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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; [email protected]

Stock News for L3 Comm (LLL)
DateTimeHeadline
01/17/201709:20:00L3 Technologies to Broadcast Fourth Quarter Conference Call Over...
01/09/201709:15:00L3 Commercial Training Solutions Confirms Launch of London Training...
01/05/201716:30:00L3 Completes Acquisition of Implant Sciences
12/20/201609:15:00L-3 Receives Order for ProVision® 2 Checkpoint Security Scanners
12/16/201616:15:17Statement of Changes in Beneficial Ownership (4)
12/16/201616:12:33Statement of Changes in Beneficial Ownership (4)
12/16/201616:11:41Statement of Changes in Beneficial Ownership (4)
12/16/201616:10:23Statement of Changes in Beneficial Ownership (4)
12/16/201616:09:56Statement of Changes in Beneficial Ownership (4)
12/16/201616:09:56Statement of Changes in Beneficial Ownership (4)
12/16/201616:07:45Statement of Changes in Beneficial Ownership (4)
12/16/201616:06:27Statement of Changes in Beneficial Ownership (4)
12/16/201616:06:27Statement of Changes in Beneficial Ownership (4)
12/07/201616:31:52Current Report Filing (8-k)
12/06/201609:28:30Current Report Filing (8-k)
12/06/201609:20:00L-3 Communications to Change Name to L3 Technologies, Inc.
12/05/201612:01:10Current Report Filing (8-k)
12/05/201608:30:00L-3 to Webcast Investor Conference
11/30/201608:58:00L-3 Initiates Redemption of Its Outstanding 1.50% Senior Notes...
11/29/201617:40:00L-3 Announces Pricing of Senior Note Offering

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