George Minnich to Speak at Prudential Equity Group Conference
September 27 2006 - 5:00PM
PR Newswire (US)
WHITE PLAINS, N.Y., Sept. 27 /PRNewswire-FirstCall/ -- ITT
Corporation (NYSE:ITT) Chief Financial Officer George Minnich today
will present at the Prudential Equity Group's "Inside our Best
Ideas" Conference. Minnich's comments are scheduled to begin at
5:00pm EDT. In his comments regarding ITT's third quarter earnings,
Minnich will say: "Based on the trends we have seen in our
businesses, we are confident our third quarter earnings will come
in at the high end of our stated range of $0.74 - $0.76 per share,
excluding special items." The 3Q earnings forecast is $0.74 -
$0.76, excluding special items but including the impact of FAS
123R; the full year is $2.95 - $3.00 on the same basis,
representing a 14-16 percent increase over 2005. Excluding FAS
123R, the 2006 full year earnings per share forecast is $3.04 -
$3.09, up 17-19 percent from the prior year. As previously
announced, the company plans to continue to invest the first
quarter gains from the disposition of two businesses into
restructuring actions throughout 2006. In addition, the company
continues to prepare the Electronic Components' Switches business
for disposition and is evaluating the timing of reporting the
results of this business in discontinued operations. The company
estimates that the Electronic Components' Switches business will
generate approximately $0.12 of earnings per share during 2006.
Minnich's entire presentation will be webcast live at:
http://www.itt.com/ir About ITT Corporation ITT Corporation
(http://www.itt.com/) supplies advanced technology products and
services in several growth markets. ITT is a global leader in the
transport, treatment and control of water, wastewater and other
fluids. The company plays a vital role in international security
through its defense communications and electronics products; space
surveillance and intelligence systems; and advanced engineering and
related services. It also serves the growing leisure marine and
electronic components market with a wide range of products.
Headquartered in White Plains, NY, the company generated $7.4
billion in 2005 sales. In addition to the New York Stock Exchange,
ITT Corporation stock is traded on the NYSE Arca, Paris, London and
Frankfurt exchanges. For free B-roll/video content and logo about
ITT Corporation, please log onto http://www.thenewsmarket.com/ITT
to preview and request video. You can receive broadcast-standard
video quality digitally or by tape from this site. Registration and
video are free to the media. "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 Corporation 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 Corporation CONTACT: Tom Martin of ITT Corporation,
+1-914-641-2157, Web site: http://www.itt.com/
http://www.itt.com/ir http://www.thenewsmarket.com/ITT
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