ITT Reports Strong First Quarter 2007 EPS from Continuing Operations of $0.74; Raises Guidance for the Year
* Earnings from continuing operations, excluding special items, are $0.76 per share, up 29 percent
* First quarter revenue up 15.6 percent to $2.1 billion on strong growth in all segments; organic revenue up 12.5 percent
* Company raises FY 2007 earnings forecast, excluding special items, from $3.30-$3.38 to $3.44-$3.50 per share and raises FY 2007 revenue range from $8.29-$8.38 billion to $8.45-$8.55 billion
White Plains, New York, - ITT Corporation (NYSE:ITT) today reported first quarter 2007 earnings from continuing operations of $139.8 million or $0.76 per share, excluding special items. This represents an increase of 29 percent or $0.17 over the first quarter of 2006 on a comparable basis. First quarter revenue was $2.1 billion, up 15.6 percent over the same period last year, with organic revenue growth of 12.5 percent.
“We are off to a powerful start this year, with every segment of our business delivering outstanding top line performance that carried through to the bottom line,” said Steve Loranger, Chairman, President and Chief Executive Officer. “Building relationships with our customers by providing high-quality products and service solutions is central to our continuing progress – and it’s evident our teams have been successful in doing just that.”
Mr. Loranger added, “Diversification is a critical part of our performance, both from an end market perspective and from the variety of geographies in which we operate. And most importantly, our very capable workforce of extremely dedicated employees is committed to growing this business. Their focus on both organic growth and operational excellence has resulted in solid business performance, quarter in and quarter out. Based on these strong first quarter results, and our confidence in our outlook, we are raising our full-year revenue and earnings guidance.”
ITT now forecasts full-year 2007 revenue of approximately $8.5 billion, an increase of $170 million compared with the estimates given in December 2006. This new estimate represents year- over-year revenue growth of nine percent. In addition, the Company revised its full-year forecast for earnings from continuing operations, excluding special items, to be in the range of $3.44 to $3.50 per share, up 21 percent to 23 percent compared to full-year 2006.
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