Exelis Q2 Profit Down, But Matches Estimates - Quick Facts

(RTTNews) - Exelis (XLS) Friday reported a 22 percent decrease in its second-quarter earnings, on 11 percent decline in revenues.

For the quarter, the company's net income was down to $61 million or $0.32 per share from $78 million or $0.41 per share last year.

On an adjusted basis, earnings, excluding 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 $0.34 per share. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.34 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues declined to $1.1 billion from $1.25 billion a year ago, whereas analysts had consensus estimate of $1.12 billion.

Looking ahead, for the fiscal 2014, the company expects adjusted earnings per share in the range of $1.44 - $1.50, on revenue of nearly $4.45 billion. Analysts project earnings per share of $1.51 on revenue of $4.54 billion.