come in at the high end of its previous forecast.
ITT said in a statement it earned $120.4m, or $1.28 per share, in the third quarter, (2001: $67.5m, or 75 cents).
Excluding a tax benefit and restructuring adjustment, the company said it earned 94 cents a share in the third quarter. Revenue rose to $1.24bnfrom $1.12bn.
ITT said it expects its full-year earnings per share to reach a range of $3.63 to $3.68, up slightly from its previous estimate of $3.58 to $3.68. Revenues are expected to reach between $4.93 and $4.98bn versus its previous forecast of $4.78 to $4.90bn.
ITT said due to the declines in the equity markets and lower interest rates, it expects a “modest” increase in pension expense in 2003 and will pre-fund its U.S. salaried pension plan in 2002 and 2003 using available cash.