Exelis Inc. (XLS) [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09
	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
C4ISR Electronic and Systems	2,142	2,136	2,487	2,817
Information and Technical Services	1,135	1,205	1,243	3,022	2,303
ServiceRevenue	1,135	1,205	1,243	3,022
C4ISR Electronics and Systems					3,608
Total revenues [+]	3,277	3,341	3,730	5,839	5,891	6,061
Products	2,142	2,136	2,487	2,817	3,596	3,779
Services	1,135	1,205	1,243	3,022	2,295	2,282
Revenue growth [+]	-1.9%	-10.4%	-36.1%	-0.9%	-2.8%
C4ISR Electronic and Systems	0.3%	-14.1%	-11.7%
Information and Technical Services	-5.8%	-3.1%	-58.9%	31.2%
ServiceRevenue	-5.8%	-3.1%	-58.9%
Cost of goods sold [+]	2,436	2,484	2,753	4,616	4,523	4,630
Cost of product sales	1,538	1,517	1,726	1,933	2,491	2,629
Cost of services	898	967	1,027	2,683	2,032	2,001
Gross profit	841	857	977	1,223	1,368	1,431
Gross margin	25.7%	25.7%	26.2%	20.9%	23.2%	23.6%
Selling, general and administrative	372	395	459	566	525	582
Research and development	60	54	67	99	119	142
Other operating expenses	-4	-20	-5	-7	-6
EBITDA [+]	519	535	583	698	869	864
EBITDA growth	-3.0%	-8.2%	-16.5%	-19.7%	0.6%
EBITDA margin	15.8%	16.0%	15.6%	12.0%	14.8%	14.3%
Depreciation	82	80	88	84	139	157
EBITA	437	455	495	614	730	707
EBITA margin	13.3%	13.6%	13.3%	10.5%	12.4%	11.7%
Amortization of intangibles	24	27	39	49
EBIT [+]	413	428	456	565	730	707
EBIT growth	-3.5%	-6.1%	-19.3%	-22.6%	3.3%
EBIT margin	12.6%	12.8%	12.2%	9.7%	12.4%	11.7%
Non-recurring items [+]	16	100	24	30	41	5
Asset impairment	12	80	19	23	35
Interest expense	37	37	37	10
Interest expense	37	37	37	10
Other income (expense), net	5	-3	-3	12	7	-2
Pre-tax income	365	288	392	537	696	700
Income taxes	135	110	146	211	248	241
Tax rate	37.0%	38.2%	37.2%	39.3%	35.6%	34.4%
Earnings from continuing ops	211	75	162	326	448	459
Earnings from discontinued ops	19	103	84		139	10
Net income	230	178	246	326	587	469
Net margin	7.0%	5.3%	6.6%	5.6%	10.0%	7.7%

Basic EPS [+]	$1.12	$0.40	$0.86	$1.75	$2.41	$2.47
Growth	181.6%	-54.0%	-50.6%	-27.2%	-2.4%
Diluted EPS [+]	$1.09	$0.39	$0.86	$1.75	$2.39	$2.45
Growth	179.6%	-54.5%	-50.8%	-27.1%	-2.4%

Dividends per share [+]	$0.41	$0.41	$0.41	$0.10
Growth	0.0%	0.0%	310.0%

Shares outstanding (basic) [+]	188	189	187	186	186	186
Growth	-0.1%	0.6%	0.6%	0.0%	0.0%
Shares outstanding (diluted) [+]	193	192	189	187	187	187
Growth	0.6%	1.8%	1.0%	-0.2%	0.0%

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