ITT Reports Solid Second Quarter and Forecasts Strong Operational Performance for the Full Year

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 Six Months Ended
June 30, June 30,
2010   2009 2010   2009
 
Revenue

$

2,739

 

$

2,719

 

$

5,317

 

$

5,225

 

 
Costs of revenue 1,958 1,950 3,818 3,796
Selling, general and administrative expenses 375 389 753 767
Research and development expenses 60 57 123 110
Asbestos-related costs, net 12 - 27 -
Restructuring and asset impairment charges, net   10     20     27     31  
Total costs and expenses 2,415 2,416 4,748 4,704
 
Operating income 324 303 569 521
Interest expense 23 23 48 49
Interest income 8 4 11 8
Miscellaneous expense, net   4     3     8     6  

Income from continuing operations before
 income tax expense

305

281

524

474

Income tax expense   79     81     154     90  
Income from continuing operations 226 200 370 384
Income from discontinued operations, net of tax   12     1     14     1  
Net income $ 238   $ 201   $ 384   $ 385  
 
Earnings (Loss) Per Share
Basic:
Continuing operations $ 1.23 $ 1.09 $ 2.01 $ 2.10
Discontinued operations   0.06     0.01     0.08     0.01  
Net Income $ 1.29 $ 1.10 $ 2.09 $ 2.11
Diluted:
Continuing operations $ 1.22 $ 1.09 $ 2.00 $ 2.09
Discontinued operations   0.06     0.01     0.07     0.01  
Net Income $ 1.28 $ 1.10 $ 2.07 $ 2.10
 
Average common shares — basic 184.0 182.5 183.6 182.3
Average common shares — diluted 185.5 183.6 185.2 183.4
 

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