ITT Industries Reports Third Quarter EPS Up 4 Percent to $0.75
ITT Industries’ Pumps & Complementary Products segment reported third quarter revenues of $420.5 million, down 2 percent from the third quarter 2000. Continued strong growth in the water and wastewater businesses was offset by ongoing weakness in the industrial pump market, particularly pulp and paper, and chemicals, as well as a slowdown in construction markets and the negative impact of foreign currency exchange.
Operating income for the quarter was up $1.4 million or 3 percent to $52.2 million, and segment operating margin rose by 60 basis points, reflecting ongoing process improvement actions and improved product mix. For the full year, the company expects continued favorable fundamentals in the water and wastewater businesses, offset by soft industrial markets, resulting in flat to slightly declining revenue. Ongoing process and cost improvements should result in higher operating margin for the year.
About ITT Industries
ITT Industries, Inc. (www.itt.com) 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 specialty products. Headquartered in White Plains, NY, the company generated $4.8 billion in 2000 sales.
Source: ITT Inc.