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L-3 Reports Solid Third Quarter

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L-3 Communications [LLL] yesterday reported solid sales and earnings gains in the third quarter driven mainly by growth at its C3ISR and Specialized Products segments as well as improved program performance. Net income increased nearly 7 percent to $212 million, $1.73 earnings per share (EPS), from $199 million ($1.56 EPS), edging analysts expectations by a penny. Sales increased 6 percent to $3.7 billion versus $3.4 billion a year ago. Free cash flow was $340 million. L-3's growth is coming despite…

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