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L-3 3Q Net Down 4.4% Following Gain As Sales Dip; 2011 View Weak

DOW JONES NEWSWIRES L-3 Communications Holdings Inc.'s (LLL) third-quarter profit dropped 4.4% following a year-earlier gain as sales dipped but margins rose. The company cut its sales forecast for the year to $15.6 billion to $15.7 billion from $16 billion to $16.1 billion but affirmed its earnings view as it sees higher margins than before. For 2011, it predicted earnings of $8.20 to $8.40 on sales of $15.7 billion to $15.9 billion. Analysts most recently expected $8.83 a share and $16.43 billion, respectively. The contractor of services such as training militaries and upgrading government aircraft differs from larger rivals who rely on a few major contracts for a bulk of sales. Its bottom line has held up in recent quarters, as defense companies prepare for slowing spending by customers such as the U.S. military. L-3 posted a profit of $238 million, or $2.07 a share, down from $250 million, or $2.12 a share, a year earlier. The latest quarter included a 3-cent debt retirement charge while the year-earlier result saw a 22-cent tax-related benefit. Sales dipped 0.2% to $3.84 billion. In July, the company forecast earnings of $2 a share on $4 billion in sales, falling short of analysts' then-estimates. Operating margin widened to 11.4% from 10.9%. Funded orders rose 4% from a year earlier to $3.5 billion as funded backlog ended the period at $10.8 billion, down from $10.9 billion at the beginning of the year. The electronic systems segment, typically L-3's largest by sales, fell 2.6% on that basis as operating income jumped 20% on higher margins. Shares closed Wednesday at $71.13 and were inactive premarket. The stock has dropped 18% this year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for L3 Comm (LLL)
02/09/201616:18:14Current Report Filing (8-k)
02/09/201614:30:00L-3 Increases Quarterly Dividend
02/04/201616:30:00CACI Taking a Break From Deals
02/02/201616:27:44Statement of Changes in Beneficial Ownership (4)
02/01/201615:30:00L-3 to Present at the Cowen and Company 37th Annual Aerospace/Defense...
02/01/201612:57:00L-3 Completes Sale of National Security Solutions Business
01/28/201623:44:00Defense Companies Feel Oil's Knock
01/28/201620:02:00Defense Companies Feel Oil's Knock
01/28/201607:31:50Current Report Filing (8-k)
01/28/201606:55:00L-3 Announces Fourth Quarter 2015 Results
01/26/201616:44:01Amended Statement of Ownership (sc 13g/a)
01/21/201608:30:00L-3 to Broadcast Fourth Quarter Conference Call Over the Internet
01/08/201616:21:31Amended Statement of Changes in Beneficial Ownership (4/a)
12/22/201506:04:44Current Report Filing (8-k)
12/22/201506:04:44Current Report Filing (8-k)
12/21/201508:15:00L-3 Announces the Early Results of Its Cash Tender Offer
12/18/201515:06:00L-3 Announces the Pricing Terms of Its Cash Tender Offer for...
12/17/201516:11:13Statement of Changes in Beneficial Ownership (4)
12/17/201516:11:13Statement of Changes in Beneficial Ownership (4)
12/17/201516:10:24Statement of Changes in Beneficial Ownership (4)

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