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L-3 Swings To Fourth Quarter Loss On Charge, Sales Dip

Cal Biesecker By
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L-3 Communications [LLL] on Wednesday reported a hefty net loss in the fourth quarter due to an impairment charge related to the fair value of a business unit combined with a decline in operating income and a loss at its government services business that is being divested.The company’s net income swung to a loss of $166 million, $2.11 earnings per share (EPS), from $263 million ($2.36 EPS) in profit a year ago, with the pre-tax charge at Logistics Solution gouging…

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