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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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 ...

Hormel Foods Corporation (...

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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For Immediate Release

Chicago, IL – September 2, 2009 – Four free stock picks are being made available today on Zacks.com. The industry’s leading independent research firm highlights one Zacks #1 Rank Strong Buy or a Zacks #2 Rank Buy stock for each of the four main styles of investing: Aggressive Growth, Growth & Income, Momentum, and Value.

The four highlighted picks are: EV Energy Partners (EVEP), JBT Corporation (JBT), Western Digital Corp. (WDC) and ITT Corporation (ITT).      Today, Zacks is promoting its ''Buy'' stock recommendations. Four daily picks are offered free at http://at.zacks.com/?id=5607

Zacks #1 Rank Stocks have nearly tripled the S&P 500 since 1988, producing an average annual return of +26%. Performance has been notable even during volatile and down times. For example, during the last bear market, 2000-2002, the market tumbled -37.6% – but Zacks #1 Rank stocks gained +43.8%.

Here is a summary

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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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Vail Resorts, Inc. (NYSE: MTN) announced today a four-year sponsorship agreement with World Champion American skier Lindsey Vonn. Vonn, a two-time World Cup Overall champion, is preparing for her quest to win an “epic” five gold medals at the 2010 Olympic Winter Games.

Lockheed Martin Space Systems Company, a major business area of the Lockheed Martin Corporation (NYSE: LMT), today announced employment reductions aimed at improving its competitive posture. Space Systems will implement a broad-based workforce reduction of approximately 800 employees by year-end. The reductions represent about 4.5 percent of the overall workforce and will impact all levels and disciplines,

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WHITE PLAINS, N.Y. - March 9 2009 - ITT Corporation (NYSE: ITT), the leading provider of pumps and systems to move and treat water and wastewater, has published a new white paper titled: The Most Important Things You Need to Know about the Stimulus Package.