L-3 Communications (NYSE: LLL) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has reported a net loss for the second consecutive quarter on a writedown in its government services segment the company is in the process of divesting.
The New York City-based defense electronics manufacturer agreed in December to sell its national security solutions segment, which houses cybersecurity services work, to Arlington, Va.-based contractor CACI International (NYSE: CACI) for $550 million and both companies expect the transaction to complete in March.
On a per share basis, L-3 reported the loss at $2.11 for the fourth quarter and $2.97 for the full year compared to respective earnings of $2.41 for the October-December period in 2014 and $7.78 for all of 2014.
Without the writedown, the company stated fourth quarter earnings as $2.16 per share and full-year EPS at $6.91.
Revenue came in at $2.87 billion for the fourth quarter to register a 3.04-percent decline from the same period last year and full-year sales were stated as $10.47 billion, or 4.64 percent down from 2014.
L-3 lifted its fiscal year 2016 earnings per share guidance to a $7.40-to-$7.60 range from the prior $6.90-$7.10 outlook and left its $9.95 billion-to-$10.15 billion revenue forecast unchanged.
Wall Street analysts expected the company to issue an outlook of $7.25 earnings per share and $10.63 billion in revenue for 2015.
As of Wednesday’s close, shares in L-3 had declined 3.34 percent since January’s start and climbed 14.56 percent over 12 months.