ITT Corp. (ITT) Reports In-Line Q3 EPS; Trims FY16 EPS Outlook

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Go back to ITT Corp. (ITT) Reports In-Line Q3 EPS; Trims FY16 EPS Outlook

ITT Reports 2016 Third-Quarter Results

November 4, 2016 6:45 AM EDT

Announces acquisition of Axtone, a leading manufacturer of railway technologies

Continues to see benefits from effective management of net asbestos liability

Results Highlights:

Revenue down 3% to $582 million, Organic revenue down 10% Segment operating income down 21%, Adjusted segment operating income down 19% EPS of $0.98, Adjusted EPS of $0.58 (includes unfavorable FX of $0.04) Adjusts 2016 full-year guidance

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- ITT Inc. (NYSE:... More

ITT Announces Agreement to Acquire Axtone

November 4, 2016 6:45 AM EDT

Strategic acquisition will expand ITTs portfolio with highly engineered and customized energy absorption components for railway and other harsh-environment industrial markets

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- ITT Inc. (NYSE: ITT) announced today that it has signed an agreement to acquire Axtone, a leading manufacturer of highly engineered and customized components for railway and other harsh-environment industrial markets.

The acquisition will be highly complementary to ITTs legacy KONI brand as Axtone produces energy absorption solutions such as springs, buffers and coupler components... More