L-3 Communications Holdings Inc. (LLL) reported first-quarter net income attributable to L-3 of $193 million or $2.11 per share, compared to $201 million or $2.01 per share last year. Net income from continuing operations attributable to L-3 increased to $193 million or $2.11 per share, from $186 million or $1.86 per share last year. The 2013 first quarter included a $10 million or $0.11 per share tax benefit for the retroactive reinstatement of the U.S. Federal research and experimentation tax credit related to the 2012 tax year. Net sales rose to $3.19 billion, from $3.16 billion last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit of $1.94 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $3.04 billion for the quarter.
The company expects fiscal 2013 net sales in the range of $12.55 billion to $12.75 billion and profit per share from continuing operations in the range of $8.15 to $8.35. Analysts expect the company to report fiscal 2013 profit per share of $8.22 on revenue of $12.63 billion.
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