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.


 
 

 

Raytheon to provide training services to U.S. Air Force

The U.S. Air Force has named Raytheon as one of the prime contractors on the Training Systems Acquisition III contract. This allows Raytheon to bid on delivery orders on this multiple award, indefinite delivery/indefinite quantity contract with a total ceiling value of $20.9 billion over 10 years. Under this Air Force Life Cycle Management Center...
 
 

Raytheon air-to-air missile scores direct hit from U.S. Army ground launcher

The U.S. Army and Raytheon successfully test fired an AIM-9X Block II missile from the Army’s ground-based Indirect Fire Protection Capability Increment 2-I (IFPC 2-I) Block 1 Multi-Mission Launcher. AIM-9X is traditionally fired from aircraft toward aerial targets and this test demonstrated that the latest AIM-9X can be used in both air-to-air combat and now,...
 
 
Northrop Grumman photograph

Northrop Grumman delivers 150th KC-10 extender from depot to U.S. Air Force

Northrop Grumman photograph A KC-10 Extender leaves Northrop Grumman’s depot in Lake Charles, La. Northrop Grumman recently delivered the 150th KC-10 Extender aircraft from a maintenance depot to the United States Air For...
 

 

Indian university students take part in In C-130J Super Hercules roll-on/roll-off competition

Teams from five leading Indian universities recently presented design concepts supporting the disaster relief operations in New Delhi, Inida, as part of the Lockheed Martin C-130J Super Hercules Roll-On/Roll-Off University Design Challenge. Lockheed Martin launched the Indian University design challenge in November 2014. The company provided research grants for each university team to work with...
 
 

Contract Briefs August 26, 2015

Bell Helicopter Textron Bell Helicopter Textron Inc., Fort Worth, Texas, is being awarded a $581,113,421 modification to definitize a previously awarded advance acquisition contractfor the manufacture and delivery of 15 Lot 12 UH-1Y, 19 Lot 12 AH-1Z, one Lot 13 UH-1Y and 21 auxiliary fuel kits for the Marine Corps and government of Pakistan.The aircraft...
 
 

Newport News Shipbuilding celebrates USS John F. Kennedy keel-laying

Newport News Shipbuilding, a division of Huntington Ingalls Industries, Aug. 22 celebrated the keel laying of the aircraft carrier John F. Kennedy (CVN 79), the second ship of the Gerald R. Ford class. Caroline Kennedy, the daughter of the ship’s namesake, the 35th President of the United States, is the ship’s sponsor. She declared the...
 




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=""> <s> <strike> <strong>