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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)
11/04/201514:25:11L-3 Communications Boasts of a Profit, but Posts a Massive Loss
11/03/201516:08:25Statement of Changes in Beneficial Ownership (4)
11/03/201516:07:58Statement of Changes in Beneficial Ownership (4)
11/03/201516:07:05Statement of Changes in Beneficial Ownership (4)
11/02/201517:22:50Quarterly Report (10-q)
11/02/201516:09:08Statement of Changes in Beneficial Ownership (4)
11/02/201516:06:57Initial Statement of Beneficial Ownership (3)
11/02/201510:02:00L-3 to Present at the Goldman Sachs Industrials Conference 2015
10/30/201517:17:31Current Report Filing (8-k)
10/29/201507:31:58Current Report Filing (8-k)
10/29/201506:55:00L-3 Announces Third Quarter 2015 Results
10/28/201509:00:00L-3 Names Christopher E. Kubasik President and Chief Operating...
10/22/201512:38:00L-3 to Broadcast Third Quarter Conference Call Over the Internet
10/20/201509:00:00L-3 Declares Quarterly Dividend
10/13/201516:21:00L-3 Acquires ForceX, Inc.
10/08/201509:00:00L-3 Awarded Contract to Missionize C-130J Aircraft for U.S. Coast...
10/06/201509:00:00L-3 Link Receives Award to Compete on Future Task Orders Under...
09/28/201521:00:00L-3 Communications to Pay $4.6 Million to Resolve Whistleblower...
09/17/201509:15:00L-3 Receives Contract for Apache MUMT-X Upgrade Program
09/16/201516:09:30Statement of Changes in Beneficial Ownership (4)

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