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Charges, Pension, Lower Sales Send L-3’s First Quarter Earnings Down

Cal Biesecker By
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Charges, Pension, Lower Sales Send L-3’s First Quarter Earnings Down
L-3 Communications said lower volume of night vision goggles to the Army and foreign militaries contributed to lower sales in the quarter. Photo: L-3

Charges related to a pending divestiture and trouble with two international aircraft modification programs, higher pension expense, lower sales and program mix changes sent net income tumbling in the first quarter at L-3 Communications [LLL], the company reported on Thursday.The charge related to the sale of L-3’s Germany-based Marine Systems International (MSI) unit, which is slated to close in the second quarter, slashed $22 million, 18 cents earnings per share (EPS) off the bottom line due to a weakening of…

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