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NEW YORK - ITT Corp. handed in a 3% higher second-quarter profit Friday, with a weak dollar and strong overseas demand for its pump, valves and electronics systems shielding the company's bottom line from the economic downturn at home.
The company, part of the S&P 500 Index, also offered a rosier scenario for the rest of the year than Wall Street had expected, propelling the stock 6.4% higher to $66.68 at the close.
The company attributed its elevated numbers partly to expansion in the conglomerate's line of pumps serving the world's chemicals, mining, and oil-and-gas markets.
In the domestic market, ITT's defense electronics business continued to benefit from its contract with the Federal Aviation Administration contract to build the next-generation air-traffic control system.
During the quarter, ITT won a major contract to provide filtered seawater to Esperanza, a large new copper-gold mining project in Chile's Atacama Desert.
control systems stronger demand electronics mining aviation copper Chile
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