Exelis reports third-quarter 2014 financial results; revises full-year guidance

The forward-looking statements in this release are made as of the date hereof and the company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 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, those described in the Exelis Inc. Form 10-K for the fiscal year ended December 31, 2013, and those described from time to time in our future reports filed with the Securities and Exchange Commission.

               
Exelis Inc.
Consolidated Statements of Operations
(unaudited)
 
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

      2014     2013     2014     2013
Product revenue $ 503 $ 498 $ 1,506 $ 1,515
Service revenue       565       643       1,724       2,062
Total revenue       1,068       1,141       3,230       3,577
Cost of product revenue 356 354 1,088 1,091
Cost of service revenue 477 537 1,456 1,708
Selling, general and administrative expenses 117 100 344 337
Research and development expenses 18 11 43 39
Restructuring and asset impairment charges       4       6       11       68
Operating income 96 133 288 334
Interest expense, net 9 10 27 28
Other (income) expense, net       (1)       3       (5)       2
Income from continuing operations before income tax expense 88 120 266 304
Income tax expense       36       40       101       102
Net income     $ 52     $ 80     $ 165     $ 202
Earnings Per Share
Basic
Net income $ 0.28 $ 0.42 $ 0.87 $ 1.07
Diluted
Net income $ 0.27 $ 0.41 $ 0.85 $ 1.06
Weighted average common shares outstanding – basic 188.4 188.5 189.0 188.3
Weighted average common shares outstanding – diluted 193.2 192.8 193.9 191.0
Cash dividends declared per common share     $ 0.10     $ 0.10     $ 0.31     $ 0.31
 

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