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ITT CORPORATION ANNOUNCES 1992 FIRST QUARTER RESULTS

 ITT CORPORATION ANNOUNCES 1992 FIRST QUARTER RESULTS
 NEW YORK, April 21 /PRNewswire/ -- ITT Corporation (NYSE: ITT)


announced today that net income for the first quarter of 1992 was $163 million, or $1.20 per common equivalent share on a fully diluted basis, compared to $229 million, or $1.70 per share in the 1991 quarter. On a primary basis, net income per share was $1.26 for the 1992 quarter, compared to $1.81 per share in the year-ago period. The 1992 quarter included portfolio gains at ITT Hartford and ITT Financial which totalled $84 million, or 63 cents per fully diluted share, compared to $35 million, or 26 cents per fully diluted share in the 1991 quarter.
 Sales and revenues for the 1992 quarter totalled $5.1 billion, compared to $5.0 billion for the 1991 quarter.
 Earnings at ITT Hartford improved in the quarter as a result of higher investment income, including the previously-mentioned portfolio gains as well as a $10 million pre-tax gain on the sale of its investment in Piper Jaffray Hopwood. The improvement was partially offset by the establishment of reserves in domestic casualty operations due to adverse developments in workers compensation and reinsurance, along with continued difficult market conditions in the U.K. which affected international casualty operations. ITT Financial also posted higher operating results reflecting the benefits of higher commercial receivable levels and lower rates on borrowed funds, combined with improved loss experience at ITT Consumer Finance. Operating results at ITT Communications and Information Services were below last year's first quarter due in part to lower royalty income from Japan while ITT Sheraton reported an operating loss for the quarter due to significantly lower occupancy levels in New York City, Miami and Toronto, where ITT Sheraton has recently completed major renovations.
 Results at ITT Automotive declined from 1991 despite higher sales from anti-lock brake systems due to product mix and higher restructuring costs.
 ITT Components posted an operating loss for the quarter reflecting the unfavorable economic environment and the low demand for consumer products in Europe. ITT Fluid Technology reported lower earnings as a result of lower volume at most units. Earnings at ITT Defense were down due to lower shipments and the absence of favorable margin adjustments which occurred on a number of major contracts in the 1991 quarter. Forest products income declined due to lower pulp prices, partially offset by higher timberland sales. Pulp prices began to move upwards early in the first quarter, with additional increases announced for the second quarter.
 Equity in earnings from Alcatel N.V. increased due to ITT's share of an
Alcatel capital gain recognized in the quarter. As previously announced, ITT has agreed to sell its 30 percent stake in Alcatel N.V. to its joint-venture partner, Alcatel Alsthom. ITT will receive $2.6 billion in cash over a two-year period and 9.1 million shares (approximately 7 percent) of Alcatel Alsthom. This transaction, valued at $3.6 billion, is scheduled to be completed in early July.
 "The lingering effects of the worldwide recession continue to negatively impact most of our major businesses and results for the quarter were as anticipated," Rand V. Araskog, ITT chairman, president and chief executive said. "We are beginning to see several signs of a slow recovery which should result in improving performance as the year progresses," Araskog said.
 ITT CORPORATION
 FIRST QUARTER
 BUSINESS SEGMENTS
 ($ MILLIONS)
 1992 1991
 Automotive $20 $35
 Components (10) 15
 Fluid Technology 10 19
 Defense 12 28
 Rayonier 33 36
 Hartford 181 165
 ITT Financial 33 19
 COINS (4) 5
 Sheraton (16) (3)
 Total 259 319
 Alcatel N.V. 50 32
 Dispositions and Other 6 17
 TOTAL SEGMENTS 315 368
 Interest, Net (62) (34)
 Other (52) (38)
 Taxes (38) (67)
 NET INCOME $163 $229
 FULLY DILUTED
 EARNINGS PER SHARE $1.20 $1.70
 PRIMARY
 EARNINGS PER SHARE $1.26 $1.81
 -0- 4/21/92
 /CONTACT: Jim Gallagher of ITT, 212-258-1261/
 (ITT) CO: ITT Corporation ST: New York IN: INS AUT SU: ERN


KD -- NY098 -- 0802 04/21/92 15:22 EDT
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Date:Apr 21, 1992
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