L-3 Communications Q2 Results Miss View; Lowers 2015 Earnings Outlook

(RTTNews) - L-3 Communications Holdings Inc. (LLL) posted second-quarter net income attributable to the company of $120 million or $1.44 per share, down from $137 million or $1.53 per share in the year-ago period.

The latest quarter's results impacted by $0.77 per share for pre-tax charges of $103 million for contract cost growth at Platform Integration division of Aerospace.

Adjusted net income attributable to the company for the latest quarter was $117 million or $1.41 per share, compared to $137 million or $1.53 per share in the comparable quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.71 per share. Analysts' estimates typically exclude special items.

Consolidated net sales for the quarter were $2.79 billion, down 7% from $3.02 billion in the prior year period. Analysts expected revenues of $2.88 billion for the quarter.

For fiscal 2015, the company now forecasts earnings of $6.55 to $6.85 per share, adjusted earnings of $6.70 to $7.00 per share and net sales in a range of $11.45 billion to $11.65 billion.

Earlier, the company forecast earnings of $7.17 to $7.47 per share, adjusted earnings of $7.35 to $7.65 per share and net sales of $11.45 billion to $11.65 billion.

Analysts project annual earnings of $7.55 per share and revenues of $11.561 billion.