Gains From Divestitures Help Boost ITT Net 51.3%
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ITT, the diversified communications and financial-services company, posted a 51.3% second-quarter profit gain, including some sizable gains from divestitures.
The company reported a profit of $118 million for the three months ended June 30, compared to net income of $78.3 million a year ago.
Revenue rose to $5.1 billion from a restated $4.8 billion a year ago. The revenue figures include insurance and finance revenue of $1.9 billion, compared to $1.7 billion a year ago.
The latest results included a $26.9-million gain from divestitures. Excluding divestitures, the company said its per-share earnings from ongoing operations increased 15% in the quarter from a year ago.
For the first six months, ITT’s profit rose to $231.3 million, compared to the $157.6 million it reported for the same 1984 quarter.
Revenue rose to $9.8 billion from a restated $9.4 billion a year ago. The sales figures include $3.8 billion in revenue from insurance and finance, compared to $3.3 billion a year ago.
In addition to financial services and communications, the company has interests in industrial technology, natural resources and Sheraton hotels.
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