ITT Earnings Climb 35% in Second Quarter
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ITT said its second-quarter net income rose 35% from a year earlier, crediting improvements in its insurance business and continued growth in financial services.
The New York-based multinational conglomerate said it earned $159.6 million, compared to $118 million in the second quarter of 1985. Revenue rose 23% to $5.9 billion from a restated $4.8 billion.
ITT said its quarterly earnings were boosted $50 million by the sale of its remaining shares of Abbey Life in Britain. The 1985 quarter’s earnings were increased by $27 million from the sale of assets and income from various since-discontinued operations.
Discounting those, ITT said its earnings would have risen 20% to $109.6 million from $91 million.
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