ITT expects strong earnings growth
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- November
- 13
ITT Corp., the Harrison-based global manufacturer of pumps and sophisticated military equipment, said yesterday it expects earnings in 2008 to grow by 12 to 17 percent over the midpoint of its estimate for this year’s earnings.
ITT forecast 2008 earnings of $3.95 to $4.10 per share. Revenues will reach $9.5 billion to $9.7 billion, about 10 percent more than what’s expected for this year. The company said 8 percent of revenue growth will be generated internally, as opposed to growth via acquisitions of other companies.
Among the performances of its three divisions, ITT predicted:
• Defense electronics and services revenues would grow 8 to 9 percent, to $4.35 billion to $4.4 billion. Operating margins will be 12.7 to 12.9 percent, slightly higher than this year.
• Fluid technology revenues would grow 7 to 8 percent, to $3.68 billion to $3.73 billion. Operating margins will be 13.9 to 14.2 percent.
• Motion and flow control revenues would grow 18 to 22 percent, to $1.53 billion to $1.58 billion. Operating margins will be 14.9 to 15.1 percent.
ITT stock closed yesterday at $63.80, up $1.68. It is up 12.3 percent for the year.
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on Tuesday, November 13th, 2007 at 6:57 pm by Jerry Gleeson.
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Category: Corporate doings
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