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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; [email protected]

Stock News for L3 Comm (LLL)
DateTimeHeadline
02/23/201708:00:00L3 Awarded Vehicle Transmission Contract Supporting the Republic...
02/21/201718:20:00L3 to Present at the Barclays Industrial Select Conference
02/14/201715:08:56Amended Statement of Ownership (sc 13g/a)
02/14/201710:22:25Amended Statement of Ownership (sc 13g/a)
02/13/201714:05:00L3 Increases Quarterly Dividend
02/10/201709:47:01Amended Statement of Ownership (sc 13g/a)
02/08/201717:00:00L3 Appoints Retired Rear Admiral Gary W. Rosholt as Vice President...
02/06/201709:15:00L3 to Present at the Cowen and Company 38th Annual Aerospace/Defense...
02/01/201709:00:00L3 Appoints Richard Foster as Corporate Vice President of Canada...
01/26/201706:55:00L3 Announces Fourth Quarter 2016 Results
01/25/201714:50:44Amended Statement of Ownership (sc 13g/a)
01/25/201709:00:00L3 Announces Leadership Changes and Realignment of Electronic...
01/19/201709:20:00L3 Receives Contract Modification for M783 Mortar Fuze
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)

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