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Business/Financial

Sales, Earnings Dip At L-3 In First Quarter

By Cal Biesecker

Thursday, May 1st, 2014

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Lower sales, a higher tax rate and severance costs combined to drive L-3 Communications’ [LLL] first quarter net income down modestly, although the company raised its sales and earnings guidance slightly for the year due to higher income at one segment and a recent acquisition, L-3 said on Thursday. Net income declined 7 percent to $180 million, $2.01 earnings per share (EPS), from $193 million ($2.11 EPS), beating consensus estimates of $1.95 EPS. Most of the year-over-year reduction was due…

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