ITT Sales Down 6% in Third Quarter
ITT's motion and flow control segment revenue down 22%.
Diversified manufacturer ITT Corp. (NYSE: ITT), White Plains, NY, reported third quarter 2009 sales were $2.7 billion, down 6% year-over-year. Excluding foreign exchange and acquisitions, sales fell 4%.
Net income from continuing operations was $66 million.
For the third quarter of 2009, revenue for Defense Electronics & Services was $1.57 billion, up 2% over the comparable period in 2008. Third quarter operating income of $203.3 million grew 8.3% from 2008 third quarter levels.
Third quarter 2009 revenue for the Fluid Technology segment was $826 million, down 13% year-over-year and 10% organically.
While general market weakness remains, Fluid Technology saw order activity stabilizing across the fluid segment in the third quarter after recent declines, and saw its first significant orders resulting from U.S. stimulus funding involving a number of municipal water treatment and transport projects. The Water and Wastewater business also secured a significant order in Spain for the largest drinking water treatment plant in Europe, to include ITT’s ozone generators, filters, pumps and a pressure booster set. New investments by development banks and municipalities in China are resulting in more order activity for ITT.
Motion & Flow Control segment revenue for the third quarter 2009 was $307 million, down 22% in total and 16% organically compared to the prior year. ITT reported that revenue in the automotive market exceeded expectations, primarily due to recent stimulus activity in Europe, while performance in general industrial markets met expectations, despite some contraction. Rail markets in Europe also showed gains.
Operating income for the segment was $40 million, down significantly year-over-year due to lower volume.
Motion & Flow Control is benefiting from increased activity in the global rail market.
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