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BUSINESS NEWS

01 Nov 13. Exelis (XLS) reported third-quarter 2013 revenue of $1.1bn, compared to $1.4bn in the third quarter of 2012. Operating income was $133m and net income was $0.41 per diluted share, compared to $143m and $0.47 per diluted share during the same period in 2012. Orders received in the third quarter of 2013 totalled $2bn, a 48 percent improvement from the third quarter of 2012. Orders benefited from significant funded orders for Middle East region programs in the Information and Technical Services segment. Highlights from the quarter include announced awards of more than $140m in communication systems and night vision equipment for international customers and low rate initial production orders totaling $60m for carriage and release systems for the F-35 Lightning II. Also announced during the quarter was the delivery of an integrated, super-spectral payload to DigitalGlobe for the WorldView-3 satellite.
“During the third quarter, we demonstrated success in utilizing our installed base to drive strategic new orders,” said Exelis CEO and President David F. Melcher. “In spite of complex economic pressures, our customers continue to value our ability to deliver mission critical and affordable products and services. We continue to proactively align our business to the dynamic market environment and enable future investment in our strategic growth platforms.”
Segment Results
C4ISR Electronics and Systems
C4ISR Electronics and Systems third-quarter 2013 revenue was $498m, compared to $611m during the same period in 2012, mainly due to decreased domestic sales of counter-IED products and legacy night vision equipment,
partially offset by sales of Spiral Enhanced Night Vision Goggles and classified programs. Segment operating income for the quarter was $69 m, versus $84m for the third quarter of 2012, primarily driven by volume declines and increased pension expense partially offset by cost cutting initiatives.
Information and Technical Services
Information and Technical Services third-quarter 2013 revenue was $643m, compared to $750m in the third quarter of 2012, primarily due to decreased activity on Afghanistan contracts, partially offset by increased activity in Federal Aviation Administration programs. Segment operating income for the quarter was $64m, compared to $59m for the same period in 2012, driven by contract productivity improvements and strong contract performance resulting in higher award fees. (Source: Yahoo!/BUSINESS WIRE)

01 Nov 13. British aircraft parts supplier Meggitt lowered its
full-year revenue guidance after trading over the last four months had been slightly below its expectations. The supplier of avionics and wheels to planemakers including Airbus and Boeing, said on Friday it now expects to report 2013 revenue growth in the low single digits. In August Meggitt said it expected to deliver mid-single-digit revenue growth for the year. Prior to Friday’s statement Meggitt had on average been expected to report revenue of £1.69bn ($2.72bn) this year, according to a Thomson Reuters poll of 14 analysts. But the company said trading in the four months to Oct. 31 had fallen “slightly below expectations, principally due to short term production difficulties at Meggitt Sensing Systems and the timing of contract wins and project milestones in one of our energy businesses.” It added that the strengthening of sterling against the U.S. dollar in the second half of the year had also had a negative impact. Meggitt also said it had recently identified a raw material supply issue relating to one product type dating back to 2012. It said a solution was in place, including where necessary the replacement of the relevant parts over the next few years. Civil aerospace after-market revenues continued their gradual recovery, rising 2 percent year-on-year in the third quarter, while military revenues were flat, it said. The civil aerospace market remains strong, said Meggitt, adding that the military outlook w

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