Its diverse product lines include
pumps , valves, mixers, blenders, heat exchangers, fittings, and dispersion
equipment.63 increase in reported EPS for the
third quarter 2005.
-- Orders increased 18 percent during the quarter, with the largest gains
in Fluid Technology and Defense; organic orders increased 14 percent.9 million . "In this role she will be responsible for
the company's Value-Based Product Development, engineering career and
technology development, and intellectual property.11.8
Income from continuing
operations before
income taxes 178.27 $(0.1
Total assets $7,536.8 2,445.5) (131.0%

Change % Change
Orders Orders 2005 vs.1 0.1 619.3) (2.9%
Defense
Electronics
+ Services 12.3) (3.4 77.4 80.4 22.9%
Electronic
Components Ex
Keypads 6.2) (2.3)
Income Tax Expense (23.9) - (21. Income of ($35 .0

Capital Expenditures (200.
"Throughout history we've witnessed innovations that affect our
safety and save lives.

yatesmeter tyh

We feel
honoured by the award", says Bran+Luebbe /SPX PE Sales Director Rainer Schmid.
-- Year-to-date 2005 cash from operations grew 102 percent to
$511. Nick is an ITT veteran who has spent much of his career in EC, and
he will help us determine the best course of action to ensure that the EC
businesses meet our long-term financial objectives.1 million, up
$84. Advanced Water Treatment also received a $5 million order
to supply water treatment equipment for textile wastewater reuse in
southern India, and an order to provide an oil refinery with the
world's largest ozone system for removing nitrogen oxides, a common
pollutant produced in refineries and other industrial operations .
-- The Wastewater business also grew revenues by 8 percent and grew orders
by 17 percent .8 million to ($8.1 million, primarily due to continued
challenges in keypads operations.3
Average Common Shares -
Diluted 94.3 $262.8 2,514 .8

Pension and postretirement benefits 1,369.5 $310.2
Cash and Cash Equivalents - end of period $470. Organic Revenue / Orders Growth
Third Quarter 2005 + 2004

($ Millions)

(As Reported - GAAP)

Sales + Sales + Change % Change
Revenues Revenues 2005 vs. Sales
Revenues Contribution Contribution + Revenues
3M 2005 3M 2005 3M 2005 3M 2005

ITT Industries -
Consolidated 1,927.2 118.3 174.7
Fluid
Technology 704.0% (7.0% 11.4
Electronic
Components Ex
Keypads 155.8)
Gain on sale of Assets 7.0 9.3 (59. Expense of $0.0 100.12 6.05

Adjusted Net Income 5.35 5.S. If it weren't for those flood control plants, the
storm water would likely have caused major property damage.itt.

submersible wellpoint

About Bran+Luebbe
Bran+Luebbe, being part of the SPX Process Equipment group has been a
worldwide leader in metering, analyzing and processing liquids for more than
70 years.35-5. The net
effect of these special items was a $0.
"We're continuing to see the benefits of a balanced portfolio that
includes strong core businesses with good long-term growth prospects,
especially in our water and defense businesses," said Steve Loranger, ITT
Industries ' Chairman, President and Chief Executive Officer.
Organic revenue, excluding foreign exchange and acquisitions,
grew 12 percent. Her engineering background
and her experience in each of our management companies uniquely qualify her
for this new role.
Excluding restructuring costs, operating income was down 2 percent to
$32. Headquartered in White Plains, NY, the company
generated $6.3
Selling, general
and administrative
expenses 247.7 790.1 in each period,
respectively 35.63 $1. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Nine Months Ended
September 30,
2005 2004
Operating Activities
Net income $443. 05 vs. 04
3M 2004

ITT Industries -
Consolidated 1,663.3) 8.1) 10.2

Operating Margin:
Electronic
Components 1.4% 60 BP
Fluid Technology 13.5) 0.7M)
#H - Remove Tax Benefit on Special Items of ($1.1) (144.8)

Pension Pre-funding (100.69) (0. The Sounder features a larger number of spectral
channels, higher spatial resolution , and increased sensitivity for
high quality soundings allowing meteorologists to observe a greater
number of details that indicate important atmospheric fluctuations.

viscous reverso

spxprocessequipment. Frost + Sullivan serves an extensive clientele
that includes Global 1000 companies, emerging companies, and the investment
community by providing comprehensive industry coverage that reflects a unique
global perspective and combines ongoing analysis of markets, technologies,
econometrics, and demographics.22 per share . We have chosen Nick Hill, the
President of Motion + Flow Control, to lead this combined group, and he has
been elected a Senior Vice President of the corporation by the Board of
Directors.

