L-3 Communications [LLL] yesterday reported a drop in second quarter net income but its per share earnings rose as stock repurchases lowered the overall share count, which led to better than expected results. Net income slipped 3 percent to $185 million, $2.03 earnings per share (EPS), from $191 million ($1.94 EPS), due to less favorable contract adjustments compared with a year ago and a change in sales mix toward lower margin work. The per share earnings topped analysts expectations by…
