L-3 (NYSE: LLL) today reported diluted earnings per share (diluted EPS) of $1.87 for the quarter ended March 26, 2010 (2010 first quarter), up 13% compared to $1.66 for the quarter ended March 27, 2009 (2009 first quarter). Net sales of $3.6 billion declined slightly compared to the 2009 first quarter.
“It was a solid start to the year, ” said Michael T. Strianese, chairman, president and CEO. “We generated strong operating results, cash flow and EPS driven by continued outstanding performance in our ISR (Intelligence, Surveillance and Reconnaissance) businesses and expanding margins in our Electronic Systems segment. During the first quarter, we continued to focus on shareholder value by repurchasing $123 million of our common stock and paying cash dividends of $47 million. Our Board of Directors also increased L-3’s quarterly cash dividend by 14% to $0.40 per share. Additionally, on April 14, 2010, we completed our acquisition of Insight Technology, a manufacturer of mission critical night vision and electro-optical equipment for the warfighter.”