2 million and operating margin was down 160 basis points.4 billion to help meet the US Army demand for the next
several years.
-- Demand for ITT's SINCGARS tactical radios continues to grow , with
additional orders of $82 million in the third quarter. Operating income declined
8 percent to $29. It plans to
launch 12 new products in this area in the fourth quarter , with
customers such as Bobcat and Caterpillar, among others.9 24.0 729.1 542.6
Total liabilities 5,059.4) (94.4) (994.4

Exchange Rate Effects on Cash and
Cash Equivalents (19.2 84.
3M 2005 3M 2004 2004 2004

ITT Industries - Consolidated 1,972.1 (58. 04 Reported Restructuring

Sales and
Revenues:
Electronic
Components 170.2 1,927.9% 4.4
Defense
Electronics
+ Services 96.8 0.2 % 13.3 5.8% 4.7 110.6M + 0.3M
#B - Remove Interest Income Due to Tax Refund ($13.6 129.7

Amortization 25.03)

Tax Settlement (0. Of these, they predict
seven to nine will escalate to hurricanes; three to five will be major
hurricanes.

idex priming

Gomatam., ITT Industries, Inc .
-- Aerospace Controls, which produces switches and actuators, grew
revenues 6 percent , and grew orders 45 percent over the prior year,
benefiting from strong growth in the commercial and military aerospace
industries. Adjusting for the effects of restructuring, operating income
declined $6. Other factors are more thoroughly set forth in Item 1.4 240.0 717.2
Income from continuing operations 418.9

ITT Industries Non-GAAP Press Release Reconciliation
Reported vs.0) 700.3 ) (0.2 (57.9 31%

ITT Industries Non-GAAP Press Release Reconciliation
Segment Operating Income + OI Margin Adjusted for Restructuring
Third Quarter of 2005 + 2004

($ Millions)

Q3 2005 Q3 2004 % Q3 2005 Adjust for
As As Change As 2005
Reported Reported 05 vs.4 14%
Motion + Flow
Control 32.1 8.4 -67.0 (2.1 29.8) - (2.2M)
#C - Remove Tax Matters of ($31. Adjusted Net Income + EPS
Full Year of 2005 + 2004

Full Year 2005 EPS**
Full Year
Lower Limit Upper Limit 2004 EPS**

As Reported * 6.17 4. Following the tsunami, ITT Industries
deployed more than 80 water treatment units and ten reverse osmosis
systems to the affected region.
The official start of hurricane season is June 1 and many states
are advising residents to begin preparation.

centrifugal submersible

In 2005,
Bran+Luebbe accounted for 7.menzefricke@frost.40 per share

WHITE PLAINS, N."
Given the company's strong performance through the first nine months,
Loranger said the company is in a position to tighten the company's full-year
financial forecast range. The business successfully
inaugurated production at its U.3 million, down 2 percent or $4 million from same period last
year, with growth in the transportation and cellular handset markets
more than offset by weakness in automotive, military, and industrial
demand.3) million as
reported .

About ITT Industries
ITT Industries, Inc.
For free B-roll/video content about ITT Industries, please log onto
http://www.0 167.4 93.8 $443.3
Inventories , net 693.5 980.4 $7,276.3) 2.2

Investing Activities
Additions to plant, property and equipment (119.9 5.9) (46 .3) (9.9 13. 2005 vs.7 (58.0% 11.0% 76.1 189.2 630 .4% 11.9 151.1 (7.8

Interest
Income
(Expense) (8.3) (49.17)

Gain on Sale of Investments (0. "Early Warning
Weather System," allowing for improved weather forecasting." In
flooded areas, dewatering pumps from Flygt and Marlow are necessary to
clear sites from muddy water. Registration and video
are free to the media. (www.

trebor sainath

8 billion, up 14 - 15 percent from results last
year, and full-year free cash flow of $625 - $650 million. production plant in Arkansas.
These forward-looking statements include statements that describe the
Company's business strategy, outlook, objectives, plans, intentions or goals,
and any discussion of future operating or financial performance.7 461.6 55 .8
Gain on sale of assets 7.1
Income from continuing
operations 154.5 $310.38
Diluted $1.2
Total current liabilities 2,631.2) (52.
3M 2005 3M 2004 2004 2004

ITT Industries - Consolidated 1,927.11

(As Adjusted - Organic)

Sales + Acquisition FX Adj.3) (5.9% -4.8 34.8% 96.2 77.3
Defense
Electronics
+ Services 806.2 242.8
Intersegment
eliminations (2.0 1.2 -2%
Total Segment
Operating Income 223.9% -8.2)

Income from Continuing Operations 154.8 0.0 650.0) (100.17) (0.

