ITT Corporation (NYSE: ITT) today reported third-quarter 2012 revenue of $556 million, including 10 percent growth in organic revenue (defined as total revenue excluding foreign exchange, acquisition and divestiture impacts) compared with the 2011 third quarter.
Revenue results reflected the geographic and end-market diversification of company operations. ITT’s 14 percent U.S. organic growth and 11 percent emerging market organic growth in the third quarter were driven primarily by strength in the global industrial pump market and share gains in the global automotive market. ITT also grew revenues slightly in Western Europe despite the continuing weakness in those markets.
On a GAAP basis, earnings from continuing operations totaled $0.65 per share compared with a loss from continuing operations of $0.32 per share in the prior-year third quarter. Adjusted earnings from continuing operations, which excludes special items, increased to $0.44 per share compared with pro forma adjusted earnings of $0.33 per share in the third quarter of 2011. This increase in adjusted EPS reflects a 10 percent increase in adjusted segment operating income as well as lower interest expense and a lower tax rate.
“A year ago this week, ITT executed two successful spin-offs and emerged as a focused and truly global diversified industrial company. Today, we can clearly see the benefits of our transformation. We have gained advantages from our portfolio that is balanced and diversified across key end markets, business cycles and geographies, and we have leveraged our sharper focus to propel the swift and consistent execution of our strategies to drive profitable growth and value creation,” said CEO and President Denise Ramos.
“Our focus has accelerated our ability to expand our emerging and aftermarket presence, strengthen our relationships with customers and deploy capital in a value-creating way – exemplified by our recent agreement to acquire Bornemann Pumps – that best supports the priorities and goals of our businesses. I am extremely proud of the performance and accomplishments of the ITT team, especially given the uncertain economic conditions we have faced throughout the year.”