The White Plains, New York company earned $99.9 million, or $1.06 a share, compared with $92.9 million, or 99 cents, in the second quarter a year earlier.

Revenue rose 9 percent to $1.44 billion.

Earnings were helped by the company’s military contracts for upgrading global positioning satellites and new radio orders as well as the desalinization and wastewater treatment plant services.

ITT also benefited from foreign exchange rates and acquisitions – aspects that added 5.5 percent and 4 percent to total sales, respectively.

The operating earnings at the electronics components unit were hurt by slow demand for handset connectors and switches in Asia and the Severe Acute Respiratory Syndrome.

On Monday, ITT raised its full-year earnings-per-share forecast by 7 cents to a range of $3.77 to $3.97, citing financial performance so far this year and accounting for the gain from its benefits claim and tax settlements.

The company also said it expects to see third-quarter earnings in a range of 92 cents to 98 cents per share.

ITT shares closed down 4.1 percent at $66.12 on Monday.

BP Plc (BP: chart), Europe's No. 2 oil company, said its second-quarter profit rose 42 percent due to rising oil and U.S. natural gas prices. Profit surged to $3.12 billion, or 14 cents a share, from $2.2 billion, or 10 cents, in the same period last year.

Honda Motor Co. (HMC: chart), Japan's second- biggest automaker by sales, said its first-quarter earnings fell 5.4 percent to 101.8 billion yen ($85 million), or 106.02 yen a share, from 107.6 billion yen, or 110.4 yen a share, in the same quarter last year. Sales rose 3.7 percent to 2.01 trillion yen.

AirTran Holdings Inc. (AAI: chart), which expects to have an all Boeing Co. 717 fleet by October, reported a profit even without government reimbursements for security fees. Earnings rose to $57.2 million, or 74 cents per share, in the second quarter, compared with a profit of $5.1 million, or 7 cents per share, in the same year-ago quarter.

Total revenue rose 22.7 percent to $233.9 million.

Electronics components maker Tyco International Ltd. (TYC: chart) said profit in the fiscal third quarter jumped to $566.5 million, or 28 cents a share, from a net loss of $2.6 billion, or $1.32 a share, in the same period a year earlier. Revenue was up 3.4 percent to $9.4 billion.

Omnicom Group (OMC: chart), the world's No. 1 owner of advertising agencies by revenue, reported net profit of $190.7 million, or $1.02 per share, in the second quarter, up from $187.3 million, or $1.00 per share, in the year-ago period. Revenue jumped 12 percent to $2.15 billion.

Fresh Del Monte Produce Inc. (FDP: chart), a fruit grower and distributor based in Coral Gables, Florida, said its second-quarter earnings rose 22 percent helped by acquisitions and the weak dollar. Earnings reached $81.2 million, or $1.42 a share, compared with $66.5 million, or $1.18 a share in the same period last year.

Revenue climbed 23.5 percent to $700.6 million.

French drugmaker Aventis S.A. (AVE: chart) said that in the first half of the year earnings per share rose 16.5 percent to EUR1.38. Consolidated revenue declined 31 percent to EUR8.62 billion, reflecting currency effects and divestments of Aventis CropScience and Aventis Animal Nutrition.

Kellogg Co. (K: chart), the largest U.S. cereal maker, said its earnings in the second quarter rose 17 percent to 50 cents a share, from 42 cents a share in the same period a year ago, helped by a 15 percent surge in European sales and a shift toward higher-priced products. Revenue rose 5.8 percent to $2.25 billion.

Northrop Grumman Corp. (NOC: chart), the world's largest builder of warships based in Los Angeles, said its second-quarter earnings climbed 13 percent to $207 million, or $1.09 a share, from $181 million, or $1.52 a share in the same period a year ago.

Revenue climbed 57 percent to $6.63 billion, boosted by the December purchase of TRW Inc. and demand for Northrop's electronics systems.