L-3 Q1 Sales and Earnings Up
Published: 24 April 2009
by Staff
NEW YORK -- L-3 Communications reported a first-quarter net sales increase of 4%, with sales of $3.6 billion compared to $3.5 billion for the first quarter of 2008. Earnings per share increased 10%.
“L-3 had a good start to the year,” said Michael T. Strianese, chairman, president and CEO of L-3 Communications. “We grew sales, operating income, diluted EPS and cash flow, and continued to deploy the company’s cash flow to increase shareholder value. During the quarter we acquired Chesapeake Sciences Corporation for $87 million, repurchased $232 million of our common stock, and paid cash dividends of $42 million. We also increased our quarterly cash dividend by 17% to $0.35 per share.”
Consolidated net sales increases were driven by growth in the Command, Control, Communication, Intelligence, Surveillance and Reconnaissance (C3ISR) segment, and in the Specialized Products segment. Included in the increase in sales is a 2% increase from acquired businesses.
Funded orders for the 2009 first quarter decreased 8% to $3.8 billion compared to $4.1 billion from the 2008 first quarter. Funded backlog increased slightly to $11.7 billion at March 27, 2009 from $11.6 billion at Dec. 31, 2008.
