UPDATE 1-ITT Q3 earnings boosted by acquisitions

* Q3 EPS $0.78 vs $0.32 yr ago

* Q3 rev about flat at $2.6 bln vs est. $2.71 bln

* Sees FY adj. EPS $4.28-$4.32 vs $4.08-$4.18

* Sees FY rev up 4 pct at $11 bln

Oct 29 – (BestGrowthStock) – Diversified manufacturer ITT Corp’s
(ITT.N: ) quarterly profit more than doubled as acquisitions
boosted revenue at its fluid technology unit, and raised its
full-year forecast.

ITT, a maker of water pumps and night-vision goggles,
forecast 2010 adjusted earnings of $4.28-$4.32 a share on
revenue of $11 billion.

The company expects revenue from the defense segment, its
largest, to decline 1 percent for the full year, while it sees
fluid technology revenue growing 8 percent.

For the July-September quarter, ITT reported net earnings
of $145 million, 78 cents a share, compared with earnings of
$59 million, or 32 cents a share, in the year-ago period.

Excluding special items, it earned $1.08 a share from
continuing operations.

Quarterly revenue was about flat at $2.6 billion.

Analysts on average were expecting earnings of 99 cents a
share for the quarter, according to Thomson Reuters I/B/E/S.

White Plains, New York-based ITT said its fluid technology
unit revenue rose 11 percent to $920 million in the quarter.

The company completed the acquisition of Godwin Pumps and
announced plans to acquire O.I. Corporation and SRA
International’s Airport Operations Solutions group in the

Third-quarter sales at its defense segment, however,
dropped 9 percent, hurt in part by declines in its explosive
device units and tactical radios.

ITT shares, which have shed about 5 percent of their value
in the last three months, closed at $48.21 Thursday on the New
York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-ITT Q3 earnings boosted by acquisitions