An international customer has ordered $25 million worth of communications equipment from ITT Exelis, the company announced Friday. The work will be done in Fort Wayne.
The defense contractor makes SINCGARS, or Single Channel Ground and Airborne Radio Systems. The systems allow front-line troops to coordinate communications into a network rather than routing calls singly up the chain of command.
The order, which also includes Spearhead VHF hand-held radios, will be filled by existing employees, spokesman Tim White said. ITT Exelis employs about 1,015 locally in its tactical communications operation and about 440 in its Fort Wayne space-related operation.
Some foreign governments prefer to keep their defense-related investments secret, White said. But U.S. officials review and must approve all sales to allied governments.
GE earnings rise on emerging markets
General Electric Co. has been re-energized.
Performance at all of the conglomerate’s industrial segments is improving, thanks to cost cutting, a shift in strategy and growth in emerging markets.
GE, based in Fairfield, Conn., reported an operating profit per share of 44 cents, a cent higher than analysts polled by FactSet expected. Perhaps more importantly for shareholders, GE’s revenue rose 4 percent to $39.3 billion and beat Wall Street expectations. Shares rose more than 3 percent Friday. The company has operations in Fort Wayne.
CEO Jeff Immelt said the outlook for developed markets remained uncertain. But China and other emerging markets, along with regions that are exploiting natural resources, are growing.
Immelt has been reshaping GE, focusing on its more traditional operations, such as making complex industrial equipment and providing services to companies.
Morgan Stanley’s profit, stock soar
Profits roared back at investment bank Morgan Stanley in the fourth quarter, reversing a loss in the same period a year ago, when results were weighed down by a costly legal settlement.
Earnings increased sharply across the bank’s business lines, and its stock jumped about 8 percent. Morgan Stanley’s investment bank underwrote more stock and bond offerings and brought in more fees from advising companies on mergers and other deals. Financial advisers in the wealth management unit, who work with individual investors, generated more revenue per worker.
The bank is transforming itself to adapt to a post-financial crisis world. Like other investment banks, Morgan Stanley has traditionally focused on doing business with companies, governments and other big organizations.
Toyota settlement may signal strategy
Legal observers say recent settlements by Toyota Motor Corp. may signal the Japanese automaker would rather fight its battles behind closed doors instead of in a courtroom.
The company has been chipping away at settling lawsuits over sudden-acceleration issues. It has agreed to pay more than $1 billion to resolve economic loss and some wrongful-death claims.
But the question remains whether attorneys who sued Toyota could prove to a jury there was a design flaw responsible for the dangerous problem.