The net income from discontinued operations of 2 cents per share in the fourth quarter of 2004 reflects a $5 million adjustment to the gain reported in the third quarter of 2004 from the sale of the company’s Remote Sensing Systems operation to ITT Industries Inc.
Earnings from continuing operations, excluding the impact of non-operational items, were $236 million, or 78 cents per share. The non-operational items include charges totaling $1.10 per share, primarily related to the previously announced cost reductions, and gains totaling 22 cents per share, reflecting legal settlements. In the fourth quarter of 2003, earnings from continuing operations, excluding non-operational items, were $181 million, or 60 cents per share.
For the full 2004 fiscal year, sales were $13.517 billion, up 5% from 2003. Excluding the impact of foreign exchange, sales rose 2% compared with 2003. Earnings from continuing operations were $789 million/$2.62 per share, considerably better than 2003’s figures of $623 million/$2.15 per share.