idex diaphragm

"
"We are proud of our high quality products, which demonstrate our
commitment to providing optimum solutions for our customers needs. Diluted earnings per share (EPS) for the third quarter,
including the net benefit of special items, were $2.37 per share, up 17 percent over
the comparable 2004 figure of $1. We continue to
strengthen our participation in fast-growing markets of the Asia-Pacific
region, with our Fluid Technology businesses realizing significant order and
revenue gains in Russia, India and China.4 million, up 14 percent from the comparable figure in 2004, while
margins remained relatively flat. (http://www.com) supplies advanced technology
products and services in key markets including: fluid and water management
including water treatment; defense communication, opto-electronics,
information technology and services; electronic interconnects and switches;
and other specialty products.0 1,097.9
Interest income 16.3 18.9 44.9
Discontinued operations,
including tax benefit of
$39.3 (2.37 $(0.2
Restructuring and asset impairment charges 55.1
Other, net (1.3)

Financing Activities
Short-term debt, net 173.0)

Net change in cash and cash equivalents 207.2 80.9 233.0 179.7) (3.9% -0.3 ) 11.2) 0. 04

Sales and
Revenues:
Electronic
Components 170.2
Motion +
Flow Control 249.4% 13.8 71.9) (34. Over the past thirty years, ITT's meteorological technology
has been on every satellite used for this purpose. In New Orleans and
Jefferson Parish, Louisiana, an area prone to hurricane-related
flooding, ITT Industries has more than 50 vertical and horizontal
pumps installed to combat flooding and move large volumes of water
short distances.

sainath pumps

LONDON, Frost + Sullivan presents the 2005
Product Differentiation Innovation Award for the European Intelligent Pump
Systems Market to Bran+Luebbe , an SPX Process Equipment Operation, in
recognition of its innovative product line. Designed for hazardous operations as
well as offering the highest possible efficiency and flexibility, these
products have experienced widespread use in critical high-pressure
applications, many in the oil and gas sector .
About Frost + Sullivan
Frost + Sullivan, a global growth consulting company, has been partnering
with clients to support the development of innovative strategies for more
than 40 years .
"We expect that we will have full year earnings of $5. "We estimate full-year
2005 revenues of $7. Activity has remained strong with the
high price of oil and the growing global demand for energy. The auto
tubing business recorded a charge for credit issues related to current
developments in the auto industry - without the charge, Motion + Flow
Control margins would have been 90 basis points higher in the quarter.8 billion in 2004 sales.

"Safe Harbor Statement" under the Private Securities Litigation Reform Act
of 1995 ("the Act"):
Certain material presented herein includes forward-looking statements
intended to qualify for the safe harbor from liability established by the Act.3 3,911.05 $1.3 92.4

ITT INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

September 30, December 31,
2005 2004

Assets
Current Assets:
Cash and cash equivalents $470.9
Receivables, net 1,312.2 312.6)
Change in inventories (16.2
Net cash - investing activities (133.0 855.3)
Cash and cash equivalents - beginning of year 262.
Orders Contribution Contribution Orders
3M 2005 3M 2005 3M 2005 3M 2005

ITT Industries -
Consolidated 1,972. 05 vs.2 242.9% -4.2 619.5 194.3 10.2 (35.16 0.9 253.2

ITT Industries Non-GAAP Press Release Reconciliation
Reported vs.

viridian pumps

com.9 million or 14 percent from the same period last year, with
organic revenue growth of 13 percent.

CONSOLIDATED CONDENSED INCOME STATEMENTS
(In millions, except per share)
(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004

Sales and revenues $1,927.8 51.7

Earnings Per Share:
Income from continuing operations:
Basic $1.17 $4.2
Other current assets 91.0 $719.5 4,933.7

ITT INDUSTRIES, INC.3) ---

Net cash - financing activities (36.2 264.0 237.1

Defense Electronics
+ Services 806.1) 1,907.1) (0.8 12%

Fluid Technology 619.7)
Total Ongoing
segments 1,927.4% 10.8 71.1% 29.9% -48.0
Electronic
Components Ex
Keypads (1.7% (10)BP

Income:
Electronic
Components 3.8 15%

Sales and Revenues:
Electronic
Components 170.2

Income Tax
Items (3.Y. CrIS will track a vertical distribution of temperature ,
moisture, and pressure in the atmosphere helping in both short-term
weather predictions and long -term forecasting.

idex tyh

"The ability to keep abreast of current technologies as well as provide
different facilities, new product features with the existing hardware and
customised software at affordable cost has contributed to Bran+Luebbe's
emergence as a major participant in the intelligent pump control market,"
observes Mr.93 billion; organic revenue up 12 percent,
marking the eighth consecutive quarter of double-digit organic revenue
growth

- Solid order growth of 18 percent; organic orders increase 14 percent

- Strong cash growth driven by operational performance

- Company narrows full-year 2005 (adjusted) earnings guidance to
$5.
Adjusting to exclude restructuring costs, operating income was
$91.

Defense Electronics + Services

-- Defense Electronics + Services revenues for the third quarter were
$806.
-- The Electronic Components group has secured 15 platform wins for its
mechatronic technology, primarily joystick controls.9 115.8, $0.2 (0.80 $3.5 94 .0 145.3)
Other, net 2.0)
Acquisitions , net of cash acquired (38. 04 Adj.2 1,927.8% 13.4 3.7 % 6.5 0.9 9.0) 260.3) (58.5 160.7)
Income Tax
Expense (44.3 0.0M)
#E - Remove D.2 312.2 39. The Geostationary
Operational Environmental Satellite (GOES), equipped with an Imager
and Sounder, has become the backbone of the U.

Companies that produce or supply pumps or pumping equiment for the flow or regulation of fluids.

yeon centrifugal

1 per cent of the intelligent pump systems used
in the oil and gas as well as petrochemical sectors and for a 4.1 per cent
share in the chemical and pharmaceutical sectors.

ITT Industries Reports Third Quarter EPS of $2.00; Earnings Excluding Special Items are $1.37 Per Share Up 17 Percent

- Revenue up 16 percent to $1.85 per share benefit from special items, primarily a favorable tax
settlement arising from the conclusion of IRS audits for the years 1998-2000,
which was partially offset by restructuring costs of $0.93 billion on sales growth across the portfolio, led by strong
double-digit revenue growth in both Fluid Technology and Defense.5 million or 28 percent over last year, due to
the acquisition of the Remote Sensing business and increased sales,
particularly at Night Vision, Systems and Aerospace/Communications.4 million, while operating margin declined 70 basis points,
primarily due to performance in the auto tubing business .3 million to $3.
Registration and video are free to the media. Annual
Report on Form 10-K for the fiscal year ended December 31, 2004, and other of
its filings with the Securities and Exchange Commission. A reconciliation to the GAAP equivalents of these non-GAAP
measures is set forth in the attached unaudited financial information.2 36.2)
Net income $189 .3 708.4
Current assets of discontinued operations - 7.7 107.1 60.6) (1,089.6 1,663.1) (6. 04 Adj.5 -197.5% (1.1 ) 11.4% 11.7 189.9)

Total Tax Expense (23 .7) 129.1)
Gain on sale
of Assets - - -
Corporate
(Expense) (21.5 18.17 $0.58

Adjustments

Restructuring 0. To help protect people from the effects of
these potentially deadly storms , ITT Industries (NYSE: ITT) continues
to engineer critical technologies for sensing and managing storms this
hurricane season - from meteorological imagers and sounders that allow
the National Weather Service to predict and monitor the course of a
hurricane, to major utility pumps capable of removing millions of
gallons of water per minute from storm-flooded areas.
Headquartered in White Plains, NY, the company generated $6.8 billion
in 2004 sales.

submersible idex

+44(0)207-343-8376
kristina .00.93 billion, and organic revenue grew
12 percent, marking the eighth consecutive quarter of double -digit organic
revenue growth, once again led by our Defense businesses.6 4.1 - 7.16 $4.3 94.3
Deferred income taxes 78.4 1,378.5
Long-term debt repaid (5.1)
Long-term debt issued 0.3 1.2) 767.0%
Fluid
Technology 10.3 174.3 174.4 151.9 11.00 (0.5

Income from
Discontinued
Operations (0.

Storm Sensing

ITT Industries builds geostationary and polar orbiting imaging and
sounding instruments used by the NOAA to track severe weather
patterns .
The multispectral GOES Imager surveys the Earth on a continuous
basis, allowing for increased sensitivity to detect temperature
fluctuations, to measure variation in low-level moisture, and to track
hurricanes from their inception.

diaphragm idex

The project involves technologies from throughout the
company's Fluid Technology portfolio, including ITT's reverse osmosis
designs, chlorination dosing equipment, instrumentation and pumping
equipment.
Organic revenue growth was 19 percent. Operating income rose 35 percent
to $96. You can
receive broadcast-standard video quality digitally or by tape from this site.
NOTE: ITT Industries believes that investors ' understanding of the
Company's operating performance is enhanced by the use of certain non-GAAP
financial measures, including adjusted GAAP net income and adjusted GAAP EPS,
which Management considers useful in providing insight into operating
performance, as it excludes the impact of special items that cannot be
expected to recur on a quarterly basis.8 3,175.0 154.2 312 .70 $3.2
Other current liabilities 10.0) (140.9 55.4) (100.6)
Net Cash from Operations -
Discontinued Operations (114.7%

Defense Electronics + Services 806. 04

ITT Industries -
Consolidated 1,674.6 1,663.4 151.2) (2.2 1,663.9 % 5.4 32.9% 7.0) 0.6 #A 223.2)#E 0.7 5.5 #I 0.O.5M

ITT Industries Non-GAAP Press Release Reconciliation
Cash From Operating Activities vs.27) (0.56

* Amount represents projected figures for full year 2005
** Represents diluted EPS

peristaltic sealless

Key differentiating features such as modular design, constant volumetric
efficiency, enhanced operational flexibility and security, superior
efficiency as well as functional optimisation have underpinned the rapid
growth of the company's Novaplex and Novados pumps in niche sectors such as
chemicals, pharmaceuticals as well as oil and gas. This leak-proof system protects both the pump and
the atmosphere from the effects of harsh, corrosive and hazardous materials.
(NYSE: ITT) today announced third quarter 2005 net income of $189.3 million,
up $79. Revenue growth was driven by a
24 percent revenue increase in Advanced Water Treatment and 23 percent
growth in the Industrial + BioPharm group. Forward -looking statements are
uncertain and to some extent unpredictable, and involve known and unknown
risks, uncertainties and other important factors that could cause actual
results to differ materially from those expressed in, or implied from, such
forward-looking statements.9 5.19 $4.9

Adjustments to income from continuing operations:
Depreciation and amortization 162.4) (51.4 1.1) 688.9%

Fluid Technology 704.1 170.2) 748.2 199.0 19%

Orders Change % Change
3M 2004 Adj.0
Fluid Technology 76.0 -8.0) 260.3 174.7 630.2 1,663.9

Operating Margin:
Electronic
Components 1.5% (90)BP

Income:
Electronic
Components 3.1 (24 .4

Diluted EPS 2. 2004 2005 vs.01 1.2M)
#F - Remove Restructuring Expense of $5.0)

Pension Pre-funding 100 .3 253.

Business Editors

WHITE PLAINS, N. ITT Industries'
pumps are installed in many regions across the country, including some
of those areas hit worst by severe storms. Both Flygt and A-C Pump are relied on in
municipal collection systems to prevent the water from overflowing
into lakes and rivers, and to later move the storm water through the
wastewater treatment plant .
In disaster areas fresh water distribution is frequently
disrupted.
In addition to the New York Stock Exchange, ITT Industries stock
is traded on the Midwest, Pacific, Paris, London and Frankfurt
exchanges.

westco tyh

Customers can deploy Bran+Luebbe's powerful high-precision process pumps
for practically all industrial applications, flow rates and pressure
requirements in any specific sector . They have the highest quality
standards, pioneering innovations and comprehensive know-how in the industry. For more information, visit http://www.com

40 per
share, excluding special items . However, while certain units of the Electronic Components (EC) group
have improved over the last two years, the overall group has not performed up
to our expectations," Loranger said."
"Consistent with our desire to build on the "Engineered for Life"
philosophy, we are pleased to announce that Brenda Reichelderfer, who has led
the EC group for the last two years, has been appointed to the position of
Senior Vice President and Chief Technology Officer for the corporation,
reporting to me," Loranger said. Segment operating income
was $76.8 million, and operating margin rose 60 basis points.

Motion + Flow Control
-- Motion + Flow Control revenues for the third quarter were
$249.S.9 $4,821.2 501.2
Restructuring and asset
impairment charges 29.1 13.5 10.1 428.1 110.0 and
$1.31
Discontinued operations:
Basic $0.27 $(0.8 69.8 2,329.9
Deferred income taxes 238.7

Liabilities and Shareholders ' Equity
Current Liabilities:
Accounts payable $782.2 566.4
Net cash - operating activities 511.3 253.0

Fluid Technology 704.9 13%

Defense Electronics
+ Services 630.2 806.8 249.3
Key Pads 14 .4

Operating Margin:
Electronic
Components -4.3% -8.7%

Income:
Electronic
Components (8.2
Fluid
Technology 704 .8 242.3 174.2)#B (14.6 187.4

Income from Discontinued Operations 35.37

Percent
Change Change
Q3 2004 Q3 2004 Q3 2004 2005 vs.7)

Income from
Continuing
Operations 110.20 17. In fact, every thirty seconds, images of
hazardous storms are made available by this technology," said Chris
Young, Vice President and Director, Commercial + Space Sciences, of
ITT Industries Space Systems Division.

tyh welco

An advantage of the
double diaphragm design is that it protects the pump from overload, thereby
increasing its lifetime. Maximum design flexibility , energy saving and high
operational security combined with other value-added features are continually
increasing customer acceptance and appreciation of low life cycle costs.
SPX Process Equipment is a leading manufacturer of fluid process
solutions, metering and blending systems and industrial valves serving
sanitary, biopharmaceutical, industrial and municipal markets worldwide. "We will continue our aggressive efforts
to improve the operating performance of this business, with expanded cost
reductions, lean manufacturing and prudent product line pruning.
-- The Industrial + BioPharm group continues to show strong revenue gains
in every region of the world. Management also believes that
investors can better analyze the Company's revenue and order growth by
utilizing organic revenue and organic order growth measures that exclude the
effect of foreign exchange translation and the effect of recent acquisitions.4
Research, development
and engineering expenses 168.8 150.8 4,367.0
Income tax expense 23.3,$45.5) 25.53 $3.8) (44.0) 0.9) (3.9 414.3 170.2% 11.9 22.4 14.3%
Electronic
Components Ex
Keypads -0.6 1,663.9 9.3
Key Pads 14.5)
Other Income (Expense) (2.3 5.4) (1.O. Free Cash Flow
Full Year 2005

Free Cash Flow FY 2005

Lower Upper

Cash from Operations 725.9

Cash from Operations 511.----Forecasters at
the U.
ITT Industries is currently developing an advanced instrument, the
National Polar -orbiting Operational Environmental Satellite System
(NPOESS), which will significantly improve data provided to weather
forecasters by using ITT Industries' Cross-track Infrared Sounder
(CrIS).

