L-3 Lifts FY16 Earnings, Sales View; Sees Higher Results In FY17 - Quick Facts

(RTTNews) - L-3 Communications Holdings, Inc. (LLL), a provider of communication and electronic systems and products, on Thursday lifted its forecast for fiscal 2016 and also provided initial fiscal 2017 guidance.

For the year, the company now expects earnings per share of $7.85 to $7.95, compared to previous estimate of $7.65 to $7.85.

Net sales for the year are now expected to be $10.25 billion to $10.35 billion, compared to previous view of $10.15 billion to $10.25 billion.

On average, 13 analysts polled by Thomson Reuters expect earnings of $7.88 per share for the year. Sales are expected to be $10.26 billion. Analysts' estimates typically exclude special items.

For fiscal 2017, the company projects earnings per share of $8.25 on net sales growth of 1% to 2%. Analysts expect earnings of $8.55 per share for the next year on sales of $10.47 billion.

In its third quarter, net income from continuing operations attributable to L-3 climbed 18 percent to $148 million from $125 million last year. Earnings per share from continuing operations grew 22 percent to $1.88 from last year's $1.54.

The prior year's adjusted net income was $165 million or $2.03 per share.

Net sales of $2.51 billion decreased 2% from $2.56 billion a year ago.

Analysts expected earnings of $1.82 per share on sales of $2.55 billion for the quarter.

Funded orders for the 2016 third quarter increased 22% to $2.69 billion.