Exelis Inc. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(unaudited) | ||||||||||||||||
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
Three Months Ended
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Nine Months Ended
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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 | ||||||||