Flood Control

Once a hurricane strikes, inland flooding can be the dangerous
aftermath if the afflicted community is in a potential flood zone and
the proper flood control systems are not in place.S.thenewsmarket.

diaphragm peristaltic

"Most competing intelligent pump systems are centrifugal in nature and
have limited use in many processes across the chemical, oil and gas as well
as pharmaceutical sectors," notes Frost + Sullivan Research Analyst
Srinivasan Gomatam. The brand Bran+Luebbe stands for high quality and precision, as one
of the world's most reputable manufacturers of proportioning and process pump
systems as well as analyzing equipment. The company realized
an $0.
-- Segment operating income grew 3 percent over the third quarter 2004 to
$194. Free cash flow
(cash from operations excluding voluntary pension pre-funding less
capital expenditures) for the first nine months of 2005 was
$491. Deliveries on the initial $160 million order will begin
in early 2006. This and other contracts have increased the backlog at
Night Vision to more than $500 million.3
Total costs and expenses 1,752.3 418 .3 $109.43 $3.29

Average Common Shares -
Basic 92.1
Total current assets 2,646.2

Plant, property and equipment, net 941.6 2.9 2,343.0
Total liabilities and
shareholders' equity $7,536.0
Change in accrued and deferred taxes 83.4)
Change in other non-current liabilities (10.5)
Proceeds from issuance of common stock 133. 2005 vs.1
Motion +
Flow Control 249 .8% 12.1% 11.3) 11.4 32.5% 194.9% 4.9%
Key Pads -48.
Adjusted Reported Restructuring Adjusted 05 vs.0%
Key Pads (7.6)
Other
Income
(Expense) (4.7)#G (3.6)#H (46. Free Cash Flow
Third Quarter of 2005 + 2004

($ Millions)

3rd Qtr 05 3rd Qtr 04

Income from Continuing Ops 418.0

Free Cash Flow 491. You can receive broadcast-standard video
quality digitally or by tape from this site.

welco viridian

A modular design allows customers to fix pumps based on
individual requirements.

This represents a 17 - 18 percent increase
over the comparable figure in 2004," Loranger said.
In addition, Management considers the use of free cash flow to be an important
indication of the Company 's ability to make acquisitions, fund pension
obligations, buy back outstanding shares and service debt. Free cash flow,
adjusted net income, adjusted EPS, organic revenue and organic orders are not
financial measures under GAAP, should not be considered as substitutes for
cash from operating activities, EPS, net income or revenue as defined by GAAP,
and may not be comparable to similarly titled measures reported by other
companies.2 $5,793.8 4.7 512.01) $0.00 $1.6
Change in other current and non-current assets (101.1
Repurchase of common stock (288.1)
Other, net (0.3 $253.1 1,674.2

Acquisition FX Adj.3
Defense
Electronics
+ Services 806.1%

Income:
Electronic
Components (8.6

Sales and Revenues:
Electronic
Components 170.4
Key Pads (7.4% (360)BP
Defense
Electronics +
Services 12.8 35%
Fluid Technology 91.9% 5 .6% 6.4 -9.6

Income Tax Items (31.9) (3.0)

Total Tax
Expense (44.0

ITT Industries Non-GAAP Press Release Reconciliation
Cash From Operating Activities vs.41 0.15)

Discontinued Operations (0. The NOAA anticipates
twelve to fifteen tropical storms possible.

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Bran+Luebbe Selected for 2005 Frost + Sullivan Product Differentiation Innovation Award

"In contrast, Bran+Luebbe's intelligent positive
displacement pumps have been designed to handle the variations in fluid
viscosity through dynamic control of process parameters with their
revolutionary design and integration, thus helping in the effective handling
of abrasive and corrosive liquids . For more information, visit http://www.Y. "Overall, our
revenues rose 16 percent to $1.35 - $5. The group
received a $4 million order for rubber lined slurry pumps as part of
system to remove harmful sulfur dioxides from a power plant.9 billion, up 17 percent over the
period last year.
-- ITT's Friction Materials business is enjoying a 70 percent win rate so
far this year on new OEM platforms in Europe, including wins on new
Toyota, Fiat, Audi and Volkswagen models.thenewsmarket. Business
and Item 7.9
Interest expense 17 .4 92.7 1,174.8
Accrued expenses 797.2
Accrued taxes 144.4 $7,276.9 24.3
Payments for restructuring (39.7 9.5
Dividends paid (48.9 297.6 (59.9

