L-3 Q1 Profit Down, Buts Beats View ; Raises FY Outlook

(RTTNews) - L-3 Communications Holdings, Inc.(LLL) Thursday posted first-quarter net income of $180 million or $2.01 per share compared with $193 million or $2.11 per share in the prior-year quarter. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $1.97 for the quarter . Analysts' estimates typically exclude one-time items.

The company's net sales for the quarter totaled $3 billion compared with $3.1 8 billion last year. Analysts estimated revenues of $2.96 billion for the quarter. In addition, the company raised its full-year outlook for 2014 and now expects earnings per share in the range of $8.20 to $8.40 versus the previous range of $ 8.15 to $8.35 per share. Currently, the firm projects annual revenues in the range of $11.95 to $12.15 billion compared with the previous range of $11.90 to $12.10 billion. Analysts expect full-year earnings of $8.40 per share on revenues of $12.05 billion.