Exelis reports first quarter 2015 financial results o Revenue from continuing operations increases 5 percent over the first quarter of 2014
o Operating margin from continuing operations increases 400bps to 13.2 percent; C4ISR segment operating income increases 85% over the first quarter of 2014
o Earnings per share from continuing operations up 55 percent over the first quarter of 2014
MCLEAN, Va., May 6, 2015 - Exelis (NYSE: XLS) reported financial results for the first quarter of 2015. First-quarter revenue from continuing operations was $785 million, a five percent increase from the first quarter of 2014. First-quarter operating income from continuing operations was $104 million, a 51 percent improvement from the first quarter of 2014. First-quarter diluted earnings per share from continuing operations were $0.31 per share, a 55 percent increase from the first quarter of 2014. The company reported $(17) million in first quarter cash from continuing operations an improvement of $91 million from the prior period.
The company secured $700 million in orders in the first quarter of 2015, including new business in its strategic growth platforms. Key announcements during the quarter included:
o Over $30 million in electronic warfare awards for both U.S. and international customers;
o Over $25 million in Carriage and Release programs for the F-35 and MQ-9 Reaper programs;
o A multi-million dollar contract from Airbus to provide center wing box struts for the A350 XWB aircraft;
o The launch of the Global Aviation Solutions business area within the Information Services segment and new contracts with the Port of Seattle, Los Angeles Airport and Singapore Changi Airport; and
o Over $17 million in communications and night vision awards.
First-quarter revenue and profitability growth reflect the strength of our current backlog and improvements in our operational efficiency, said Exelis CEO and President David F. Melcher. As we move toward closing the merger with Harris Corporation, I am proud of our employees continued commitment to the Exelis growth strategy and delivering our customers and shareholders outstanding capabilities and value.
Segment Results
C4ISR Electronics and Systems
C4ISR Electronics and Systems first-quarter 2015 revenue was $508 million, up 6 percent from the same period in 2014 primarily due to higher revenue on environmental sensing satellite payloads and international electronic warfare products. First-quarter 2015 operating income from continuing operations was $74 million, up 85 percent from the first quarter of 2014, driven by favorable sales mix and lower restructuring costs and SG&A.
Information and Technical Services
Information and Technical Services first-quarter 2015 revenue from continuing operations was $277 million, an increase of 3 percent from the same period in 2014, driven by higher activity on Civil and Aerospace program area contracts. First-quarter operating income from continuing operations was $30 million, up 3 percent from the first quarter of 2014.
About Exelis
Exelis is a diversified, top-tier global aerospace, defense, information and services company that leverages a greater than 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. Exelis is a leader in positioning and navigation, sensors, air traffic management solutions, image processing and distribution, communications and information systems; and focused on strategic growth in the areas of critical networks, ISR and analytics, electronic warfare and composite aerostructures. Headquartered in McLean, Virginia, Exelis employs approximately 10,000 people and generated 2014 sales of approximately $3.3 billion. For more information, visit our website atwww.exelisinc.comor connect with us onFacebook,Twitter,LinkedIn andYouTube.
Investors Contact:
Katy Herr
703-790-6376
katy.herr@exelisinc.com
Media Contact:
David Albritton
703-790-6320
david.albritton@exelisinc.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These statements, as they relate to Exelis and Harris, the management of either such company or the proposed transaction between Exelis and Harris, involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These statements are based on current plans, estimates and projections, and therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Exelis and Harris undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the business and future financial results, and other legal, regulatory and economic developments. We use words such as anticipates, believes, plans, expects, projects, future, intends, may, will, should, could, estimates, predicts, potential, continue, guidance, and similar expressions to identify these forward-looking statements that are intended to be covered by the safe harbor provisions of the PSLRA. Actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be
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Exelis reports first quarter 2015 financial results o Revenue from continuing operations increases 5 percent over the first quarter of 2014
