EARNINGS : ITT Shows 4th Quarter Decline
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NEW YORK — ITT Corp. said today that its earnings fell sharply in the fourth quarter, mostly because of one-time charges, but that its profit for all of 1990 rose 4%.
The New York-based owner of the Sheraton hotel chain, Hartford insurance company and other operations said it earned $84 million, or 67 cents a share, in the fourth quarter, down from $257 million, or $1.87 a share, in the same quarter of 1989.
Revenue totaled $5.5 billion, up 7% from $5.1 billion in the 1989 quarter.
For all of 1990, ITT said it earned $958 million, or $7.28 a share, compared to $922 million, or $6.52 a share, in 1989.
Revenue rose 3% to $20.6 billion from $20.0 billion in 1989.
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