ITT Industries Reports Full Year 2000 EPS of $2.94, up 18 Percent over 1999

24.01.2001

WHITE PLAINS, N.Y., Jan. 23 /PRNewswire/ -- ITT Industries, Inc.

(NYSE: ITT) today reported full year 2000 net income of $264.5 million and

diluted earnings per share (EPS) of $2.94, up 15 percent and 18 percent

respectively over the full year 1999, excluding a non-recurring item reported

in the fourth quarter of 1999. Full year revenues from ongoing segments rose

5 percent to $4.8 billion. Full year segment operating income for 2000 was

$546.8 million, up $78.6 million or 17 percent from the year earlier, due to

full year segment operating margin growth of 1.2 percentage points to

11.3 percent.

The full year performance was led by a 50 percent revenue growth in the

Connectors and Switches segment and strong organic growth in the company's

water and wastewater pump businesses, despite the negative impact of foreign

currency translation.

Pumps and Complementary Products

ITT Industries' Pumps and Complementary Products segment reported fourth

quarter revenues of $436.2 million, and full-year revenues of $1.75 billion,

up 1 percent from the full year 1999. Continued strong revenue growth in the

water and wastewater businesses was offset by ongoing softness in the

industrial process pump sector and negative impact of foreign currency

translation. Excluding the impact of foreign currency translation, the Pumps

and Complementary Products segment's full year revenues would have been up

6 percent. Operating income for the quarter was $51.2 million, up 7 percent

or $3.2 million dollars from the fourth quarter last year, and full year

operating income jumped 18 percent to $194.5 million. Fourth quarter and full

year 2000 operating margins in this segment increased 1.1 and 1.6 percentage

points respectively, driven by process and productivity improvements, and a

more favorable product mix. Looking ahead to 2001, the water and wastewater

businesses are expected to continue to perform well, with continued weakness

in the industrial process pumps market.

Source: ITT Inc.

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