ITT Holds Annual Meeting, Shareholders Re-Elect Board Members and Ratify Auditors
May 13 2008 - 10:49AM
Business Wire
ITT Corporation (NYSE: ITT) Chairman, President and Chief Executive
Officer Steve Loranger today told shareholders the company
delivered its best operational year ever in 2007, achieving a
record $9.0 billion in revenues while improving earnings per share
by 24 percent to $3.53. Loranger delivered his remarks at the
annual meeting of ITT�s shareholders in Tarrytown, N.Y. �When we
look back at what we achieved in 2007 � in terms of financial and
strategic progress � it gives us great confidence in what�s to come
for ITT in 2008 and beyond,� Loranger said. �Our first quarter 2008
earnings report and revised full-year outlook is further evidence
of our belief that we�re on the right path.� Last month, ITT raised
its 2008 full-year earnings outlook to be in the range of $4.00 to
$4.10 per share, reflecting anticipated growth of approximately 23
percent, on expected revenues of $11.5 billion. During the meeting,
shareholders re-elected nine of the company�s ten current members
to serve on ITT�s Board of Directors. Raymond LeBoeuf, an ITT
director since 2000, is retiring from the board and will not stand
for re-election. In his address to shareholders, Loranger said
LeBoeuf�s �wisdom, guidance and oversight had served ITT
shareholders well during his eight years as a director.� In other
business, shareholders approved the ratification of Deloitte &
Touche LLP as the company�s independent auditor. About ITT
Corporation ITT Corporation (www.itt.com) is a diversified
high-technology engineering and manufacturing company dedicated to
creating more livable environments, enabling communications and
providing protection and safety. The company plays an important
role in vital markets including water and fluids management, global
defense and security, and motion and flow control. ITT employs
approximately 40,000 people serving customers in more than 50
countries. Headquartered in White Plains, N.Y., the company
generated $9 billion in 2007 sales. Safe Harbor Statement Certain
material presented herein includes forward-looking statements
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995 ("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 income tax accounting, 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, 2007, 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.
ITT (NYSE:ITT)
Historical Stock Chart
From Jun 2024 to Jul 2024
ITT (NYSE:ITT)
Historical Stock Chart
From Jul 2023 to Jul 2024