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L-3 Ekes Out Slight Sales Gain But Earnings Decline

Defense Daily Staff Defense Daily Staff
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L-3 Communications [LLL] this week posted slightly higher sales in its fourth quarter due to acquisitions but net income fell due to a difficult comparison from a year ago when the company benefited from a significant tax benefit. Net income tumbled 16 percent to $212 million, $2.25 earnings per share (EPS), from $251 million ($2.49 EPS), but well above consensus estimates of $2.12 EPS. L-3’s net income in the fourth quarter of 2011 benefited from a $78 million (77 cents…

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