Larox revises full-year 2008 forecasts

Larox revises full-year 2008 forecasts

NEWS/EXCHANGE RATES ITT provides 2009 outlook I TT Corp has issued a full-year 2009 earnings forecast of US$3.60– US4.00 per share, including antic...

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NEWS/EXCHANGE RATES

ITT provides 2009 outlook

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TT Corp has issued a full-year 2009 earnings forecast of US$3.60– US4.00 per share, including anticipated restructuring costs. The company expects organic revenue growth to be between -2% and +1% compared with anticipated 2008 revenues. Including the expected negative impact of foreign currency exchange, total revenues are expected to be down 2–6% in 2009. ITT has also reaffirmed its earnings guidance from continuing operations for 2008. Excluding special items, the company is expecting 2008 earnings of US$3.97– US$4.03 per share, which is 22% up on 2007’s results. “Given the challenging global economic environment that has worsened in recent months, we have taken a number of proactive measures to better position the company to weather the anticipated difficult year ahead,” said Steve Loranger, chairman, president and CEO of ITT. “We expect these actions – in addition to our strong balance sheet, continued focus on operational excellence, and positive outlook for the defense segment – will provide stability and help us to perform relatively well in the coming year.” In 2009, ITT is expecting organic revenue in its Fluid Technology segment to decline about 4%, reflecting softening municipal and commercial end markets. In the Motion & Flow Control segment, the company expects 2009 organic revenues to be down

approximately 15%, due in part to projected weakness in automotive, marine and certain industrial end-markets. ITT executive management are recommending a dividend of US$0.85 per share for 2009, which is a 22% increase on 2008’s dividend (see Dividends, page 4). “Our people are executing well against our strategies and staying focused on the customer during this difficult time,” added Loranger. “Our ability to meet our 2008 targets despite significant challenges and recommend a substantial dividend increase is testament to the fundamental strength of ITT, the quality of our global teams, and our long-term confidence in the business.” For further information, visit www.itt.com

Larox revises full-year 2008 forecasts

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arox Corp says that its net sales and operating profit (EBIT) for 2008 will increase on 2007 but at a slower rate than expected. The growing economic uncertainty has affected the Finnish company’s customers. As a result Larox received fewer than expected new orders during the fourth quarter of 2008. Larox will publish financial statements for January–December 2008 on 13 February 2009. For further information, visit www.larox.com

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