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TheStreet Open House

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

Segment Results

C4ISR Electronics and Systems

C4ISR Electronics and Systems second-quarter 2013 revenue was $518 million, compared to $620 million during the same period in 2012, mainly due to decreased domestic sales of night vision and counter-IED products, partially offset by upgrades to SINCGARS and strong geospatial intelligence systems revenue. Segment operating income for the quarter was $40 million, versus $86 million for the second quarter of 2012, primarily driven by volume declines and restructuring charges taken in the segment.

Information and Technical Services

Information and Technical Services second-quarter 2013 revenue was $733 million, compared to $759 million in the second quarter of 2012, primarily due to decreased activity on Middle East facility operations programs. Segment operating income for the quarter was $87 million, compared to $59 million for the same period in 2012, positively impacted by contract productivity improvements.

2013 Guidance

Exelis also reaffirms its previously published guidance for 2013 sales, operating margin, earnings per share and free cash flow.

         
Sales       $5.0 billion - $5.1 billion
Operating Margin       9.4% - 9.8%
Earnings Per Share       $1.45 - $1.55
Free Cash Flow       > $225 million
     

The company’s 2013 financial guidance includes $70 million to $80 million of projected restructuring expense. FAS pension expense for the year is projected in the range of $80 million to $90 million, at the midpoint, an increase of approximately $53 million from the prior year. The company anticipates generating free cash flow in excess of $225 million after making pension contributions in the range of $142 million to $152 million.

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