Defense Electronics 825. 05 vs.4% 10.6% (8.0 -1.3 170.9
Electronic
Components Ex
Keypads 155.9 155.6% (8.4

Q3 2005 Q3 2004 Adjust Q3 2004 %
As As for 2004 As Change Adj.7) (3.4 -67%
Defense Electronics
+ Services 96.6%

ITT Industries Non-GAAP Press Release Reconciliation
Reported vs.0)#D (26.0

Net Income 189 . 2004
As Reported Adjustments As Adjusted As Adjusted As Adjusted

Segment
Operating
Income 189.3M)
#D - Remove Tax Benefit on Special Items of ($3.5M
#G - Remove Tax Refund of ($3.6M)
#I - Remove D.0 100.69) (0. During Hurricane Georges, the vertical pumps removed
135,000 gallons per minute, while the horizontal pumps moved up to
500,000 gallons of water per minute.

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"
Unique design features enable end users to utilise multiple pumps and
thereby maximise performance, accuracy and lifetime.1 million . Additional order opportunities are expected for
dewatering pumps as global mining activity increases, and there has
been increasing demand for submersible wastewater pumps in new
geographic markets like Russia.6 $1,663.67 $1.20 $4.1 212.8 1,000.8
Other liabilities 515.4 61.1 619.2 176.5 28.2 40%

Orders Sales Orders / Sales
3M 2005 3M 2005 Book-to-Bill
Electronic Components 189.9

(As Adjusted - Organic )

Sales +
Revenues Change % Change
Adj. 05 vs.7 630.0 71.3 #A (18.0

Net Income 109.0)

Pension Pre-funding 100.05) (0. National Oceanic and Atmospheric Administration (NOAA) are
predicting another busy hurricane season with a higher-than average
number of severe storms.com) supplies advanced technology
products and services in key markets including: fluid and water
management including water treatment; defense communication,
opto-electronics, information technology and services; electronic
interconnects and switches; and other specialty products.

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Rising demand from the oil and gas, chemical as well as pharmaceutical
sectors will, in particular, support the success of these pumps. "The launch of products such as the Novaplex and
Novados as well as the remote diagnostics system NOVALINK has helped the
company gain momentum in expanding and strengthening its competitive
position."

Third Quarter 2005 Segment Highlights

Fluid Technology
-- Third quarter Fluid Technology revenues were $704. The
Defense backlog now stands at $3. The company
has been successful in developing a module to make ITT's SINCGARS
radios compatible with the Joint Tactical Radio System (JTRS) program.2 million, up 3 percent on higher volume in Leisure Marine,
Friction Materials and Aerospace Controls.

Electronic Components
-- Electronic Components revenues for the third quarter were
$170.itt.com/ITT to preview and request video . Factors that could cause results to differ
materially from those anticipated by the Company include general global
economic conditions, decline in consumer spending, interest and foreign
currency exchange rate fluctuations, availability of commodities, supplies and
raw materials, competition , acquisitions or divestitures, changes in
government defense budgets, employment and pension matters , contingencies
related to actual or alleged environmental contamination, claims and concerns,
intellectual property matters, personal injury claims, governmental
investigations, tax obligations, and changes in generally accepted accounting
principles.9 242.4 534.1 453.9 33.1 -
Miscellaneous expense, net 2.01) $0.36
Diluted $2.3 94.1
Goodwill, net 2,467.5
Long-term debt 543.7
Net (income) loss from discontinued operations (25.9) (23.6)
Proceeds from sale of joint venture 15.2 704.8%
Motion +
Flow Control 11.1 29.3 174.6 1,663.0% 13.1 ) -
Corporate (Expense) (19.1) 0.5 #F 194.1%

#A - Remove Restructuring Expense of $29.0 750.9

Depreciation 136.2

Capital Expenditures (119.4 ) (100. Inland flooding accounts for a tremendous amount of
property damage and a number of deaths each year," stated Bob
Dietlmeier of ITT Industries' A-C Custom Pump Division. ITT Industries can provide potable water through its mobile
water treatment systems.
For more information on how ITT Industries' technology will be
employed this hurricane season, please log onto
www.

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In a maturing market, product differentiation supported by distinctive
services and considerable value addition distinguishes Bran+Luebbe from its
competitors.
The market leading brands include Bran+Luebbe, Copes-Vulcan, DeZURIK, GD
Engineering, LIGHTNIN, M+J Valve, OFM, Plenty, Premier Mill , Waukesha
Cherry-Burrell and WCB-Flow Products.frost.

