ITT 3Q profit falls as costs eclipse sales jump

WHITE PLAINS, N.Y. (AP) - ITT Corp. said Friday its third-quarter profit fell 6 percent as a jump in costs offset a surge in revenue.
For the period ended Sept. 30, the defense contractor posted net income of $216.3 million, or $1.18 per share, compared with net income of $230.1 million, or $1.25 per share, in the year-ago period.

Sales jumped 32 percent to $2.88 billion from $2.18 billion.
Analysts polled by Thomson Reuters expected, on average, earnings of $1.06 per share on revenue of $2.82 billion.

Total costs and expenses rose to $2.55 billion from $1.92 billion, with selling, general and administrative expenses rising 27 percent.
Revenue at the fluid technology, defense electronics and services, and motion and flow control units all jumped during the period.
Shares fell $3.99, or 9.6 percent, to $37.38 after the opening bell as the broader markets sank.


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