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ITT Profit Rises on Revenue and Unit Sale

ITT reported higher third-quarter profit on Friday, helped by strong sales of its defense and water treatment gear and a one-time gain from selling a unit.

The company, which makes night-vision systems, military radios, sewage treatment equipment and a range of other products, also raised its full-year earnings forecast in line with Wall Street analysts.

ITT, which is in the process of buying defense electronics contractor EDO, reported quarterly net income of $230.1 million, or $1.25 per share, up from $143.5 million, or 77 cents per share, a year earlier.

Excluding items, earnings from continuing operations were 92 cents per share. Analysts on average were expecting 90 cents, according to Reuters Estimates.

Sales rose in each of the company's three main operating areas -- fluid technology, defense, and flow control products. Overall revenue was up 9 percent at $2.181 billion, just above the analysts' average estimate of $2.154 billion.

Earnings benefited from a $64 million gain from the recent sale of ITT's switches business, announced in July.

On the back of strong sales, ITT raised its full-year adjusted profit forecast to a range of $3.50 to $3.53 per share, up from its previous estimate of $3.44 to $3.50. Analysts are expecting $3.51 on average.