Exelis reports second-quarter 2013 financial results; reaffirms full-year guidance

  • Orders up 14 percent from second-quarter 2012 on strength in C4ISR segment
  • Information and Technical Services segment operating income up 47 percent from 2012
  • Funded status of pension improves more than 10 percent

MCLEAN, Va. — (BUSINESS WIRE) — August 2, 2013 — 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.”

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
     

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