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
quarter.

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