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Exelis net income rises, revenue declines

By ANDREA DECKERT - 5/2/2014 2:43:29 PM

Exelis Inc. reported Friday an increase in first-quarter net income despite a drop in sales.

The Virginia-based firm reported net income of $52 million, or 27 cents a share, versus net income of $44 million, or 23 cents a share, a year ago. Sales were down 12 percent to $1 billion, from nearly $1.2 billion a year ago.

Exelis’ Geospatial Systems Division ranked sixth on the most recent Rochester Business Journal list of manufacturers with 1,150 local workers.

The local operation is part of Exelis’ Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance business unit, whose sales totaled $480 million, down 4 percent.

Exelis said lower sales in domestic night vision and counter-improvised explosive device jammer products were partially offset by higher sales of international tactical radios and electronic warfare equipment to U.S. buyers.

Adjusted operating income for the unit was $47 million, up 147 percent from the first quarter 2013, due to lower restructuring charges.

The company also reaffirmed its 2014 projections of $4.6 billion in revenues and adjusted earnings of $1.52 to $1.59 a share.

Shares of Exelis (NYSE:XLS) were trading midday at $18.26, down 2.5 percent from Thursday’s close of $18.73.

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