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Exelis Posts Double-Digit Declines In Income, Sales

By Cal Biesecker

Friday, August 1st, 2014

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Exelis Posts Double-Digit Declines In Income, Sales

Counter-IED Jamming product from Exelis. Photo: Exelis

Exelis [XLS] on Friday posted lower earnings and sales in the second quarter driven by reduced activity supporting the United States Government in Afghanistan. The company also lowered its sales and earnings guidance for the year to account for reduced work related to Afghanistan and restructuring expenses and separation expenses related to the pending spin-off of its Mission Systems business. Net income fell 22 percent to $61 million, 32 cents earnings per share (EPS), from $78 million (41 cents EPS).…

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