ITT Corp.’s 1988 profit fell 15% to...

ITT Corp.’s 1988 profit fell 15% to $817 million from a restated $965 million last year. Sales totaled $19.4 billion, up 6%. For the fourth quarter, earnings totaled $180 million, down from a restated profit of $421 million, on revenue of $5.2 billion, up 8%. The New York diversified firm said the annual results were reduced by a $41-million after-tax provision primarily for several environmental cleanup operations at its Southern Wood Piedmont unit as well as reduced tax benefits. The firm noted that operating income at its nine business segments and Alcatel N.V., a telecommunications joint venture with a European firm, rose 36%.