UPDATE: Exelis Q3 Profit Drops 13%

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Exelis (NYSE: XLS) reported a 13% drop in its third-quarter earnings.Exelis' quarterly profit fell to $88 million, or $0.47 per share, from $101 million, or $0.54 per share, in the year-ago period. Its revenue fell 11% to $1.36 billion. However, analysts were expecting earnings of $0.45 per share on revenue of $1.35 billion. Exelis' operating margin rose to 10.5% from 10.2%. Exelis shares closed at $11.08 yesterday.

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