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Exelis Reports Lower Income As Sales Stay Level

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Reporting for the first time as a public company, ITT Exelis [XLS] recently posted lower operating income in the fourth quarter in part due to costs associated with its spin-off from ITT Corp. [ITT] as well as a shift away from higher margin product sales to lower margin services. Operating income in the quarter, excluding spin-off costs, was $168 million, 50 cents earnings per share (EPS), versus $219 million (75 cents EPS) a year ago, missing analysts’ expectations by six…

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