08292016Mon
Last updateThu, 25 Aug 2016 4pm

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Valve Manufacturing

ITT Announces Solid Results for 2013 First Quarter

First-quarter revenue in ITT’s Industrial Process segment; which designs and manufactures industrial pumps and valves for the oil and gas, chemical, mining and industrial markets; was up 14% to $257 million. The increase reflects a 28% increase in organic global oil and gas shipments, as well as the impact from the company’s successful acquisition of Bornemann Pumps, partially offset by mining declines in emerging markets. Organic revenue was flat compared to the prior year.

Adjusted operating income increased 19% to $27 million, reflecting strong operating productivity and favorable sales mix that was partially offset by Bornemann Pumps impacts and the recent currency devaluation in Venezuela.

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