ITT Industries Affirms Outlook

ITT Industries ( ITT) affirmed its second-quarter and full-year 2003 earnings forecasts, and said it named Brenda L. Reichelderfer as president of its electronic-components group.

The company expects to earn $1 to $1.03 a share for the quarter, and $3.70 to $3.90 a share for the year. Analysts expect $1.02 a share for the quarter and $3.88 share for the year. The company earned 99 cents a share in the second quarter last year, and $3.70 a share in 2002.

ITT cited strength in its defense business, despite some challenges in its electronic-components business.

Reichelderfer most recently was a senior vice president of the company, and she replaces Gerard Gendron, who is resigning. Reichelderfer was previously president of the company's motion and flow control segment, and joined the company in 1982.

ITT Industries' electronic-components segment is a supplier of connectors, interconnects, cable assemblies, switches, dome arrays, keypads and components, as well as a provider of high-speed/high-bandwidth network systems and services.

Shares of the company were down about 2%, or $1.33, at $64.58 in afternoon trading.

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