L-3 Communications Q3 Profit Rises - Quick Facts

(RTTNews) - L-3 Communications Holdings, Inc.(LLL), Tuesday reported an increase in third-quarter net income, in spite of decrease in revenues. The company said that the results included tax benefits of $24 million, compared with $11 million last year. Further, the firm backed its full-year revenue view, and updated its earnings per share guidance.

Net income attributable to L-3 was $204 million or $2.23 per share, compared with $192 million or $1.97 per share last year. The last year results included loss of $0.01 per share from the discontinued operations.

On average,fifteen analysts polled by Thomson Reuters expected the company to report earnings per share of $1.95 the quarter. Analysts' estimates typically exclude one-time items.

Net sales decreased 8.7 percent to $3 billion, from prior year's $3.2 billion. Analysts expected the company to generate revenues of $3.07 billionfor the quarter.

Looking ahead, the company reiterated net sales to be in the range of $12.5 billion to $12.6 billion. L-3 Communications, now expects earnings per share from continuing operations to be in the range of $ 8.25 to $8.35, up from previous guidance of $8.05 to $8.15. Analysts expect the company to report sales of $12.57 billion, and earnings of $8.14 per share for the year.