ITT Corp. (ITT, Financial) filed Quarterly Report for the period ended 2010-09-30.
Itt Corp. has a market cap of $8.72 billion; its shares were traded at around $47.19 with a P/E ratio of 12.1 and P/S ratio of 0.8. The dividend yield of Itt Corp. stocks is 2.1%. Itt Corp. had an annual average earning growth of 11.4% over the past 10 years. GuruFocus rated Itt Corp. the business predictability rank of 3.5-star.ITT is in the portfolios of James Barrow of Barrow, Hanley, Mewhinney & Strauss, Mario Gabelli of GAMCO Investors, Brian Rogers of T Rowe Price Equity Income Fund, Pioneer Investments, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management, Manning & Napier Advisors, Inc, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Jeremy Grantham of GMO LLC.
Our 2010 strategic objectives remain focused on the needs of our customers and the execution of three key elements; driving productivity and market growth, differentiating organic growth through product diversification and advancement in customer solutions, and aligning our portfolio with macro trends such as aging infrastructure, growing middle class, resource scarcity and global security. Consistent with these objectives, our actions are focused on generating solid free cash flow, leveraging recent investments, and driving operating margin expansion through the realization of planned incremental productivity benefits. These cost and productivity actions include discretionary cost controls and driving incremental supply chain savings through our integrated global strategic sourcing group. Overall, we expect full year 2010 adjusted income from continuing operations per diluted share in the range of $4.28 and $4.32.
Within our Fluid and Motion & Flow segments we continue to focus on our customers by aligning our activities, including service and maintenance offerings, with their needs. We plan to improve product life cycle costs by making our products more energy efficient and by reducing the total cost of ownership. We will continue to drive productivity initiatives by identifying areas for cost reduction and leveraging our business and functional strength to achieve competitive advantages. We have launched a Value-Based Commercial Excellence initiative focused on fully utilizing our Fluid and Motion & Flow segment customer facing resources in a more efficient and effective manner to drive higher organic growth. We expect to strengthen our current position around the growing global macro trends by broadening our product and service offerings through strategic acquisitions, investments in new technologies and emerging market growth. We currently project full year 2010 revenue of approximately $3.6 billion within our Fluid segment and approximately $1.4 billion within our Motion & Flow segment.
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Itt Corp. has a market cap of $8.72 billion; its shares were traded at around $47.19 with a P/E ratio of 12.1 and P/S ratio of 0.8. The dividend yield of Itt Corp. stocks is 2.1%. Itt Corp. had an annual average earning growth of 11.4% over the past 10 years. GuruFocus rated Itt Corp. the business predictability rank of 3.5-star.ITT is in the portfolios of James Barrow of Barrow, Hanley, Mewhinney & Strauss, Mario Gabelli of GAMCO Investors, Brian Rogers of T Rowe Price Equity Income Fund, Pioneer Investments, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management, Manning & Napier Advisors, Inc, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
ITT reported revenue of $2,643 for the quarter ended September 30, 2010, reflecting consistent revenue results as compared to the prior year third quarter of $2,640. During the quarter our Motion & Flow segment revenue increased 17.3%, as compared to the prior year, reflecting growth across the majority of its markets. Our Fluid segment revenue results reflect growth of 11.4%, benefitting from recent acquisitions and growth in municipal markets. The growth within these segments was offset by a revenue decline of 9.5% at our Defense segment driven by reductions in CREW 2.1 Counter-IED Jammers (CREW 2.1) and Single Channel Ground and Airborne Radio (SINCGARS). Operating income for the quarter declined $121 as compared to the prior year, reflecting an increase in asbestos-related costs of $118 related to our annual third quarter assessment as well as an increase in incremental strategic business investments. Operating income during the quarter benefitted from productivity improvements from various cost-saving initiatives that more than offset rising costs. Our third quarter 2010 results generated income from continuing operations of $12, or $0.07 per diluted share, reflecting a decrease of $52, as compared to the prior year.Our 2010 strategic objectives remain focused on the needs of our customers and the execution of three key elements; driving productivity and market growth, differentiating organic growth through product diversification and advancement in customer solutions, and aligning our portfolio with macro trends such as aging infrastructure, growing middle class, resource scarcity and global security. Consistent with these objectives, our actions are focused on generating solid free cash flow, leveraging recent investments, and driving operating margin expansion through the realization of planned incremental productivity benefits. These cost and productivity actions include discretionary cost controls and driving incremental supply chain savings through our integrated global strategic sourcing group. Overall, we expect full year 2010 adjusted income from continuing operations per diluted share in the range of $4.28 and $4.32.
Within our Fluid and Motion & Flow segments we continue to focus on our customers by aligning our activities, including service and maintenance offerings, with their needs. We plan to improve product life cycle costs by making our products more energy efficient and by reducing the total cost of ownership. We will continue to drive productivity initiatives by identifying areas for cost reduction and leveraging our business and functional strength to achieve competitive advantages. We have launched a Value-Based Commercial Excellence initiative focused on fully utilizing our Fluid and Motion & Flow segment customer facing resources in a more efficient and effective manner to drive higher organic growth. We expect to strengthen our current position around the growing global macro trends by broadening our product and service offerings through strategic acquisitions, investments in new technologies and emerging market growth. We currently project full year 2010 revenue of approximately $3.6 billion within our Fluid segment and approximately $1.4 billion within our Motion & Flow segment.
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