ITT Corporation (NYSE: ITT)
ITT Corporation today announced its full-year 2011 earnings forecast in the range of $4.62 to $4.82 per share, representing approximately 7 to 12 percent growth compared with its 2010 adjusted earnings per share guidance midpoint of $4.30. The company expects 2011 total revenue growth will be 3 to 5 percent compared with 2010 total revenue, which is forecast at approximately $11 billion.
ITT also today reaffirmed its 2010 adjusted earnings per share guidance range of $4.28 to $4.32, with the midpoint representing a 15 percent growth rate compared with 2009.
“ITT has made tremendous progress in our growth strategies in 2010, and we are on track to deliver premier earnings performance. We continued to generate strong free cash flow, while making strategic acquisitions, which are already accretive,” said Steve Loranger, chairman, president and chief executive officer of ITT. “The outstanding productivity we generated in 2010, combined with the investments we have made, positions us for solid margin expansion in 2011.”
Loranger continued, “Looking into next year, ITT plans to continue to expand in emerging markets, focus on the diversification of our Defense and Information Solutions business and further align our company with global macroeconomic growth opportunities. Together with our shared set of values and integrated strategic processes, we believe these growth strategies will enable ITT to deliver another year of strong performance in 2011.”
2011 Segment Outlook
In the Fluid Technology segment, ITT expects total revenue growth of approximately 12 percent and organic revenue growth of approximately 5 percent, driven largely by emerging markets, late-cycle industrial market recovery and stability in developed municipal markets. ITT expects a 22 percent increase in operating income for the segment; and its commercial excellence initiative, along with benefits of prior investments and ongoing productivity are expected to drive a solid 110 basis point increase in operating profit margin to 14 percent.
Total revenue in the Motion and Flow Control segment is expected to grow approximately 7 percent, including 5.5 percent organic growth, driven by emerging markets, as well as strength in the general industrial, aerospace and marine markets. ITT expects a 25 percent increase in operating income for the segment, with a 220 basis point increase in operating profit margin to 15 percent, as it leverages the benefits of prior year cost reductions and incremental productivity.
In the Defense and Information Solutions segment, revenue is expected to decline approximately 2 percent. ITTexpects that strong growth in non-armed services, international markets and in-theater services will be offset by the impact of lower revenues from jammers and U.S. tactical radios. Operating income for the segment is expected to be down 3 percent. The segment projects stable operating profit margins of more than 12 percent, as it leverages the benefits of its 2010 transformation. The business is focused on continuing to win contracts in core markets and growing in adjacent market segments that are aligned with future growth trends, including air traffic management.
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., ITT reported 2009 revenue of $10.9 billion.
To learn more about ITT visit: http://www.itt.com
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