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.


 
 

 
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 ...
 
 

SPEEA files age discrimination charge against Boeing

After months of investigation, the Society of Professional Engineering Employees in Aerospace, IFPTE Local 2001, charged Boeing with age discrimination. Acting on behalf of SPEEA-represented engineers, the union filed the third-party charges July 23 with the Equal Employment Opportunity Commission and the Washington State Human Rights Commission. The evidence is overwhelming that Boeing hatched...
 
 

Commercial jets push Boeing profits up 52 percent

Increased production of passenger jets helped push up Boeing’s profit by 52 percent in the second quarter, topping Wall Street’s expectations. The Chicago-based company said net income increased to $1.65 billion, or $2.24 per share, from $1.09 billion, or $1.41 per share, in the same quarter a year ago. Earnings, adjusted for non-recurring costs, came...
 

 

Comprehensive MEADS network tests demonstrate unmatched plug-and-fight missile defense capabilities

The Medium Extended Air Defense System recently completed a comprehensive system demonstration at Pratica di Mare Air Base near Rome, Italy. The two-week test demonstration included significant first-time events that were observed by several national delegations. “The outstanding result is that we have demonstrated the full range of advanced network capabilities that only MEADS can...
 
 

UTC awarded Boeing C-17 Globemaster III MRO landing gear contract

UTC Aerospace Systems has been selected by Boeing to continue to provide landing gear system maintenance services in support of the U.S. Air Force fleet of the Boeing C-17 Globemaster III aircraft. Included as part of the agreement, the company will work with Hill Air Force Base personnel in Ogden, Utah, to jointly manage the...
 
 
Lockheed Martin photograph by Beth Groom

First two Australian F-35s roll out of factory

Lockheed Martin photograph by Beth Groom Royal Australian Air Force Air Marshal Geoff Brown delivers his remarks at the roll out ceremony for Australia’s first F-35. A ceremony was held July 24 at Lockheed Martin in Fort Wort...
 




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>