ITT reports leisure marine biz growth
WHITE PLAINS, N.Y. – ITT Industries, Inc.’s (NYSE: ITT) Motion & Flow Control business saw fourth quarter revenues grow 9 percent or $21.1 million to $248.5 million, due to revenue growth in the leisure marine and friction materials businesses, as well as the positive impact of foreign currency translation, the company reported in a statement today.
“In Motion & Flow Control, orders, sales and profitability are better than we had expected, due to strength in selected end markets,” said Lou Giuliano, chairman, president and chief executive officer of ITT.
Operating income for the division grew 5 percent to $30.9 million and operating margin declined 50 basis points, due primarily to a decline in volume in the automotive tubing business.
Full year 2003 MFC revenues were up 6 percent to $992.3 million, according to ITT. Operating income for the year was up 10 percent to $134.7 million.
The company’s leisure marine businesses under the Jabsco brand name realized 21 percent organic growth in the quarter and 9 percent organic growth for the full year, ITT reported. This success is built on the company’s expanding capabilities in the marine and RV markets, according to ITT. Most recently, the company won its first design-in contract for a complete on-board water pressure system for watercraft, it said.
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