ITT Reports Solid Growth in 2012 Second Quarter
In the Industrial Process segment of ITT Corporation, second-quarter revenue was up 16% to $233 million and organic revenue was up 15% compared to the prior year, reflecting strength in all end markets served in North America, global mining strength and a 19% increase in aftermarket revenue.
Adjusted operating income for the segment in the second quarter was $29 million, a 2% year-over-year decrease, as volume and strong operating productivity were offset by competitive project pricing conditions in emerging markets and post-spin incremental recurring costs.
