WHITE PLAINS, N.Y. – Third quarter 2004 net income for marine industry supplier ITT Industries, Inc. was $109.8 million, even with the period last year, and up 21 percent when excluding the net benefit of special items recorded in the third quarter 2003, the company said in a press release today.
Diluted earnings per share for the quarter were $1.16. Third quarter revenue was $1.67 billion, up 21 percent due to increased sales in all business units, the completion of recent acquisitions and the positive impact of foreign currency translation. Segment operating income rose 23 percent to $188 million on higher volume and improved efficiencies in all segments, ITT said.
"Our strong third quarter is reflective of the momentum we've seen throughout the year, extending our track record of double-digit growth in operating income and revenue," said Steve Loranger, president and CEO of ITT Industries. "This marks the fourth consecutive quarter we've recorded double-digit organic growth in our core business portfolio. The Electronic Components business continues to grow revenues, streamline its operations and grow market share through new product introductions.”
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