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Tax Benefit Boosts L-3’s First Quarter Earnings

Defense Daily Staff Defense Daily Staff
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L-3 Communications [LLL] yesterday posted higher net income thanks to the reinstatement of the federal research and development tax credit as the company’s operating income actually fell due to a shift toward lower margin sales and higher pension expense. Net income rose nearly 4 percent to $193 million, $2.11 earnings per share (EPS), from $186 million ($1.86 EPS), well above consensus estimates of $1.93 EPS. The tax credit added $10 million (11 cents EPS) to the results while per share…

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