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L-3 Communications 1Q Profit Off 7.7%, But Raises 2011 EPS View

DOW JONES NEWSWIRES L-3 Communications Holding Inc.'s (LLL) first-quarter profit fell 7.7% but it raised its outlook for earnings this year because of more planned stock buybacks and expected margin improvement. The company, which has contracts for such services as training foreign militaries and upgrading government aircraft, boosted its earnings view for 2011 to $8.50 to $8.60 a share, from the $8.40 to $8.55 projected in January. It lowered its revenue projection, though: it now sees revenue of $15.5 billion to $15.6 billion, down from $15.7 billion to $15.9 billion. The improved bottom-line forecast is partly the result of more planned share repurchases and higher estimated operating margins, thanks to tight cost controls and favorable projected sales mix. The company said it expects government-services revenue will be weaker than originally thought. L-3 differs from larger rivals who rely on a few major contracts for the bulk of revenue. Its core earnings have held up in recent quarters as defense companies prepare for slowing spending by customers such as the U.S. military. For the quarter ended March 26, L-3 posted a profit of $204 million, or $1.85 a share, down from $221 million, or $1.87 a share, a year earlier. Net sales eased 0.6% to $3.6 billion. In January, it had forecast earnings of about $1.85 a share on $3.6 billion in revenue, which was weaker than the average analyst estimates at the time. Operating margin narrowed to 10.8% from 11.3%. Funded orders dropped 7.7% from a year earlier to $3.36 billion as funded backlog ended the period at $10.91 billion, down 1.6%. The electronic-systems segment, L-3's biggest by revenue, saw sales fall 1.2% as operating income decreased 6.2%. Shares were down 0.3% at $76.75 in light, premarket trading. Through Wednesday's close, the stock had declined 21% in the last year, while the wider market has climbed. -By Joan E. Solsman and Ian Thomson, Dow Jones Newswires; 212-416-2291; ian.thomson@dowjones.com

Stock News for L3 Comm (LLL)
DateTimeHeadline
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
11/29/201608:48:00Current Report Filing (8-k)
11/28/201609:00:00L-3 to Present at the Credit Suisse 4th Annual Industrials Conference
11/22/201618:00:00L-3 Communications Acquires MacDonald Humfrey Automation
11/22/201616:35:00L-3 Acquires MacDonald Humfrey (Automation) Ltd
11/18/201609:00:00L-3 to Provide Power Distribution and Switchgear Equipment for...
11/14/201617:55:42Statement of Changes in Beneficial Ownership (4)
11/14/201609:00:00L-3 to Deliver Soldier Modernization Technology to the Australian...
11/01/201610:15:00L-3 to Present at the Goldman Sachs Industrials Conference 2016
10/31/201616:59:31Current Report Filing (8-k)
10/27/201613:36:16Quarterly Report (10-q)
10/27/201607:08:23Current Report Filing (8-k)
10/27/201606:55:00L-3 Announces Third Quarter 2016 Results
10/24/201609:00:00L-3 to Supply Joint Common Remote Viewing Terminal to U.K. Ministry...
10/19/201616:34:01Current Report Filing (8-k)
10/19/201616:07:21Statement of Changes in Beneficial Ownership (4)
10/19/201616:06:54Statement of Changes in Beneficial Ownership (4)
10/18/201610:26:00L-3 Declares Quarterly Dividend
10/13/201617:30:00L-3 to Broadcast Third Quarter Conference Call Over the Internet

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