5 May 2014
Exelis (NYSE: XLS) said it has reported first-quarter revenue was USD1bn, a 12 percent decrease from the first quarter of 2013.
First-quarter earnings were USD52m, or USD0.27 per share, a 17 percent increase from the first quarter of 2013. Adjusted earnings, which exclude costs related to the pending spin-off of the current Exelis Mission Systems business into an independent company that will be known as Vectrus, were USD0.29 per share, a 26 percent increase from the same period in 2013.
Free cash flow for the quarter was negative USD160m, which includes USD44m in cash returned to shareholders via dividends and share buybacks. The company reaffirms its full-year free cash flow expectations of approximately USD250m.
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. Its website is at www.exelisinc.com