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ITT Announces Additional Share Repurchases, Raises Dividend by 10 Percent

  ITT Announces Additional Share Repurchases, Raises Dividend by 10 Percent

Business Wire

WHITE PLAINS, N.Y. -- February 27, 2013

ITT Corporation (NYSE: ITT) announced today it will continue to return capital
to shareowners by executing up to $75 million of additional share repurchases
and increasing its dividend by 10 percent to 10 cents per share. The ITT Board
of Directors has approved the cash dividend for the first quarter of 2013,
which will be payable on April 1, 2013, to shareowners of record on March 15,
2013.

About ITT

ITT is a diversified leading manufacturer of highly engineered critical
components and customized technology solutions for the energy, transportation
and industrial markets. Building on its heritage of innovation, ITT partners
with its customers to deliver enduring solutions to the key industries that
underpin our modern way of life. Founded in 1920, ITT is headquartered in
White Plains, N.Y., with employees in more than 35 countries and sales in a
total of approximately 125 countries. The company generated 2012 revenues of
$2.2 billion. For more information, visit www.itt.com.

Safe Harbor Statement

Certain material presented herein includes forward-looking statements intended
to qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, future strategic plans and other statements
that describe the company’s business strategy, outlook, objectives, plans,
intentions or goals, and any discussion of future operating or financial
performance. Whenever used, words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target" and other terms of similar
meaning are intended to identify such forward-looking statements.
Forward-looking statements are uncertain and to some extent unpredictable, and
involve known and unknown risks, uncertainties and other important factors
that could cause actual results to differ materially from those expressed or
implied in, or reasonably inferred from, such forward-looking statements.
Factors that could cause results to differ materially from those anticipated
include, but are not limited to: Uncertainties with respect to our estimation
of asbestos liability exposures, third-party recoveries and net cash flow;
economic, political and social conditions in the countries in which we conduct
our businesses; changes in U.S. or International sales and operations;
contingencies related to actual or alleged environmental contamination, claims
and concerns; decline in consumer spending; sales and revenues mix and pricing
levels; availability of adequate labor, commodities, supplies and raw
materials; interest and foreign currency exchange rate fluctuations and
changes in local government regulations; competition, industry capacity and
production rates; ability of third parties, including our commercial partners,
counterparties, financial institutions and insurers, to comply with their
commitments to us; our ability to borrow and availability of liquidity
sufficient to meet our needs; changes in the value of goodwill or intangible
assets; our ability to achieve stated synergies or cost savings from
acquisitions or divestitures; the number of personal injury claims filed
against the companies or the degree of liability; our ability to effect
restructuring and cost reduction programs and realize savings from such
actions; changes in our effective tax rate as a result in changes in the
geographic earnings mix, tax examinations or disputes, tax authority rulings
or changes in applicable tax laws; government regulations and compliance
therewith, including Dodd-Frank legislation involving such issues as conflict
minerals; changes in technology; intellectual property matters; governmental
investigations; potential future employee benefit plan contributions and other
employment and pension matters; susceptibility to market fluctuations and
costs as a result of becoming a smaller, more focused company after the
spin-off; changes in generally accepted accounting principles; and other
factors set forth in our Annual Report on Form 10−K for the fiscal year ended
December 31, 2011 and our other filings with the Securities and Exchange
Commission.

The Company undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.

Contact:

ITT Corporation
Investors:
Melissa Trombetta, +1 914-641-2030
melissa.trombetta@itt.com
or
Media:
Kathleen Bark, +1 914-641-2103
kathleen.bark@itt.com
 
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