This Day On The Street
Continue to site
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 Fourth-quarter And Full-year 2013 Financial Results; Provides Financial Guidance For 2014

Exelis (NYSE: XLS) reported 2013 financial results for the fourth quarter and full year of 2013. Fourth-quarter revenue was $1.2 billion, a 9 percent decrease from the fourth quarter of 2012. Fourth-quarter earnings were $0.41 per share, a 9 percent decrease from the fourth quarter of 2012. Adjusted earnings, which exclude costs related to the pending spin-off of Exelis Mission Systems and a tax-related item related to the 2011 spin-off from ITT Corporation, were $0.44 per share for the fourth quarter, a 6 percent decrease from the same period in 2012. The company generated $173 million in free cash flow in the fourth quarter of 2013.

For the full-year 2013, Exelis reported revenue of $4.8 billion, a 13 percent decline from 2012, and earnings of $1.46 per share, a 17 percent decrease compared to 2012. Adjusted earnings were $1.50 per share, down 19 percent from 2012. Earnings and adjusted earnings for the full year were driven by lower sales volumes and increased restructuring expenses of $83 million, partially offset by increased profitability in the Information & Technical Services segment. Free cash flow for the year was $234 million, which reflects approximately $200 million in payments made by the company to its pension plans.

The company secured $5.3 billion in orders in 2013, earning significant new business within our four Strategic Growth Platforms, extending key existing contracts, and continuing steady orders in our more mature business areas. International orders for the full-year increased 50 percent over 2012. Key contract awards included:
  • A contract with South Korea for an advanced geostationary weather imager to support the country’s forecasting capabilities
  • An award to supply electronic support measure (ESM) suites to several classes of Royal Australian Navy ships
  • An order from the U.S. Navy for a second production lot of Exelis AN/AQ-214 jammers, a key electronic warfare subsystem on U.S. and Australian F/A-18 aircraft
  • Long-term commercial agreements from Boeing to produce the composite airframe substructure for the 787 Dreamliner, and to continue producing composite tanks for several of its aircraft series
  • A contract extension from the Jet Propulsion Laboratory for maintenance, operations and engineering services for NASA’s Deep Space Network
  • Nearly $300 million in orders for night vision and communications equipment from a variety of international customers.

“In 2013, we proactively and significantly restructured our business to improve operational efficiency and focus on the emerging needs of customers in the global C4ISR, aerospace and information solutions markets,” said Exelis CEO and President David F. Melcher. “We believe that these steps, our solid backlog and the execution of the planned spin-off of our Mission Systems business have put in place the foundation for Exelis to better serve our customers and provide greater value for shareholders in 2014.”

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs