Valve Manufacturing

ITT Announces Solid Results for 2013 Second Quarter

The 2013 second-quarter total revenue in ITT’s Industrial Process segment was up 15% to $269 million. The growth reflects a 40% increase in organic global oil and gas shipments and the impact from the company’s successful acquisition of Bornemann Pumps. Organic revenue was down 1% compared to the prior year due to global mining declines. Organic orders were up 8% due to solid project activity, primarily in the oil and gas market, and total backlog has increased 10% in 2013.

Adjusted operating income increased 9% to $31 million, reflecting strong operating productivity that was partially offset by the funding of a strategic expansion in our oil and gas capabilities.