ITT Exelis revenues increase, profit down after spinoff
- May 4, 2012
ITT Exelis reported a 6 percent increase in revenues during the first quarter, while profit fell partly because of expenses from the company’s spinoff from ITT Corp.
The defense contractor reported first quarter revenue of $1.4 billion. Net income was $70 million, or 37 cents per diluted share, down 15 percent from $82 million, or 44 cents per diluted share, in the first quarter of 2011.
“Despite continued challenges in the U.S. defense market, Exelis delivered solid results in the first quarter of 2012, while advancing critical technologies, adding new capabilities to our business portfolio and managing our pension,” Dave Melcher, CEO and president of Exelis, said in a statement. “We also capitalized on several key international product sales opportunities and are excited to continue serving our valued customers through extensions and recompetes on several service contract programs.”
Exelis completed the acquisition of Applied Kilovolts Group Holdings Ltd., a provider of precision high voltage power supplies for medical, scientific, pharmaceutical and food safety instruments.