ITT Industries Reaffirms Earnings Guidance

His comments came during an investor forum at the Morgan Stanley Industrials Conference in Phoenix, Arizona. ITT has indicated that it expects to report GAAP EPS of $0.92 - $0.98 per share in the third quarter and $3.77 - $3.97 for the full year. "We continue to work diligently to maintain earnings growth, even in a less than robust economic environment," Giuliano said. "While we can not be certain of the direction of the overall economy, we can work to improve our competitiveness in order to grow earnings and position ourselves to take advantage of any upturn."

About ITT Industries

ITT Industries, Inc. supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communication, opto-electronics, information technology and services; fluid and water management and other specialty products. Headquartered in White Plains, NY, the company generated $4.99 billion in 2002 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, Paris and Frankfurt exchanges.

Certain material presented herein consists of forward-looking statements which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Such factors include general economic conditions, foreign currency exchange rates, competition and other factors all as more thoroughly set forth in Item 1. Business and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Industries, Inc. Form 10-K Annual Report for the fiscal year ended December 31, 2002, and other of its filings with the Securities and Exchange Commission.