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L-3 Releases 2nd Quarter Financial Results

L-3 Communications (NYSE: LLL) released its second quarter 2011 financial results on July 28.

The company reported  its diluted earnings per share increased 16 percent over the second quarter 2010 to $2.26 from $1.95.

The 2011 second quarter included a tax benefit of $0.11 per diluted share primarily related to reversal of accrued federal income taxes

L-3’s net income was $246 million, a seven percent increase over $228 million for the year-earlier period.

Operating income fell nine percent to $404 million from $442 million over that period.

Net sales of $3.8 billion decreased by approximately 5 percent compared to the 2010 second quarter.

““Despite a challenging sales environment, the company posted good sales growth in C3ISR, intelligence and cyber support in government services and systems field support services in AM&M due to recent competitive wins and also EO/IR products in electronic systems, ” said Michael T. Strianese, L-3’s president and CEO.

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