| 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 | ||||||||
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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.
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