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ITT Industries posts 3Q profit surge

WHITE PLAINS, N.Y. -- ITT Industries Inc. on Thursday posted a 72 percent surge in third-quarter profit, amid growth in its fluid-technology and defense segments, but warned that full-year results will fail to match Wall Street's expectations.

Net income came to $189.3 million, or $2 a share, for the latest quarter, compared with $109.8 million, or $1.16 a share, a year earlier, the White Plains-based manufacturer said.

Revenue rose to $1.93 billion from $1.66 billion.

However, the latest results included special items resulting in a gain of 63 cents a share. Excluding the gain, ITT said it would have had earnings of $1.37 a share.

The average estimate of analysts surveyed by Thomson Financial was for third-quarter earnings, excluding items, of $1.35 a share.

The company expects full-year earnings, excluding items, of $5.35 to $5.40 a share. Analysts had been looking for 2005 earnings of $5.41 a share.