This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Exelis Reports Second-quarter 2013 Financial Results; Reaffirms Full-year Guidance

ITT Exelis (NYSE: XLS) reported second-quarter 2013 financial results today. Second-quarter revenue was $1.3 billion, compared to $1.4 billion in the second quarter of 2012. Operating income was $127 million and net income was $0.41 per diluted share, compared to $145 million and $0.46 per diluted share during the same period in 2012. Orders received in the second quarter of 2013 totaled $1.4 billion, a 14 percent improvement from the second quarter of 2012. Funded status of the company’s pension also improved by more than 10 percent primarily due to pension actions announced during the second quarter.

Significant new orders announced during the quarter included $125 million in airborne electronic warfare equipment for the U.S. Navy, contracts for night vision devices and spare parts for the Italian Army, U.S. Army and U.S. Special Operations Command, two orders from Lockheed Martin totaling more than $10 million for composite aerostructures, and a contract from Aireon LLC to provide the air traffic management data processing and distribution component for its global space-based air traffic surveillance system.

The company also secured two large services contracts on which it was the incumbent: the $788 million Operations, Maintenance and Defense of U.S. Army Communications in Southwest Asia and Central Asia (formerly known as TACSWACAA) and the $435 million Deep Space Network program, which provides communications support for more than 30 NASA and international spacecraft.

“During the second quarter, we demonstrated particular success in both retaining core programs and in securing a wide variety of new business across both segments,” said Exelis CEO and President David F. Melcher. “We remain on-track to deliver results in line with our expectations for 2013 and will continue to proactively align our strategy and operations with the market environment to deliver affordable, world-class solutions for our customers.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs