|Adjusted Operating Margin||≈11%|
|Adjusted Earnings Per Share||$1.52 - $1.59|
|Free Cash Flow||≈$250 million|
The company's 2014 financial guidance is based on the spending levels provided for in the Bipartisan Budget Act of 2013 and the Consolidated Appropriations Act of 2014. The guidance assumes no disruption or cancellation of any of our significant programs and no disruption or shutdown of government operations resulting from a federal government debt ceiling breach.
The company’s 2014 financial guidance includes approximately $20 million of projected restructuring expense. The company also expects approximately $25 million of expenses related to the planned spin-off of its Mission Systems business into a separate publicly traded company. FAS post-retirement expense for the year is projected in the range of $60 million - $70 million, at the midpoint a decrease of $22 million from the prior year. The company anticipates generating free cash flow of approximately $250 million after making pension contributions in the range of $185 million to $200 million.
The company notes that forward-looking statements of future performance made in this release are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Investor Call Today
Exelis senior management will host a conference call for investors today at 10 a.m. Eastern Standard Time to review fourth-quarter and full-year 2013 results and 2014 guidance, as well as to answer questions. The briefing can be monitored live via webcast at the following address on the company's website: www.exelisinc.com/investors.
Exelis is a diversified, top-tier global aerospace, defense, information and services company that leverages a 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. We are a leader in positioning and navigation, sensors, air traffic management solutions, image processing and distribution, communications and information systems; and focused on strategic growth in the areas of critical networks, ISR and analytics, electronic warfare and composite aerostructures. Headquartered in McLean, Va., Exelis employs about 17,000 people and generated 2013 sales of $4.8 billion. For more information, visit our website at www.exelisinc.com or connect with us on Facebook, Twitter and YouTube.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 (the “Act”): Some of the information included herein includes
forward-looking statements intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform Act of
1995 (the “Act”). Whenever used, words such as “anticipate,” “estimate,”
“expect,” “project,” “intend,” “plan,” “believe,” “target,” “may,”
“could,” “outlook” and other terms of similar meaning are intended to
identify such forward-looking statements. Forward-looking statements are
uncertain and to some extent unpredictable, and involve known and
unknown risks, uncertainties and other important factors that could
cause actual results to differ materially from those expressed in, or
implied from, such forward-looking statements. The company undertakes no
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by
law. In addition, forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from the company’s historical experience and our present
expectations or projections. These risks and uncertainties include, but
are not limited to: