ITT ITT Inc

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.