ITT Industries Reaffirms Q2 and FY 2006 EPS Guidance
June 06 2006 - 3:00PM
PR Newswire (US)
* Sees Q2 EPS at High End of Guidance, Excluding Special Items
WHITE PLAINS, N.Y., June 6 /PRNewswire-FirstCall/ -- ITT
Industries, Inc. (NYSE:ITT) Chief Financial Officer George Minnich
will today reaffirm the company's earnings forecast for the second
quarter and the full year of 2006. Minnich's comments are to come
during his presentation, scheduled to begin at 2:30pm EDT today, at
the JP Morgan Basics & Industrial Conference in New York City.
"We are pleased with the continued growth in our water/wastewater
business and our defense segment," Minnich says. "This performance
gives us increased confidence that our second quarter earnings
should be at the high end of our previously stated range of $0.75
-- $0.77 per share, excluding special items." The second quarter
forecast, excluding special items is $0.75 -- $0.77 per share and
the full year forecast is $2.91 -- $2.97 per share including the
impact of the adoption of FAS123R. Excluding the impact of the
adoption of FAS123R the forecast is $3.00 -- $3.06 per share for
the full year. As previously announced, the company expects to
invest the first quarter gains from the disposition of two
businesses into restructuring actions throughout 2006. About ITT
Industries ITT Industries, Inc. (http://www.itt.com/) supplies
advanced technology products and services in key markets including:
fluid and water management including water treatment; defense
communication, opto-electronics, information technology and
services; electronic interconnects and switches; and other
specialty products. Headquartered in White Plains, NY, the company
generated $7.4 billion in 2005 sales. In addition to the New York
Stock Exchange, ITT Industries stock is traded on the NYSE Arca,
Paris, London and Frankfurt exchanges. "Safe Harbor Statement"
under the Private Securities Litigation Reform Act of 1995 ("the
Act"): Certain material presented herein includes forward- looking
statements intended to qualify for the safe harbor from liability
established by the Act. These forward-looking statements include
statements that describe the Company's business strategy, outlook,
objectives, plans, intentions or goals, and any discussion of
future operating or financial performance. Whenever used, words
such as "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "target" and other terms of similar meaning are
intended to identify such forward-looking statements. Forward-
looking statements are uncertain and to some extent unpredictable,
and involve known and unknown risks, uncertainties and other
important factors that could cause actual results to differ
materially from those expressed in, or implied from, such
forward-looking statements. Factors that could cause results to
differ materially from those anticipated by the Company include
general global economic conditions, decline in consumer spending,
interest and foreign currency exchange rate fluctuations,
availability of commodities, supplies and raw materials,
competition, acquisitions or divestitures, changes in government
defense budgets, employment and pension matters, contingencies
related to actual or alleged environmental contamination, claims
and concerns, intellectual property matters, personal injury
claims, governmental investigations, tax obligations, and changes
in generally accepted accounting principles. Other factors are more
thoroughly set forth in Item 1. Business, Item 1A. Risk Factors,
and Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations -- Forward-Looking Statements
in the ITT Industries, Inc. Annual Report on Form 10-K for the
fiscal year ended December 31, 2005, and other of its filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. DATASOURCE:
ITT Industries, Inc. CONTACT: Tom Martin, +1-914-641-2157, or Web
site: http://www.itt.com/
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