L-3 Communications Holdings, Inc. (LLL) Tops Q1 EPS by 4c; Raises FY Outlook

L-3 Communications Holdings, Inc. (NYSE: LLL) reported Q1 EPS of $2.01, $0.04 better than the analyst estimate of $1.97. Revenue for the quarter came in at $3 billion versus the consensus estimate of $2.96 billion.

L-3 Communications Holdings, Inc. sees FY2014 EPS of $8.20-$8.40, versus prior guidance of $8.15-$8.35 and the consensus of $8.4. L-3 Communications Holdings, Inc. sees FY2014 revenue of $11.95-12.15 billion, versus prior guidance of $11.9-12.1 billion and the consensus of $12.05 billion.

“We delivered solid performance in the first quarter despite continued reductions in U.S. defense spending. L-3 reported strong orders, resulting in a book-to-bill ratio of 1.01, and sales to international and commercial customers increased to 29% of our total sales. We continue to successfully manage through the DoD (Department of Defense) sequestration budget cuts and reduced spending on Afghanistan by focusing on program execution, growing our international and commercial business and providing cost-effective solutions to our customers worldwide,” said Michael T. Strianese, chairman, president and chief executive officer. “We remain focused on improving efficiencies across our businesses, increasing market share and pursuing opportunities in adjacent markets.”

“We also continue to execute our disciplined M&A and cash allocation strategy. During the quarter, we acquired Data Tactics Corporation, which enhances our National Security Solutions (NSS) segment by adding capabilities in large-scale data analytics, cybersecurity and cloud computing. The acquisition also creates opportunities for our Intelligence, Surveillance and Reconnaissance (ISR) Systems business. We also continued to deploy our cash flow to increase shareholder value through repurchases of $133 million of our common stock and dividends of $55 million. During the first quarter, our board of directors increased L-3’s quarterly cash dividend by 9% to $0.60 per share, marking our tenth consecutive annual increase and demonstrating our confidence in L-3’s business strategy and outlook.”

For earnings history and earnings-related data on L-3 Communications Holdings, Inc. (LLL) click here.

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