ITT Corporation (ITT) reported third quarter 2009 net income from continuing operations of $190 million or $1.03 per share, exceeding the Zacks Consensus Estimate of 89 cents.

The results included the effects of improved operating performance primarily driven by productivity initiatives. Revenue for the quarter was $2.7 billion, down 6% year-over-year and down 4% excluding the impact of foreign exchange and acquisitions on a comparable basis.

In the Defense Electronics & Services segment, revenue of $1.57 billion was up 2% over the comparable period in 2008. The segment recorded growth in revenues at every value center, except for the Communications Systems division, where the expected reduction in domestic SINCGARS radio deliveries resulted in a negative comparison.

In Fluid Technology, third quarter 2009 revenue was $826 million, down 13% year-over-year and 10% organically. Results outperformed expectations, despite challenged industrial, municipal and residential market conditions.

In Motion & Flow Control, revenue for the quarter was $307 million, down 22% in total and 16% organically compared to the prior year. Revenue in the automotive market exceeded expectations, primarily due to the recent stimulus activity in Europe, while performance in general industrial markets met expectations, despite some contraction. Rail markets in Europe also showed gains.

Free cash flow generation of $916 million for the first nine months of the year represents a 174% conversion of income from continuing operations, excluding special items primarily related to the charge for asbestos liability.

ITT forecasts its full-year earnings excluding special items to be $3.70 to $3.74 per share. The current Zacks Consensus Estimate is $3.75. Full-year 2009 revenue is expected to be in the range of $10.9 billion to $11.0 billion.

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver solutions that create more livable environments, provide protection and safety and connect the world. Major competitors include Lockheed Martin Corporation (LMT) and Raytheon Company (RTN).

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