--Forecasts 2010 revenue growth of two to four percent
--Anticipates free cash flow conversion at 100 percent of net income in 2010
--Provides tightened 2009 adjusted EPS guidance range of $3.72 to $3.74
ITT Corporation (ITT ) today announced its full-year 2010 earnings forecast in the range of $3.85 to $4.05 per share. The company expects 2010 total revenue growth will be in the range of two to four percent compared with 2009 total revenue. Excluding the impacts of acquisitions, divestitures and foreign exchange, the company expects 2010 organic revenue growth of two to three percent.
The company also today tightened its previously announced 2009 guidance range for earnings from continuing operations, excluding special items. This includes raising the low end of the prior adjusted earnings forecast ($3.70 to $3.74 per share) to a range of $3.72 to $3.74 per share. Full-year 2009 revenue is expected to be approximately $10.9 billion.
"Amid the headwinds of a challenging economic environment in 2009, we took important steps to position ITT for a return to growth in 2010. In 2009, we maintained our enduring focus on the needs of our customers while implementing productivity, restructuring and realignment measures that improved our long-term cost structure, generated strong free cash flow and strengthened our balance sheet. At the same time we continued to invest for growth in core categories where we are already very strong," said Steve Loranger, chairman, president and chief executive officer, ITT. "As we look to next year, we believe we are uniquely positioned to deliver top-line growth at or above the markets we serve. We continue to build the company for the long term, by investing in high-growth opportunities in emerging markets and categories that are adjacent to our core businesses to drive growth from our diversified customer base."
In 2010, ITT expects its Defense Electronics and Services segment to grow organic revenue approximately three to four percent. The segment expects growth in international and non-armed services categories and its core defense products to more than offset some declines in Middle East services and lower volumes from U.S. SINCGARS tactical radios. Organic revenue in the Motion and Flow Control segment is expected to be flat, as growth in the auto/transportation businesses and in emerging markets is expected to offset declines in aerospace. The company expects 2010 organic revenue growth of approximately one percent in the Fluid Technology segment, driven largely by strength in the municipal business and emerging markets.
Investor Call Today
ITT’s senior management will host a conference call for investors today at 9:00 a.m. Eastern Standard Time (EST) to review the outlook and answer questions. The briefing can be monitored live via the company’s web site: www.itt.com/investors.
A replay of the briefing will be available on the web site until December 25, 2009 at 6:00 p.m. EST.
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2008 sales of $11.7 billion. www.itt.com
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