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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; matthew.jarzemsky@dowjones.com

Stock News for L3 Comm (LLL)
DateTimeHeadline
03/24/201506:30:21Additional Proxy Soliciting Materials (definitive) (defa14a)
03/24/201506:28:46Proxy Statement (definitive) (def 14a)
03/20/201511:40:26Annual Report of Employee Stock Plans (11-k)
03/17/201516:53:51Statement of Changes in Beneficial Ownership (4)
03/17/201516:53:51Statement of Changes in Beneficial Ownership (4)
03/17/201516:51:36Statement of Changes in Beneficial Ownership (4)
03/17/201516:50:46Statement of Changes in Beneficial Ownership (4)
03/17/201516:49:02Statement of Changes in Beneficial Ownership (4)
03/17/201516:47:44Statement of Changes in Beneficial Ownership (4)
03/17/201516:44:42Statement of Changes in Beneficial Ownership (4)
03/17/201516:42:58Statement of Changes in Beneficial Ownership (4)
03/17/201516:40:45Statement of Changes in Beneficial Ownership (4)
03/17/201516:39:55Statement of Changes in Beneficial Ownership (4)
03/11/201507:30:43Proxy Statement - Notice of Shareholders Meeting (preliminary...
03/10/201503:02:14L-3 Communications: Challenging Environment, Flat Revenue, Declining...
03/03/201517:32:56Statement of Changes in Beneficial Ownership (4)
03/03/201517:26:39Statement of Changes in Beneficial Ownership (4)
03/02/201508:45:00L-3 to Present at the J.P. Morgan Aviation, Transportation...
02/27/201516:07:44Statement of Changes in Beneficial Ownership (4)
02/26/201513:10:55Annual Report (10-k)

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