ITT reports profit gain, raises guidance
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- April
- 25
Strong international sales and revenue from defense contracts helped drive first-quarter profit at Harrison-based ITT Corp. up nearly 23 percent to $171.9 million from $140 million, the company reported this morning.
On a per-share basis, the company, which makes night-vision goggles for the military, water pumps and numerous other sophisticated products, earned 94 cents, compared with 76 cents the first quarter of last year.
Revenues rose to $2.8 billion from $2.07 billion.
The company generated more than $185 million in free cash flow, nine times as much as a year earlier.
ITT, which plans to move its headquarters to White Plains, now expects to take in $11.4 billion to $11.5 billion in revenue for all of 2008. That would be a 27 percent increase over 2007.
The company also expects earnings from continuing operations, not counting special charges and gains, to be in the range of $4 to $4.10 a share. That would be 18 cents higher from the mid-point of its last guidance and a 23 percent increase over 2007.
This entry was posted
on Friday, April 25th, 2008 at 7:54 am by Allan Drury.
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