ITT Inc (ITT.N) Key Developments | Reuters.com
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ITT Inc (ITT.N)

ITT.N on New York Stock Exchange

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1 Jul 2016
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Latest Key Developments (Source: Significant Developments)

ITT to reduce cost structure of business in response to "weak oil and gas prices"
Friday, 24 Jun 2016 05:02pm EDT 

ITT Inc : Finalized several restructuring actions in company's industrial process business . To reduce overall cost structure of business in response to persistently "weak oil and gas prices" . Expects to incur pre-tax cash costs, principally involuntary severance costs for approximately 270 employees . Expects to incur pre-tax cash costs of approximately $12 million to $13 million relating to restructuring actions . Expects to substantially complete restructuring actions during next 6 months . Benefits from actions expected to yield annual pre-tax cash savings to company of approximately $19 million - sec filing .Benefit and cost estimates were included within company's annual earnings estimates.  Full Article

ITT Corp reaffirms FY 2016 guidance
Thursday, 5 May 2016 06:45am EDT 

ITT Corp:Reaffirms its previously announced Fy 2016 revenue and adjusted EPS guidance.Expects FY 2016 total revenue to be flat to down 4 percent.Expects FY 2016 adjusted EPS to be in the range of $2.42 to $2.68 per share, which is flat at the midpoint and up 2 percent excluding the impact of foreign exchange compared to 2015.  Full Article

ITT Corp raises dividend by 5 pct to 12.4 cents per share
Friday, 12 Feb 2016 06:45am EST 

ITT Corp:Raises dividend by 5 percent to 12.4 cents per share.Dividend for Q1 will be payable on April 1, 2016, to shareholders of record as of the close of business on March 11, 2016.  Full Article

ITT Corp gives FY 2016 guidance
Friday, 12 Feb 2016 06:45am EST 

ITT Corp:Expects FY 2016 total revenue flat to down 4 percent, and GAAP EPS to be in the range of $1.72 to $2.11.Expects FY 2016 adjusted EPS to be in the range of $2.42 to $2.68 per share, which is flat at the midpoint and up 2 percent excluding impact of foreign exchange compared to 2015.  Full Article

ITT Corp's C'treat Brand Awarded Contract from Shell Offshore Inc
Wednesday, 18 Nov 2015 06:45am EST 

ITT Corp:Says its C'treat brand has been awarded a contract from Shell Offshore Inc. C'treat will supply reverse osmosis watermakers for the Appomattox development located approximately 80 miles from the nearest Louisiana shoreline in the U.S. Gulf of Mexico.Reverse osmosis watermakers will be built at the ITT C'treat facility located in the Woodlands, Texas, and are scheduled to be delivered in the first quarter of 2016.  Full Article

ITT Corp announces plans to acquire Wolverine Advanced Materials
Monday, 31 Aug 2015 09:00am EDT 

ITT Corp:Announces plans to acquire wolverine advanced materials.Says deal valued at about $300 million.Deal will be funded from the company's cash and revolving credit facility.Says deal is expected to be accretive to ITT earnings in the first full year after closing.  Full Article

ITT declares third-quarter dividend of 11.83 cents per share
Wednesday, 12 Aug 2015 04:00pm EDT 

ITT Corp:Declares third-quarter cash dividend of 11.83 cents per share on the company's outstanding stock.This cash dividend will be payable Oct. 1, to shareholders of record as of the close of business on Sept. 11.  Full Article

ITT Corporation lowers prior FY 2015 GAAP revenue guidance
Friday, 31 Jul 2015 07:00am EDT 

ITT Corporation:Says that it is lowering previously announced FY 2015 GAAP revenue guidance.Says that it is raising FY 2015 EPS guidance.Sees FY 2015 GAAP revenue to be down 9 pct. to 7 pct.Sees FY 2015 GAAP EPS is to be in the range of $2.32 to $2.50.  Full Article

ITT Corporation announces restructuring - Form 8-K
Tuesday, 12 May 2015 05:21pm EDT 

ITT Corporation:Announced restructuring initiative for Interconnect Solutions (ICS) business to reduce overall costs and better align it with current market conditions.Expects to incur cash restructuring costs, principally involuntary severance, of about $12 million for about 110 employees or 6 percent of the ICS global workforce.Expects to complete these actions in the next twelve months.Benefits after full implementation are expected to yield pre-tax cash savings of about $9 million on an annual basis.  Full Article

ITT Corp declares Q2 dividend of 11.83 cents per share
Friday, 8 May 2015 05:00pm EDT 

ITT Corp:Declares Q2 cash dividend of 11.83 cents per share on outstanding stock.Payable on July 1 to shareholders of record date as on June 12.  Full Article

BRIEF-ITT to reduce cost structure of business in response to "weak oil and gas prices"

* Finalized several restructuring actions in company's industrial process business