Investor News
ITT Holds Twelfth Annual Shareholder Meeting
Shareholders re-elect Board members, ratify auditors
Tarrytown, N.Y. - May 8, 2007 - ITT Corporation (NYSE: ITT) Chairman, President and Chief Executive Officer Steve Loranger today told shareholders that the company delivered record sales for the fourth year in a row, with annual revenues increasing by 11 percent to $7.8 billion. Loranger delivered his remarks at the twelfth annual meeting of ITT Corporation's shareholders in Tarrytown, New York.
"The future is bright for ITT," Loranger said. "In our first quarter earnings call for 2007, we showed our continuing confidence in our ability to deliver this year, as we announced our accomplishments for the quarter and took our earnings guidance up. We are now forecasting full-year revenue of approximately $8.5 billion, an increase of $170 million compared with the estimates we gave in December of 2006. This new estimate reflects nine percent year over year growth."
In other business, shareholders re-elected all members of ITT Corporation's Board of Directors and approved the ratification of Deloitte & Touche LLP as the corporation's Internal Auditor.
About ITT
ITT Corporation (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 electrical connectors markets with a wide range of products. Headquartered in White Plains, N.Y., the company generated $7.8 billion in 2006 sales. In addition to the New York Stock Exchange, ITT Corporation stock is traded on the Euronext, London and Frankfurt exchanges.
"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, 2006, 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.
Contact:
Peter Milligantel +1 914 641 2030
