ITT Corp. Sales Decline 6.8% in 2009

For the fourth quarter, sales were down 2.6% to $2.9 billion, while profit improved 7.4% to $199.2 million.

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Fourth-quarter sales for the Defense segment was $1.6 billion, down 1% compared to the year-ago period. Fourth-quarter operating income for the segment grew to $207 million, up 10%. Full-year 2009 revenue for the segment was flat compared with 2008 at $6.3 billion; operating income was $776 million, up 7%.

ITT's Fluid Technology segment reported fourth-quarter sales of $924 million, down 6% on a year-over-year basis, and a 13% decline in organic revenue. Operating income was $104 million, up 9%. For the full year, segment revenue declined 12% to $3.4 billion, and organic revenue was down nine percent as stability in municipal markets was offset by declines in industrial, residential and commercial markets. Full-year operating income was $393 million, down 16% on a comparable basis.

Fourth-quarter 2009 revenue for the Motion & Flow Control segment grew 2% on a comparable basis to $332 million. Organic revenue was down 1%, as growth driven by the European auto stimulus, solid rail growth in emerging markets, and growth in beverage were offset by declines in the aerospace and industrial markets. The segment reversed a year-ago loss with fourth-quarter operating income of $17 million, driven by strong productivity and lower realignment costs.

Full-year 2009 revenue for the segment was $1.3 billion, down 21% compared with the prior year; organic revenue was down 14%. For the year, operating income was down 38% to $118 million.