ITT Corporation (ITT) reported that its fourth-quarter net income increased to $199.2 million or $1.08 per share from $185.5 million or $1.01 per share last year.
Earnings from continuing operations increased to $1.06 from $0.96 a year ago. Excluding special items, income from continuing operations was $178 million or $0.97 per share, representing 18% year-over-year growth.
On average, 15 analysts polled by Thomson Reuters expected the company to report profit of $0.94 per share for the quarter. Analysts' estimates typically exclude special items.
Sales and revenues were $2.87 billion compared to $2.95 billion last year. Analysts expected revenue of $2.88 billion for the quarter.
The company also raised its full-year 2010 adjusted earnings per share guidance from its previously announced forecast of $3.85 to $4.05 to a new forecast of $3.90 to $4.10.
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