Space Systems, a Rochester-based division of ITT Corp, reported its third-quarter revenues climbed 3 percent. The division logged sales of $158.8 million, up from $154.2 million a year ago.
ITT’s local operations include its Space Systems division in Rochester, which has 1,650 workers, and the Goulds Pumps division in Seneca Falls with roughly 715 workers.
ITT posted lower companywide third-quarter net income along with a drop in sales.
The White Plains-based firm reported net income of $66 million, or 36 cents a diluted share, down from $216.3 million, or $1.17 a share, a year ago. The results included an asbestos-related charge of $131 million, or 31 cents a share.
Revenue fell 6 percent to $2.7 billion.
Its defense, electronics and services segment, which includes Space Systems, reported revenue of $1.57 billion, up 2 percent from last year’s third quarter. Operating income was $203.3 million, up 8.3 percent.
Space Systems reported sales of $158.8 million, up 3 percent from sales of $154.2 million in last year's quarter.
ITT’s fluid technology segment, which includes Goulds Pumps, reported a 13 percent year-over-year drop in revenue to $826 million. Operating income declined 18 percent to $108 million.
The company raised its adjusted full-year earnings forecast to $3.70 to $3.74 a share, excluding special items, up from prior guidance of $3.50 to $3.70 a share.
(c) 2009 Rochester Business Journal. Obtain permission to reprint this article.
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