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ST. LOUIS, Nov. 18 UPI -- U.S. company Raytheon has contracted electromechanical solutions provider LaBarge to deliver its torpedo harness technologies. St. Louis-based LaBarge was selected by Raytheon to support the MK 48 and MK 54 torpedoes programs with its wiring harnesses. LaBarge says production on the $2.6 million contract...

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The change in focus by the Obama Administration in missile defense away from the ground based to sea based means a different set of companies will gain work over the existing ones. Unfortunately this is what happens when a major change of this sort is made by the Government....

ITT Corporation (ITT) reported third quarter 2009 net income from continuing operations of $190 million or $1.03 per share, exceeding the Zacks Consensus Estimate of 89 cents. The results included the effects of improved operating performance primarily driven by productivity initiatives. Revenue for the quarter was $2.7 billion, down 6% year-over-year and down 4% excluding the [...]

(ITT) ITT Corporation’s Earnings Report Beats Estimates

ITT Corporation (ITT) reported third quarter 2009 net income from continuing operations of $190 million or $1.03 per share, exceeding the Zacks Consensus Estimate of 89 cents.
 
The results included the effects of improved operating performance primarily driven by productivity initiatives. Revenue for the quarter was $2.7 billion, down 6% year-over-year and down 4% excluding the impact of foreign exchange and acquisitions on a comparable basis.
 
In the Defense Electronics & Services segment, revenue of $1.57 billion was up 2% over the comparable period in 2008. The segment recorded growth in revenues at every value center, except for the Communications Systems division, where the expected reduction in domestic SINCGARS radio deliveries resulted in a negative comparison.

In Fluid Technology, third quarter 2009 revenue was $826 million, down 13% year-over-year and 10% organically. Results outperformed expectations, despite challenged industrial, municipal and residential market conditions.

In Motion & Flow Control, revenue for the quarter was $307 million, down 22% in total and 16% organically compared to the prior year. Revenue in the automotive market exceeded expectations, primarily due to the recent stimulus activity in Europe, while performance in general industrial markets met expectations, despite some contraction. Rail markets in Europe also showed gains.

Free cash flow generation of $916 million for the first nine months of the year represents a 174% conversion of income from continuing operations, excluding special items primarily related to the charge for asbestos liability.

ITT forecasts its full-year earnings excluding special items to be $3.70 to $3.74 per share. The current Zacks Consensus Estimate is $3.75. Full-year 2009 revenue is expected to be in the range of $10.9 billion to $11.0 billion.

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver solutions that create more livable environments, provide protection and safety and connect the world. Major competitors include Lockheed Martin Corporation (LMT) and Raytheon Company (RTN).

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Read the full analyst report on "LMT"
Read the full analyst report on "RTN"
Zacks Investment Research

BloggingStocks: A lot of earnings reports were issued last week. The market was busy sorting them all out. I'm going to take a fast look at several of the issuing companies. American Express (NYSE: AXP): Don't leave home without it. Good advice for the card, ... Read more

ITT Corporation (ITT) has been awarded a $19.3 million order from the U.S. Army’s Research Development & Engineering Command Acquisition Center under the OMNI VII contract for AN/PVS-14 night vision monocular devices. Eighty percent of these goggles are required by the U.S. Air Force with the remaining quantities for the U.S. Navy and U.S. Army. The [...]

(ITT) ITT Corporation Gets U.S. Army’s Research Development & Engineering Command Orders

“I like Raytheon. Last week when we were playing “Am I diversified?” I felt someone could have used a defense stock and I casually mentioned Raytheon because it’s not that expensive. I do, however, prefer Lockheed because Lockheed Martin’s got a 3.4% yield and that attracts me as it comes down…[More...]

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Companies featured in this segment: Gazprom OAO (MCX:GAZP), Eni SpA (NYSE:E), MOL Magyar Olaj-es Gazipari NyRt (BDP:MOL), Scottish Power Limited, Entergy Corporation (NYSE:ETR), Raytheon Company (NYSE:RTN), Mitsubishi Heavy Industries Limited (TYO:7011), E.ON AG (OTC:EONGY), JSW Steel Limited (BSE:500228), Morgan Stanley (NYSE:MS), Total SA (NYSE:TOT), GDF Suez SA (EPA:GSZ), General Electric (NYSE:GE), and URS Corporation (NYSE:URS).

Tom Dorsey and Tammy DeRosier - Regressed to Mean

Tom Dorsey and Tammy DeRosier - Investing Internationally