WHITE PLAINS, N.Y. -- ITT Industries, Inc. (NYSE: ITT), a supplier of advanced technology products and services, reported today that its Leisure Marine business, part of its Motion & Flow Control division, had a 6-percent revenue increase for the third quarter, with more than 30 percent of revenues coming from new products, according to the company.
Third quarter revenues for the company as a whole rose 11 percent to $1.38 billion, due mainly to growth in Defense and Fluid Technology and the positive impact of foreign currency translation, ITT reported. Organic revenue growth (excluding foreign currency translation and acquisitions) was 5 percent.
The company reported a net income of $109.2 million and diluted earnings per share of $1.16, which includes a net positive $0.20 per share impact from special items. Excluding the benefit of these special items, third quarter 2003 adjusted earnings were $90.8 million or $0.96 per share.
These figures compare to an EPS of $1.28 during the same period last year, which included a net $0.34 positive impact from special items and adjusted earnings of $88.6 million or $0.94 per share. The third quarter adjusted earnings reflects a $2.2 million or $0.02 per share increase over the comparable figure in the third quarter of last year.
"Our stronger than expected cash flow during the quarter enables us to raise cash flow guidance for the full year. We reduced our debt during the quarter, giving us greater flexibility to invest in our businesses and pursue acquisitions where they can enhance our competitive position," said Lou Giuliano, chairman, president, and chief executive officer of ITT Industries.
"Based on our reported results so far this year, and given the positive impact of a number of special items realized during the year, we expect full-year GAAP EPS of $4.10-$4.16, and full-year adjusted EPS of $3.82-$3.88. Further, we are raising our full year cash targets by $50-60 million, and we expect full year revenues to increase 10-12 percent," said Giuliano.
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