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Defense contractor ITT Corp. said Wednesday’s fourth-quarter profit rose 7 percent as lower costs helped offset a sales decline. The company also raised its full-year outlook. ITT Corp. earned $199.2 million, or $1.08 per share, in the three months ended Dec. 31, up from $185.5 million, or $1.01 per share, a year ago. Excluding one time items, profit totaled 97 cents per share. ITT raised its fourth-quarter outlook to $3.90 to $4.10 per share from previous guidance of $3.85 to $4.05 per share.
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