L-3 Communications Misses 3Q EPS, Guides Lower

L-3 Communications Holdings, Inc. LLL reported earnings Thursday for the quarter ended September 27, 2013

The company reported diluted earnings per share (diluted EPS) of $1.78 for the quarter, below estimates of $1.85 and below the $2.19 for the third quarter of 2013.

Net sales were $2.9 billion, inline with estimates.

The 2014 third quarter included outside accounting and legal advisory costs of $24 million ($15 million after income taxes, or $0.17 per diluted share) incurred for the company’s internal review of its Aerospace Systems segment.

"While we are disappointed by the performance at Aerospace Systems, the rest of our business segments performed well during the third quarter. We generated strong cash flow while executing our strategy of growing our international and commercial businesses,” said Michael T. Strianese, chairman, president and chief executive officer.

The company guided lower on Diluted EPS for 2014.  The current reported range was $7.30 to $7.50, down from $7.90 to $8.10 preliminary guidance of July 31.  

FY 2015 Sales guidance was $11.80 billion vs. $11.96 billion estimated by analysts.

L-3 Communications Holdings, Inc. recently traded at $116.09, down 1.19 percent.