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ITT Exelis Reports Lower Earnings, Sales

Defense Daily Staff Defense Daily Staff
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ITT Exelis [XLS] on Friday posted lower income and sales in its third quarter due to lower volume across its two business segments with the results basically in line with analyst’s expectations. Net income slipped 13 percent to $88 million, 47 cents earnings per share (EPS), from $101 million (54 cents EPS) a year ago. Adjusted EPS were 45 cents in the quarter, a penny above estimates. Sales fell 11 percent to $1.4 billion from $1.5 billion a year ago.…

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