Business & GA, Commercial, Military

Exelis Reports Increase in First Quarter Earnings Pending Harris Acquisition

By Juliet Van Wagenen | May 8, 2015
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Photo: Exelis

[Avionics Today 05-08-2015] Exelis has reported financial results for the first quarter of 2015, with revenue from continuing operations totaling $785 million, a 5 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 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.”

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: more than $25 million in carriage and release programs for the F-35 and MQ-9 Reaper programs; a multi-million dollar contract from Airbus to provide center wing box struts for the A350 XWB aircraft; and 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.

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