L-3 Communications Q2 Profit Down - Quick Facts

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7/26/2012 7:59 AM ET

L-3 Communications Holdings Inc. (LLL: Quote) reported that its second-quarter net income allocable to common shareholders decreased to $205 million from $242 in the year ago quarter. Earnings per share was $2.08, compared to $2.26 in the same quarter last year.

The 2012 second quarter included Engility Holdings, Inc. spin-off transaction expenses of $7 million. The 2011 second quarter included a tax benefit of $12 million primarily related to the reversal of amounts previously accrued with respect to the company's 2006 and 2007 U.S. Federal income tax returns. Excluding these items from the 2012 and 2011 second quarter results, 2012 second quarter diluted EPS would have declined by $0.02, or 1%.

L-3's second quarter results include the Engility business that was spun-off on July 17, 2012. L-3 will report Engility as discontinued operations beginning with its 2012 third quarter, along with all prior comparative periods.

Excluding Engility's results, L-3 would have reported sales of $3.143 billion for the 2012 second quarter, a decrease of approximately 3% compared to the 2011 second quarter and earnings per share from continuing operations of $1.92, a decrease of 3% compared to the 2011 second quarter.

For the 2012 second quarter, consolidated net sales of $3.6 billion were 6% lower than the 2011 second quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.88 per share on revenues of $3.20 billion for the second-quarter. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2012, the company expects still expects earnings per share from continuing operations to be in the range of $7.70 to $7.85, and net sales of $12.950 billion to $13.150 billion. The outlook excluded Engility. Analysts expect the company to report earnings of $7.85 per share on revenues of $13.05 billion for fiscal 2012.

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by RTT Staff Writer

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