Strong first quarter gains for ITT Fluid Technology

Organic revenues were up 8%, reflecting strength in the public utilities treatment and transport, dewatering, light industrial and commercial building services markets around the world.

ITT Fluid Technology’s organic orders were up 12%, largely driven by growth in the Industrial Process business within the oil and gas and mining markets, combined with strong orders across the Water and Wastewater and Residential and Commercial Water businesses.

At US$124 million, ITT Fluid Technology’s first quarter operating income was up 36%, due to volume and productivity gains which more than offset unfavourable foreign exchange and higher pension costs.