CLIFTON, N.J. (AP) — Exelis Inc., the former defense unit of manufacturer ITT Corp., said Friday that its fourth-quarter net income jumped 34 percent, as cost cuts and better efficiency offset a drop in revenue. The results beat Wall Street expectations, and its shares rose more than 5 percent in midday trading. Exelis said that while it's aware that 2013 will be a tough year for the defense industry, it's proactively restructuring its operations, boosting efficiency and looking for new commercial and international customers to help offset the uncertainty. Exelis earned $86 million, or 45 cents per share, up from $64 million, or 34 cents per share, in the same quarter last year.Read more on NewsOK.com