ITT's Net Income Improves

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On Feb. 4, 2009, ITT (ITT Quote) reported that its Q4 FY08 net income grew 17.2% to $185.50 million or $1.02 per share from $158.30 million or $0.86 per share, on higher revenue. Income from continuing operations rose to $175.50 million or $0.96 per share from $128.40 million or $0.70 per share in Q4 FY07. Excluding special items, income from continuing operations was $149.20 million or $0.82 per share, marginally up from $148.40 million or $0.81 per share a year earlier. The latest quarterly results topped the consensus estimate of $0.77 per share.

Sales and revenues grew 16.5% to $2.95 billion from $2.53 billion a year ago. Defense Electronics and Services revenue increased 38.9% to $1.64 billion, led by strong performance of Advanced Engineering & Sciences and Electronic Systems businesses and 7.1% organic revenue growth. Fluid Technology's revenue inched down marginally to $984.30 million from $985.20 million, as organic growth of 7.2% was offset by negative foreign currency exchange rates. Finally, Motion and Flow Control's revenue slipped 11.8% to $326.60 million, with organic revenues declining 8.8%. ...