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 October 20, 2014

News: Navy grounds ‘Top Guns’ - The F/A-18s needs spare parts and in too many cases they’re being taken from brand new jets. This is a risk to national security and pilots’ lives.   Business: Boeing seeks revised schedule for U.S. aerial tanker - Boeing is revising its master schedule for developing the new U.S. Air Force...
 
 

News Briefs October 20, 2014

New military medical team to help with Ebola in U.S. Defense Secretary Chuck Hagel has ordered the military to prepare and train a 30-member medical support team that could provide short-term help to civilian health professionals if there are more Ebola cases in the United States. His spokesman, Rear Adm. John Kirby, says the team...
 
 

Dragon ‘fires up’ for flight

The Air Force and NATO are undergoing a cooperative development effort to upgrade the avionics and cockpit displays of AWACS aircraft belonging to the 552nd Air Control Wing at Tinker Air Force Base, Okla., and the NATO E-3 Sentrys from Geilenkirchen, Germany. The Diminishing Manufacturing Sources Replacement of Avionics for Global Operations and Navigation, otherwise...
 

 
Boeing photographs

Boeing-built X-37B successfully completes third flight

Unmanned spacecraft concludes record-setting 674-day mission   Boeing photograph A third mission of the Boeing-built X-37B Orbital Test Vehicle was completed on Oct. 17, 2014, when it landed and was recovered at Vandenberg...
 
 

Boeing concludes commercial crew space act agreement for CST-100/Atlas V

Boeing has successfully completed the final milestone of its Commercial Crew Integrated Capability Space Act Agreement with NASA. The work and testing completed under the agreement resulted in significant maturation of Boeing’s crew transportation system, including the CST-100 spacecraft and Atlas V rocket. NASA in July approved the Critical Design Review Board milestone for Boeing’...
 
 

AF to release small business research solicitations

The Air Force Small Business Innovation Research and Small Business Technology Transfer program office is set to release its fiscal year 2015 list of topics Oct. 22, on the SBIR/STTR website.  Small businesses and research institutions with expertise to address the topics’ technology challenges are encouraged to submit proposals. During 2014, the Defense Department SBIR...
 




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>