ITT Corporation (NYSE: ITT) has reported third quarter 2009 net income from continuing operations of US$66 million, or US$0.36 per share. When adjusted to exclude special items, income from continuing operations for the quarter was US$190 million, or US$1.03 per share, exceeding the previous guidance mid-point by US$0.18. The Company raised its adjusted full-year earnings forecast to $3.70 to $3.74 per share, excluding special items. The third quarter 2009 results included improved operating performance primarily driven by productivity initiatives. Revenue for the quarter was US$2.7 billion, down six percent year-over-year and down four percent excluding the impacts of foreign exchange and acquisitions on a comparable basis. Year-to-date free cash flow generation of US$916 million set another record for ITT and represents a 174 percent conversion of income from continuing operations, excluding special items primarily related to the charge for asbestos liability. To read the entire financial report, access this direct link.