ITT Industries’ Fluid Technology with 8% increased revenues
ITT Industries' Fluid Technology segment reported third quarter revenues of $484.7 million, up $37.7 million or 8 percent from the third quarter 2001. Operating income for the quarter rose $3.4 million or 6 percent to $63.9 million, reflecting higher volume and process improvements.
ITT Industries' Fluid Technology segment reported third quarter revenues of $484.7 million, up $37.7 million or 8 percent from the third quarter 2001. The increase is attributable to continued strong performance in the North American water market and wastewater businesses in Europe and Asia, acquisitions in the water and wastewater area, and the favorable impact of foreign currency translation, offset by continued weakness in the industrial markets. Excluding acquisitions, third quarter 2002 revenues for the segment rose 4 percent. Operating income for the quarter rose $3.4 million or 6 percent to $63.9 million, reflecting higher volume and process improvements. Segment operating margin declined slightly due to reorganization expenses in the Industrial Pump business. Looking ahead, the company expects revenues to grow 4 to 6 percent for the full year, driven by continued strength in the water and wastewater businesses, offset by anticipated negative comparisons in the industrial and construction markets.
Source: ITT Inc.
