ITT Exelis (XLS) posted lower first-quarter 2013 net income of $44 million, or $0.23 a share, compared with last year's $70 million, or $0.37 a share. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly revenue was $1.2 billion, compared with $1.4 billion in the first quarter of 2012. Analysts estimated revenues of $1.21 billion for the quarter.
Further, Exelis reiterated its 2013 guidance, still expecting earnings per share in the range of $1.45 - $1.55, and sales of $5.0 billion - $5.1 billion. Analysts project earnings of $1.47 per share, and revenues of $5.02 billion for the year.
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