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,

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Tyco International Ltd. (TYC) reported fourth-quarter earnings per share from continuing operations of 61 cents. This was higher than the Zacks Consensus Estimate of 54 cents per share.   Quarterly Revenues of $4.4 billion declined 16% versus the prior year with an organic revenue decline of 12%. For the largest operating segment, ADT Worldwide, revenues of $1.8 billion declined 9% in the quarter with an organic revenue decline of 5% and a 4% decline due to changes in foreign currency. ADT's recurring revenues grew 4% organically on a global basis. Systems installation and service revenue declined 14% organically, mostly due to weakness in North America and Europe, as a result of continuing lower sales to commercial customers, including the retailer end market.

For Flow Control, revenues of $1 billion declined 15% in the quarter with an organic revenue decline of 10%. Organic revenues declined 7% in the Valves business, 17%

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Flowserve Corporation (FLS) announced third quarter 2009 fully diluted EPS of $2.07, up 3 cents or 1%, including realignment charges of 5 cents per share. This was higher than the Zacks Consensus Estimate of $2.00 per share.  Bookings for the quarter were $975 million, down 29%, or 26% excluding negative currency effects of $37 million. Sales for the quarter were $1.05 billion, down 9%, or 5% excluding negative currency effects of $47 million.  Gross margin increased 150 basis points to 36.6%, including realignment charges of 20 basis points. Flowserve also posted a quarterly operating margin of 15.3%, including charges totaling 110 basis points. Backlog, which represents unexecuted orders, was $2.66 billion, including positive currency effects of $90 million, when compared to $2.83 billion of backlog at Dec 31, 2008.  In the pump division, bookings of original equipment decreased approximately 60%, which represents most of the ...

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 AN/PVS-14 is a high-performance, lightweight and reliable night vision monocular that provides enhanced resolution for mobility and target identification. These rugged devices can be hand-held, head- or weapon-mounted or fitted to a camera. The AN/PVS-14 operates on a single AA battery and are equipped with ITT's thin-filmed proprietary Generation 3 Pinnacle image intensifier tube.  The Gen 3 Pinnacle tube has the ability to detect available light more than 10 times the power of previous generations. The company has also been awarded a $72 million Indefinite Delivery, Indefinite Quantity (IDIQ) contract ...

ITT Corporation (ITT) has received a $72.2 million contract from the Army to provide a night vision imaging system for aviators. Work is to be performed in Roanoke, VA and is expected to be completed by Sept. 30, 2012. Enhanced Night Vision Goggle (ENVG) optically combines an image intensification image, and proven thermal infrared technology, allowing for improved mobility and situational awareness—through clear target detection and improved target recognition. The ENVG combines the strengths of both technologies into one helmet-mounted unit, allowing war  fighters to complete their missions more effectively, even when confronted by low-light or obscured conditions. ITT's Night Vision business is the world's leading developer, producer and supplier of head- and helmet-mounted night vision solutions and image intensifiers for U.S. and allied military forces as well as the Homeland Security market. ITT has served the U.S. military with premier research, development, production and logistics ...

A unit of Tyco International Ltd.’s (TYC) Tyco Flow Control was recently selected to support the construction of Australia's largest desalination project in one of the largest public-private partnerships for infrastructure in the world.

The desalination plant in Victoria will play a key role in meeting the needs of the drought-prone areas of southern and eastern Australia by turning sea water into 40 billion gallons of drinking water per year. This will reach 3.5 million people in Melbourne and adjoining areas. Under the $120 million contract, Tyco Flow Control will supply 6,200 mild steel pipes, stretching across 53 miles and connecting the desalination plant to the Melbourne water supply system.

Tyco Flow Control's innovative flow management technology enhances the safe and efficient delivery of water to homes, schools and communities. The superior quality of materials to be used will safeguard the pipeline for decades while reducing the energy

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For Immediate Release

Chicago, IL – September 3, 2009 – Zacks Equity Research highlights ITT Corporation (ITT) as the Bull of the Day and Cost Plus, Inc. (CPWM) the Bear of the Day. In addition, Zacks Equity Research provides analysis on Ford (F), Paccar (PCAR) and General Mills (GIS).

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676

Here is a synopsis of all five stocks:

Bull of the Day:

We are initiating coverage on ITT Corporation (ITT) with an Outperform rating and $57 target price. The company exceeded its second quarter earnings guidance due to strong results overall.

Total defense organic orders improved 29% year over year on strong product activities. OEM pressures in the aerospace market including the Boeing-787 delay have resulted in downward forecast for motion and flow control business.

Finally, ITT was able to place $1

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We are initiating coverage on ITT Corporation (ITT) with an Outperform rating and $57 target price. The company exceeded its second quarter earnings guidance due to strong results overall.

Total defense organic orders improved 29% year over year on strong product activities. OEM pressures in the aerospace market including the Boeing-787 delay have resulted in downward forecast for motion and flow control business.

Finally, ITT was able to place $1 billion in senior debt at a very attractive blended rate of 5.5% per annum which reflects on the confidence reposed on the company by participants in the financial markets.Zacks Investment Research

ITT Corporation (ITT) is riding out the tough global manufacturing environment. The company recently surprised on the Zacks Consensus Estimate for the fourth straight quarter. ITT is trading with a forward P/E of 13.8.

Company Description

ITT Corporation is a engineering and manufacturing company with operations on all 7 continents. It has 3 business segments: water and fluids management, global defense and security and motion and flow control.

ITT Corporation Beat by 32.50% in the Second Quarter

On July 31, ITT Corporation reported much better than expected second quarter results that blew by the Zacks Consensus Estimate by 26 cents. Earnings per share were $1.06 compared to the Zacks Consensus Estimate of 80 cents.

Revenues fell 9% to $2.8 billion from the year ago quarter. Two out of three of the segments saw revenues decline year over year. Revenues slid 15% in the Fluid Technology segment and 30%

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ITT Corporation (ITT) has been awarded $43 million follow-on orders by the U.S. Army's Research, Development and Engineering Command Acquisition Center for the Enhanced Night Vision Goggle and associated spare parts. Enhanced Night Vision Goggle optically combines an image intensification image, and proven thermal infrared technology, allowing for improved mobility and situational awareness—through clear target detection and improved target recognition. ITT's Night Vision business, based in Roanoke, VA, is the world's leading developer, producer and supplier of head- and helmet-mounted night vision solutions and image intensifiers for U.S. and allied military forces as well as the homeland security market. Subsequently, ITT Corp. also received a $29.2 million contract from the U.S. Navy to produce radar modification kits used aboard Navy ships. The radars enhance missile guidance capability, while the kits will increase operational availability and decrease operating and support costs, according to the government notice....