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Exelis Announces Third-quarter 2013 Financial Results

Information and Technical Services

Information and Technical Services third-quarter 2013 revenue was $643 million, compared to $750 million in the third quarter of 2012, primarily due to decreased activity on Afghanistan contracts, partially offset by increased activity in Federal Aviation Administration programs. Segment operating income for the quarter was $64 million, compared to $59 million for the same period in 2012, driven by contract productivity improvements and strong contract performance resulting in higher award fees.

2013 Guidance

Exelis also updated its previously published guidance for 2013 revenue and operating margin.

                 
        Current Update       August 2013 Guidance
Revenue       $4.9 billion - $5.0 billion       $5.0 billion - $5.1 billion

Low end

Operating Margin       High end of range       9.4% - 9.8%
Earnings Per Share       No change       $1.45 - $1.55
Free Cash Flow       No change       > $225 million
           

The company’s 2013 financial guidance includes approximately $85 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 of approximately $146 million.

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