ITT Reports Solid Third-Quarter Results on Strength Across All Segments; ITT Exelis and Xylem Spinoff Transactions Set to Occur on October 31

The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

           
ITT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED INCOME STATEMENTS
(In millions, except per share)
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30, September 30,
2011       2010 2011       2010
 
Revenue $ 2,981 $ 2,643   $ 8,765 $ 7,960
 
Costs of revenue 2,127 1,875 6,286 5,693
Selling, general and administrative expenses 445 396 1,304 1,149
Research and development expenses 64 60 195 183
Transformation costs 132 - 279 -
Asbestos-related costs, net 59 341 91 368
Restructuring and asset impairment charges, net   2   3     10   30
Total costs and expenses 2,829 2,675 8,165 7,423
 
Operating income 152 (32 ) 600 537
Interest and non-operating expenses, net   22   16     51   61
Income from continuing operations before
income tax expense 130 (48 ) 549 476
Income tax expense   59   (60 )   184   94
Income from continuing operations 71 12 365 382
Income (loss) from discontinued operations, net of tax   7   133     5   147
Net income $ 78 $ 145   $ 370 $ 529
 
Earnings (Loss) Per Share
Basic:
Continuing operations $ 0.38 $ 0.07 $ 1.97 $ 2.08
Discontinued operations   0.04   0.72     0.03   0.80
Net Income $ 0.42 $ 0.79 $ 2.00 $ 2.88
Diluted:
Continuing operations $ 0.38 $ 0.07 $ 1.96 $ 2.06
Discontinued operations   0.04   0.71     0.02   0.80
Net Income $ 0.42 $ 0.78 $ 1.98 $ 2.86
 
Average common shares — basic 185.5 184.1 185.2 183.8
Average common shares — diluted 186.5 185.3 186.6 185.2
 

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