For further information, please contact:

Kristina Menzefricke
Promotions Manager, EMEA
Frost + Sullivan
Tel. Adjusting results to exclude these special items,
earnings for the third quarter 2005 were $1.17.7 - $7.3 million over the same period last year, before the impact of a
$100 million tax payment for discontinued operations.

"We're pleased with ITT's overall performance and expect continued growth
in 2006. These
ongoing actions include structural streamlining with the combination of EC
with Motion + Flow Control into one group.
-- Order input grew 40 percent , with organic orders up 31 percent, led by
ongoing demand for night vision goggles and SINCGARS radios. Operating income declined $16.
In addition to the New York Stock Exchange, ITT Industries stock is traded
on the Midwest, Pacific, Paris, London and Frankfurt exchanges. Whenever
used words such as "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "target " and other terms of similar meaning are intended to
identify such forward-looking statements. The Company
undertakes no obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.2

Operating income 175.3 92.1
Other intangible assets, net 225.9)
Change in receivables (191.0)
Change in accounts payable and accrued expenses 148.4 (160.4 15.7 630.3) 1,863.0 (4.0 14%

Defense Electronics 588.2
Intersegment
eliminations (2.6
Dispositions
and other - - -
Total Sales
and Revenues 1,927.5 -110.3)
Total Ongoing
segments 1,927.2
Dispositions
and other - - -
Total Sales
and Revenues 1,927.8% 4.7% (70)BP
Total Ongoing
Segments 11.1 8.5 0.0 3.3% -8.5 0. Adjusted Net Income + EPS
Third Quarter of 2005 + 2004

($ Millions, except EPS and shares)

Q3 2005 Q3 2005 Q3 2005
As Reported Adjustments As Adjusted

Segment Operating Income 194.63) 1.1) - (4.2 110.0)

Other 160.05) (0.27) 0.
"Municipalities need to be prepared for the worst in hurricane
situations. Each of the mobile water treatment
systems deployed was capable of delivering 1,800 gallons of fresh
water a day.

About ITT Industries

ITT Industries , Inc.

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The company's industry expertise integrates growth consulting,
growth partnership services , and corporate management training to identify
and develop opportunities.com.5 million over the third quarter 2004, including the net benefit of
special items."

Third quarter Financial Highlights

-- Third quarter revenues rose 16 percent over the same period 2004 to
$1.
-- The Advanced Water Treatment business won several significant orders
during the quarter , including a first-of-its-kind project in New Mexico
that will supplement surface drinking water sources with treated
wastewater.
The module uses ITT technology to provide high speed voice, video and
data transmission, and provides advanced mobile ad hoc networking
capabilities.4 million and margin declined 140 basis points.
-- Order activity grew 15 percent compared to the third quarter 2004, due
primarily to activity in the mobile phone and military/aerospace
markets, increasing the business's book-to-bill ratio to 1.1
Costs of sales
and revenues 1,306.8 5,259.02)
Diluted $0.02)
Net income:
Basic $2.3
Other assets 1,016.2 277.7

Shareholders' equity 2,476.3 -
Proceeds from sale of assets and businesses 9.2 18%

Defense Electronics 825.3) 8.5 -197.2 15 .3 2.0% 12.2 33.4% (360)BP
Key Pads -48.0%
Electronic
Components Ex
Keypads 10.7

Interest Income (Expense) (1.3) (13.9) 129.6) - (8.0

Free Cash Flow 625.41 0. "ITT
Industries' pumps can evacuate several million gallons of water, as we
did in New Orleans. more than 250
flood control pumping stations equipped with huge submersible pumps
from ITT Flygt are on duty competently protecting life and property.com/ITT .

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Excluding the impact of restructuring, operating
income grew 15 percent to $223.7 million .7 million, up $176.
-- ITT's Night Vision group received an Omni VII contract worth a
potential $1.
Management's Discussion and Analysis of Financial Condition and Results of
Operations - Forward-Looking Statements in the ITT Industries, Inc.4 706.6 1,495.9 12.38 $(0.4
Current liabilities of
discontinued operations - -
Notes payable and current maturities
of long-term debt 898.2 588.6 1,663.6

Operating Margin:
Electronic
Components -4.4% 12.8%
Total Ongoing
Segments 10.2
Motion + Flow
Control 29.0
Total Segment
Operating Income 194.1 619.0% - BP
Motion + Flow
Control 13.6% 11.8 0.9 22.8)

Income from Continuing Operations
before Tax 178.3)#C (31.9)

Income from
Continuing
Operations
before Tax 154.4) (5.9 17.1%

Diluted EPS 1.0) (200.4 15.5

Working Capital (129.28

Interest (0.17) (0.40 4.

Sensing the Storm and Helping to Control Floods: ITT Industries' Technology Prepares for Hurricanes; Hurricane Season in US begins June 1

The GOES Sounder utilizes improved sensors to collect and identify
variations within the Earth's atmosphere using a scanning broad
infrared spectrum. In fact, throughout the U.