Exelis Inc. (XLS) reported that its fourth-quarter rose to $86 million from $64 million in the prior year quarter. Earnings were $0.45 per share, a 32 percent increase from the fourth quarter of 2011.
Adjusted earnings were $0.47 per share for the fourth quarter, a 6 percent decrease from the same period in 2011.
Fourth-quarter revenue was $1.4 billion, an 8 percent decrease from the fourth quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share on revenues of $1.35 billion for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2013, the company expects earnings per share to be in the range of $1.45 - $1.55, and sales of $5.0 billion - $5.1 billion. Analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share on revenues of $5.18 billion for fiscal 2013.
The company's 2013 financial guidance includes $60 million to $70 million of projected restructuring expense, an expected impact of approximately $0.18 per share at the midpoint of earnings guidance. FAS pension expense for the year is projected in the range of $90 million - $100 million, at the midpoint an increase of approximately $63 million from the prior year with an expected impact of approximately $0.21 per share at the midpoint of earnings guidance. The company anticipates generating free cash flow in excess of $225 million after making pension contributions in the range of $145 million to $160 million.
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