L-3 Communications Q3 Profit Down; Cuts 2014 Profit View - Quick Facts

(RTTNews) - L-3 Communications Holdings Inc. (LLL) reported that its net income attributable to the company in the 2014 third quarter decreased 23% to $154 million compared to the 2013 third quarter, and earnings per share decreased 19% to $1.78 from $2.19.

The 2014 third quarter included outside accounting and legal advisory costs of $24 million incurred for the company's internal review of its Aerospace Systems segment.

The 2014 third quarter also included tax benefits of $9 million ($0.10 per diluted share) compared to tax benefits of $24 million ($0.26 per diluted share) in the 2013 third quarter.

Net sales of $2.9 billion for the 2014 third quarter decreased by 2% compared to the 2013 third quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.85 per share and revenues of $2.99 billion for the quarter. Analysts' estimates typically exclude special items.

For 2014, the company expects earnings per share to between $7.30 and $7.50, net sales of $12.025 billion - $12.125 billion, compared to prior estimate of earnings per share of $7.90 to $8.10, net sales of 12.025 billion - $12.225 billion. Analysts expect the company to report earnings of $7.53 per share and revenues of $12.13 billion for fiscal 2014.

For fiscal 2015, the company expects earnings per share of $7.50, and net sales of $11.80 billion. Analysts expect the company to report earnings of $8.73 per share and revenues of $11.96 billion for fiscal 2015.