ITT Exelis will drop the "ITT" nomen from its name from November. The former ITT defence division has used both names with the agreement of its former parent since that entity's breakup into three independent companies in 2011.
In the second quarter to the end of June, strong sales of geospatial intelligence systems and SINCGARS combat radios only partly offset falling US sales of night vision and counter-IED equipment, contributing to a 13% decline in first half revenue to $2.44 billion. Restructuring charges of $62 million put further pressure on pre-tax profit, which fell 28% to $184 million. Exelis maintains its expectations of full year sales at $5-5.1 billion, down about 8% from 2012 figures.
"During the second quarter, we demonstrated particular success in both retaining core programs and in securing a wide variety of new business across both [C4ISR and information and technical services] segments," said chief executive David Melcher.
Source: Flight International