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L-3 Reports Higher Operating Earnings On Flat Sales In Third Quarter

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By Calvin Biesecker L-3 Communications [LLL] yesterday reported lower net income in its third quarter due to a higher tax rate, but operating earnings before taxes were up due mainly to results at its Electronic Systems segment. Net income fell 5 percent to $238 million, $2.07 earnings per share (EPS), from $250 million ($2.12 EPS) a year ago when L-3 benefited from a tax settlement that added 22 cents to per share earnings. The results were 5 cents above analysts'…

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