ITT Reports Record Second Quarter Earnings of $1.22 Per Share from Continuing Operations, Raises...

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--ITT Corporation (NYSE: ITT - News ) today reported second quarter 2008 income from continuing operations of $224 million, or $1.22 per share. Adjusted to exclude special items, income from continuing operations for the quarter grew to $219 million, or $1.19 per share, up 38 percent compared to the second quarter of 2007. Second quarter revenue was $3.1 billion, up 38 percent in total on a comparable basis, comprising seven percent organic revenue growth, a 27 percent benefit from recent acquisitions, and four percent from foreign exchange. In addition, year-to-date free cash flow generation was $411 million, another record for the company, representing a 104 percent conversion of income from continuing operations. “It is the continued great performance of our teams around the world who are... [read full story]