Exelis Q2 Results Top Estimates; Reaffirms 2013 Outlook - Quick Facts

(RTTNews) - Exelis (XLS) reported that its second-quarter net income decreased to $78 million or $0.41 per share, from $86 million or $0.46 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Operating income was $127 million and net income was $0.41 per share, compared to $145 million and $0.46 per share during the same period in 2012.

Orders received in the second quarter of 2013 totaled $1.4 billion, a 14 percent improvement from the second quarter of 2012.

Total revenue for the quarter slip to $1.25 billion from $1.38 billion in the prior year quarter. Six analysts had consensus revenue estimate of $1.23 billion for the quarter.

The company also announced that it will initiate the final steps in separating its corporate identity from former parent company ITT Corporation by removing "ITT" from the Exelis brand, effective November 2013. Exelis has used the "ITT" name alongside "Exelis" as part of its branding strategy since November 2011, under a licensing agreement with ITT.

The company reaffirmed its 2013 Earnings Per Share guidance in a range of $1.45 - $1.55, and Sales of $5.0 billion - $5.1 billion. Analysts expect the company to report earnings of $1.50 per share and revenues of $4.98 billion for fiscal 2013.