ITT Corporation today reported second quarter 2007 earnings from continuing operations of $199 million, or $169 million adjusted to exclude special items including a tax settlement benefit, on revenue of $2.2 billion. Adjusted earnings were up 21 percent or $0.16 to $0.92 per share over the comparable quarter a year earlier, driven by growth in all segments and margin expansion in the Defense Electronics & Services segment. Top-line revenue for the quarter increased 13 percent on a year-over-year basis, with strong international sales growth in ITT's commercial businesses.
ITT also announced today the completion of the sale of its Switches business to Littlejohn & Co. LLC, a private equity firm based in Greenwich, Conn. The divestiture was announced in May.
