ITT revenue rises 17 percent in first quarter

WHITE PLAINS, N.Y. – Marine industry supplier ITT Industries, Inc. (NYSE: ITT) had a first quarter 2004 net income of $88.9 million, up $2.2 million including the net benefit of special items, the company reported in a press release yesterday.

Diluted earnings per share (EPS) for the quarter, including the net benefit of special items, was $0.94, up $0.02 per share from reported EPS in the first quarter 2003, according to the company.

ITT realized a $0.05 per share benefit from several tax items, which was partially offset by other special items, primarily restructuring costs, of ($0.03) per share.

The net effect of these special items was a $0.02 increase in reported EPS for the first quarter. Adjusting results to exclude the benefit of these special items, earnings for the first quarter 2004 were $0.92, up 11 percent over the comparable adjusted figure of $0.83 for the same period in 2003, the company said.

"The first quarter was a very good one for us, with strong earnings and double digit organic revenue growth," said Lou Giuliano, chairman, president and CEO of ITT Industries. "We are accelerating organic top-line and earnings growth, led by our Defense, Water/Wastewater and Electronic Components businesses.

Giuliano went on to say that the company has raised its earnings target for the year to a range of $4.40-$4.50, up 14-17 percent over adjusted 2003 EPS. The previous range for 004 was $4.15-4.25, and ITT now estimates full-year 2004 revenues will range from $6.4 to $6.6 billion, up 14-18 percent from last year.

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