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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
04/20/201513:00:00L-3 to Broadcast First Quarter Conference Call Over the Internet
04/12/201521:03:18My K.I.S.S. Dividend Portfolio: 1st Quarter 2015 Update
03/31/201509:00:00L-3 National Security Solutions Wins $117 Million Contract for...
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)

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