Exelis Reports First Quarter 2014 Earnings
[Via Satellite 05-07-2014] Exelis reported its earnings from the first quarter of 2014, with revenue reaching $1 billion for the aerospace, defense and information services company. The first quarter 2014 revenue represents a 12 percent decrease compared to the respective period for 2013. First quarter net income amounted to $52 million, or $0.27 per share, which represents a 17 percent increase from first quarter of 2013. Adjusted earnings, excluding costs related to the formation of the Exelis Mission Systems division as a separate company, amounted to $0.29 per share, a 26 percent increase compared to Q1 2013.
Orders for the first quarter amounted to $1 billion, with growth in three of the company’s four strategic growth platforms. In Exelis’ Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) Electronics and Systems segment, revenue amounted to $480 million, a 4 percent decrease from first quarter of 2013. This decrease is due to lower volumes in domestic night vision and counter-IED jammer products. Segment-adjusted operating income was $47 million for the first quarter of 2014, a 147 percent increase over the respective period last year. Despite showing a decrease in revenue, orders in the C4ISR segment increased 18 percent for the first quarter 2014 compared to first quarter 2013.