ITT Corp.: The New York-based conglomerate reported...

ITT Corp.: The New York-based conglomerate reported net income of $200 million for the first quarter, a 12% increase over a year ago. Consolidated sales and revenue for the period were $4.8 billion, an increase of 6%. The company’s service businesses registered gains during the quarter with the exception of the Hartford, which reflected a general downturn in domestic property and casualty underwriting. ITT Financial posted gains primarily as a result of higher levels of loan activity. Communication and information services income rose due to operating improvements at ITT World Directories. Sheraton Corp. registered gains on favorable hotel occupancy.