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ITT Corporation (NYSE: ITT), White Plains, NY, reported 2010 fourth-quarter revenue of $3 billion, up 8 percent, driven by growth in defense and commercial business.
For the full year 2010, ITT reported revenue of $11 billion, up 3 percent, and income from continuing operations of $654 million.
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Defense & Information Solutions
Fourth-quarter 2010 revenue for the Defense segment was $1.6 billion, up 5 percent compared to the same period in 2009, driven largely by increased volumes for tactical radios and special purpose jammers. Fourth-quarter operating income for the segment grew to $239 million, up 18 percent on a comparable basis, primarily driven by operational productivity initiatives.
Full-year 2010 revenue for the segment was $5.9 billion, down 3 percent compared with 2009, as expansion into growth areas was offset primarily by previously anticipated declines in counter improvised explosive device units. For the full year, operating income for the segment was $752 million, a 1 percent year-over-year decline, with productivity gains partially offsetting the impact of lower revenue.
The Fluid Technology segment reported fourth-quarter 2010 revenue of $1.1 billion, up 16 percent on a year-over-year basis, primarily driven by the strategic acquisitions completed during the year. Organic revenue was up 4 percent, driven by growth in the Industrial Process business within the chemical and oil and gas sectors in emerging markets, and strong performance by the Residential & Commercial Water business in North America. Fourth-quarter segment operating income was $142 million, up 36 percent from the comparable prior-year period, driven by higher revenue, incremental productivity and lower restructuring and realignment expense.
For the full year, segment revenue rose 9 percent to $3.7 billion, primarily driven by acquisitions. The segment generated operating income of $479 million, a 22 percent year-over-year increase, driven primarily by higher revenue and outstanding operating performance.
Motion & Flow Control
Fourth-quarter 2010 revenue for the Motion & Flow Control segment was $333 million, which was flat on a comparable basis. Organic revenue was up 4 percent, as significant growth in the aerospace and connector markets offset reductions in automotive volume as the prior-year automotive stimulus programs expired. The segment reported fourth-quarter 2010 operating income of $37 million, reflecting a 118 percent year-over-year increase, driven by operational productivity and lower restructuring expense, which were partially offset by increased growth investments.
Full-year 2010 revenue for the segment was $1.4 billion, up 15 percent compared with the prior year, driven by double-digit organic revenue growth across all divisions. Operating income increased 52 percent during 2010 to $179 million, driven by the significant increase in revenue, exceptional productivity and lower restructuring expense.