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Earnings, Sales Slip At Exelis In Fourth Quarter

Cal Biesecker By
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Earnings, Sales Slip At Exelis In Fourth Quarter
AIA President and CEO Dave Melcher

Exelis [XLS] on Friday posted fourth quarter financial results that saw lower income and sales as a number of charges took a bite out of earnings. Net income dipped 8 percent to $79 million, 41 cents earnings per share (EPS), from $86 million (45 cents EPS), as significantly higher restructuring charges combined with costs related to the planned spin-off this summer of the Mission Systems group, and a tax-related related to Exelis’ spin-off from ITT Corp. [ITT] in 2011 weighed…

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