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L3’s Earnings Dive On Charge Related To Contract Loss; Will Divest Vertex Business

Cal Biesecker By
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L3’s Earnings Dive On Charge Related To Contract Loss; Will Divest Vertex Business
Chris Kubasik, chairman, president and CEO of L3 Technologies. Photo: L3

As expected, L3 Technologies [LLL] on Thursday posted lower net income in the third quarter stemming from a charge at one of its operating units that lost a recompete of an Army aviation support contract, but the company posted a solid increase in sales and strong bookings.L3 is currently protesting the loss of the aviation support contract at Fort Rucker, Ala., which was awarded to M1 Support Services, but regardless of the outcome it will still shed the Vertex Aerospace…

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