Business

November 2, 2012

L-3 Communications third quarter net income falls 18 pct

L-3 Communications Holdings Inc. said Nov. 1 that its third-quarter net income fell 18 percent as the U.S. government cut back on defense spending.

The New York-based defense contractor, which makes secure communications systems, earned $192 million, or $1.97 per share, down from $235 million, or $2.24 per share, in the same quarter last year.

Excluding a tax benefit and the spinoff of its Engility unit, L-3 posted an adjusted profit from continuing operations of $1.87 per share for the recent quarter. That matched analyst expectations, according to a FactSet poll.

Revenue edged down less than 1 percent to $3.28 billion from $3.30 billion, but managed to beat the average forecast of $3.25 billion.

Acquisitions added $63 million to the recent quarter’s sales, and sales to commercial and foreign government customers increased 19 percent to $808 million. But that was offset by a 16 percent drop in sales to $352.6 million at the company’s national security services business, stemming from lower U.S. government and military spending.

The company raised its prediction for full-year earnings per share from continuing operations to a range of $7.80 to $7.90 per share. Previously, L-3′s forecast ranged between $7.70 to $7.85 per share. The company cited an income tax gain and the Link UK acquisition for the raised outlook.

It also boosted its revenue forecast to a range of $13 billion to $13.1 billion, from $12.95 billion to $13.15 billion previously. Analysts expect a profit of $7.81 per share and $13.04 billion in revenue, on average. AP

 




All of this week's top headlines to your email every Friday.


 
 

 

Headlines July 25, 2014

News: VA reform bills stalled by partisan bickering - Plans for a comprehensive Veterans Affairs Department reform bill that appeared all but finished a month ago devolved into partisan bickering and funding fights July 24, casting doubt on the future of a deal.   Business: Airbus, Boeing, Lockheed announce bids on Danish fighter competition; Saab withdraws -...
 
 

News Briefs July 25, 2014

Marines investigate corporal who vanished in Iraq U.S. Marine Corp officers are launching a formal investigation into whether a Lebanese-American Marine deserted his unit in Iraq or later after returning to the United States. A spokesman for the 2nd Marine Expeditionary Force at Camp Lejeune said July 24 that Cpl. Wassef Ali Hassoun is being...
 
 
Air Force photograph by A1C Erin OíShea

U.S. Forces display military might at Farnborough

Air Force photograph by A1C Erin O’Shea Capt. Tom Meyers discusses the F-15E Strike Eagle’s capabilities with spectators July 17, 2014, at the Farnborough International Airshow in England. Public access was granted ...
 

 
raptors4

Raptors, Falcons fuel up in desert skies

Three U.S. Air Force F-22 Raptors assigned to the 325th Fighter Wing, Tyndall Air Force Base, Fla., fly alongside a KC-135 Stratotanker assigned to the 93rd Air Refueling Squadron, Fairchild AFB, Wash., during Red Flag 14-3, Ju...
 
 
lm-kmax

Lockheed Martin’s unmanned cargo helicopter team returns from deployment

After lifting more than 4.5 million pounds of cargo and conducting thousands of delivery missions for the U.S. Marine Corps, the Lockheed Martin and Kaman Aerospace Corporation K-MAX cargo unmanned aircraft system has returned ...
 
 
Air Force photograph by A1C Thomas Spangler

Sun sets on Red Flag 14-3

Air Force photograph by A1C Thomas Spangler The sun sets behind a row of F-16 Fighting Falcons during Red Flag 14-3, July 16, 2014, at Nellis Air Force Base, Nev. Red Flag provides a series of intense air-to-air combat scenario...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>