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On Feb. 4, 2009,
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%.
ITT won a $4.70 million contract to install ultraviolet (UV) technology for treating nuclear plant wastewater in France. The company also received a $206.00 million contract from U.S. Naval Sea Systems Command to produce an additional 2,866 CREW 2.1 Vehicle Receiver Jammers (CVRJ). The company also announced that it would recommend a dividend of $0.85 per share for FY09, representing 22.0% increase over the FY08 dividend and subject to board approval at its February 2009 meeting.
For FY08, ITT net income rose 7.1% to $794.70 million or $4.33 per share from $742.10 million or $4.03 per share in FY07. Income from continuing operations rose to $775.20 million or $4.23 per share from $633.0 million or $3.44 per share. Total sales and revenues soared 29.9% to $11.69 billion from $9.00 billion a year ago.
Looking forward, ITT reiterated its FY09 earnings outlook to be in the range of $3.60 per share to $4.00 per share.
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