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ITT Industries expects the group's strong organic revenue growth to continue in 2004.
The company says that a better operating performance in 2003 and improving conditions in key markets point to solid growth opportunities in the coming year. As a result, ITT expects full year 2004 earnings per share of US$4.05-4.25.
New products and improved competitive positions, along with unexpectedly strong organic revenue and operating gains in defence and water/wastewater businesses more than offset weakness within the Electronic Components group during 2003. CEO Lou Giuliano expects to see 5% organic revenue growth in 2003, and possibly higher in 2004.
For 2004, the water/ wastewater businesses are expected to lead improvement in Fluid Technology, with regulatory requirements in the US and Europe, continued infrastructure investment in Asia and product innovation expected to enable revenue growth in this segment of 4-6% to US$2.32-2.37 billion for the year. Operating margin is expected to grow 20-100 basis points to 13-13.5%.
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