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L-3 Reports Higher Earnings And Sales In Fourth Quarter

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L-3 Communications [LLL] yesterday posted strong fourth quarter earnings due to the sale of a majority ownership in a business and higher profits in most of its business segments. Net income increased 29 percent to $267 million, $2.21 earnings per share (EPS), from $207 million ($1.63 EPS) a year ago. Earnings were boosted by a $20 million (17 cents EPS) after-tax gain related to the divestiture. Excluding the gain from the sale, income from continuing operations was $247 million ($2.04…

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