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Exelis Posts Solid First Quarter Earnings As Acquisition By Harris Nears

Cal Biesecker By
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Exelis Posts Solid First Quarter Earnings As Acquisition By Harris Nears
Exelis’ first quarter sales benefited from higher revenue on environ mental sensing satellite payloads. Image: Exelis

In likely its final earnings release ahead of its pending acquisition by Harris Corp. [HRS] next month, Exelis [XLS] on Wednesday reported solid first quarter financial results largely driven by strength in its electronic warfare business segment.Net income increased 13 percent to $59 million, 31 cents earnings per share (EPS), from $52 million (27 cents EPS) a year ago, beating analysts’ estimates by four cents per share. Excluding discontinued operations that contributed $13 million (7 cents EPS) to the bottom…

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