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Valve Manufacturing

ITT Announces Strong Results for 2013 Third Quarter

ITT Corporation reported that third-quarter 2013 total revenue grew by 16% to $634 million with 9% organic revenue growth (defined as total revenue excluding foreign exchange, recent acquisitions and divestitures). ITT’s revenue growth reflects gains in key geographies and strategic end markets, including 56% growth in energy, 14% growth in transportation and 1% growth in industrial.

In the Industrial Process segment, total revenue was up 19% to $285 million and organic revenue was up 6%. The organic growth reflects a 50% increase in global oil and gas project shipments and a 12% increase in the North American chemical pumps project market. These gains were partially offset by weakness in North American short-cycle base pumps and in the global mining and general industrial markets. Organic orders were up 7% due to solid project activity, primarily in the oil and gas market. The total backlog has increased 24% in 2013. 

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