ITT reported a steep decline in third-quarter profit as a $131 million charge related to potential asbestos litigation impacted results. Net income slid to $59 million, or 32 cents per share, from $216.3 million, or $1.17 per share, a year earlier. Revenue also fell. The White Plains, N.Y., defense firm also raised its 2009 forecast range to $3.70 to $3.74 per share from a prior projection of $3.50 to $3.70 per share.
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