Exelis Inc. (XLS) [Rocket]

In millions, except per share items	Mar-31-15	Dec-31-14	Sep-30-14	Jun-30-14	Mar-31-14	Dec-31-13	Sep-30-13	Jun-30-13
	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q
Revenues:
Information and Technical Services			2,045	2,123	2,262	2,680	2,820	2,927
ServiceRevenue			2,045	2,123	2,262	2,680
Other						-2,059
Total revenues [+]	3,017	2,980	4,172	4,245	4,379	4,816	4,938	5,158
Products	2,170	2,142	2,127	2,122	2,117	2,136	1,515	1,628
Services	847	838	2,045	2,123	2,262	2,680	2,062	2,169
Revenue growth [+]	-31.1%	-38.1%	-15.5%	-17.7%	-17.2%	-12.8%	-12.5%	-11.2%
Information and Technical Services			-27.5%	-27.5%	-23.4%	-11.7%	-7.5%	-5.1%
Cost of goods sold [+]	2,396	2,390	3,231	3,289	3,380	3,748	3,853	4,045
Cost of product sales	1,538	1,538	1,514	1,512	1,514	1,517	1,091	1,171
Cost of services	642	636	1,717	1,777	1,866	2,231	1,708	1,820
Gross profit	621	590	941	956	999	1,068	1,085	1,113
Gross margin	20.6%	19.8%	22.6%	22.5%	22.8%	22.2%	22.0%	21.6%
Selling, general and administrative	354	357	447	430	438	455	476	490
Research and development	63	60	58	51	51	54	58	65
Other operating expenses	-224	-220	-77	-75	-64	-20	68	65
EBITDA [+]	533	499	626	659	683	689	568	583
EBITDA growth	-22.0%	-27.6%	10.2%	13.0%	12.7%	2.2%	-21.8%	-21.0%
EBITDA margin	17.7%	16.7%	15.0%	15.5%	15.6%	14.3%	11.5%	11.3%
Depreciation	83	82	88	83	82	83	85	90
EBITA	450	417	538	576	601	606	483	493
EBITA margin	14.9%	14.0%	12.9%	13.6%	13.7%	12.6%	9.8%	9.6%
Amortization of intangibles	22	24	25	26	27	27	0	0
EBIT [+]	428	393	513	550	574	579	483	493
EBIT growth	-25.4%	-32.1%	6.2%	11.6%	12.1%	0.3%	-19.0%	-19.2%
EBIT margin	14.2%	13.2%	12.3%	13.0%	13.1%	12.0%	9.8%	9.6%
Non-recurring items		16				103
Interest expense	37	37	36	37	38	37	36	35
Interest expense	37	37	36	37	38	37	36	35
Other income (expense), net			5	1	2		-2	5
Pre-tax income	378	345	379	411	435	437	431	449
Income taxes	141	128	148	152	159	156	143	153
Tax rate	37.3%	37.1%	39.1%	37.0%	36.6%	35.7%	33.2%	34.1%
Earnings from continuing ops	218	198	231	259	276	281	288	296
Earnings from discontinued ops		19
Net income	237	230	244	272	289	281	288	296
Net margin	7.9%	7.7%	5.8%	6.4%	6.6%	5.8%	5.8%	5.7%

Basic EPS [+]	$1.16	$1.05	$1.22	$1.37	$1.46	$1.49	$1.53	$1.58
Growth	-20.7%	-29.7%	-20.1%	-13.0%	-9.7%	-15.3%	-7.1%	-8.4%
Diluted EPS [+]	$1.13	$1.02	$1.19	$1.34	$1.43	$1.47	$1.51	$1.56
Growth	-21.1%	-30.4%	-21.0%	-14.3%	-10.9%	-16.2%	-7.8%	-8.7%

Dividends per share [+]	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.30	$0.30
Growth	0.0%	0.0%	33.4%	33.4%	33.4%	33.4%	0.0%	50.0%

Shares outstanding (basic) [+]	188	189	189	189	189	188	188	188
Growth	-0.4%	0.2%	0.4%	0.5%	0.5%	0.6%	0.6%	0.7%
Shares outstanding (diluted) [+]	193	194	193	193	193	191	190	189
Growth	0.2%	1.3%	1.6%	2.1%	1.9%	1.6%	1.4%	1.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.