WHITE PLAINS, N.Y. (AP) â¿¿ ITT Corp. said Wednesday that it posted fourth-quarter net income of $32.4 million in contrast to a loss a year ago that included hefty charges related to its split into three separate companies.
Also on Wednesday, ITT said it will buy back an additional $75 million in stock and boost its dividend by 10 percent to 10 cents. The dividend will be paid on April 1 to shareowners of record as of March 15.
Its shares rose more than 2 percent in midday trading.
The company, which supplies parts and services to the oil, gas, chemicals, mining, aerospace, industrial and transportation markets, earned 35 cents per share. It lost $529 million, or $5.68 per share, in the same period a year ago.In October 2011, ITT completed the spinoff of its defense and information solutions and its water technology and services businesses. Expenses related to that largely accounted for the year-ago loss. Excluding one-time items, ITT posted adjusted earnings of 37 cents per share in the latest quarter compared with an adjusted 36 cents per share a year ago. That matched analysts' average expectations, according to FactSet. Revenue rose 9 percent to $554.3 million from $509.9 million. That beat the $534.8 million that analysts expected. Revenue at the company's industrial process business jumped 22 percent to $257 million, helped by stronger North American demand, as well as growth in the global oil and gas and chemical markets. Motion technologies revenue increased 3 percent to $140 million, but revenue at the company's interconnect solutions business fell 8 percent to $92 million and control technologies revenue was flat at $68 million. For the full year, the company earned $125.4 million, or $1.33 per share, compared with a loss of $129.5 million, or $1.40 per share, in 2011. Revenue increased to $2.23 billion from $2.09 billion.