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

Stocks in this article: XLS

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.”

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