ITT Industries expects solid growth in 2004

WHITE PLAINS, N.Y. – Better operating performance in 2003 and improving conditions in key markets point to solid growth opportunities for ITT Industries, Inc. (NYSE: ITT) in the coming year, the company reported in a statement today.

The company said that it expects full year 2004 earnings per share between $4.05 and $4.25. Robust overall economic growth could put the full year 2004 EPS figure towards the top end of that range, according to ITT.

“We expect to see 5 percent organic revenue growth in 2003, and possibly higher in 2004,” said Lou Giuliano, chairman, president and chief executive officer of ITT Industries. “This continued growth is largely due to our Value-Based Six Sigma and Product Development initiatives, coupled with improved market conditions. With these, we expect that we will be able to grow our margins in the coming year.”

In ITT’s Motion & Flow Control segment, which includes the company’s leisure marine business, the company reported that new product offerings and gains in share are expected to continue. For one, ITT said it is leveraging its quick-connect technology to non-traditional uses such as leisure marine product offerings. These and other product synergies are expected to offset the loss of some automotive platforms, and Motion & Flow Control revenues are expected to remain flat in 2004 at between $935 and $975 million, while operating margins are expected to grow 40 to 110 basis points to 14.5 to 15 percent.

Giuliano also reaffirmed ITT’s previous full year 2003 earnings guidance. The company’s GAAP full-year estimated earnings range includes a net $0.34 per share positive impact from special items, for a full year estimated 2003 GAAP EPS of $4.18 – $4.20. Before the benefit of special items, earnings per share is expected to be $3.84 – $3.86.

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