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Earnings, Sales Fall At L-3 In Third Quarter

Cal Biesecker By
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L-3 Communications [LLL] on Thursday posted a steep drop in earnings due to in part to costs to complete a review of an accounting issue that hurt its bottom line results in the second quarter, as well as unfavorable contract performance adjustments, lower sales, and a shift in mix toward lower margin products. Net income slid 23 percent to $154 million, $1.78 earnings per share (EPS), versus $200 million ($2.19 EPS) a year ago, missing analysts’ expectations by six cents.…

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