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L-3 Communications Profit Up 14%, Topping Estimates

AP
Monday, 23 Apr 2007 | 8:19 AM ET

Defense contractor L-3 Communications Holdings on Monday said first-quarter profit rose 17%, on robust demand for intelligence services and communications products from the U.S. military.

Net income increased to $162.1 million, or $1.29 a share, from $138.9 million, or $1.13 a share, in the year-earlier quarter.

Sales grew 14% to $3.3 billion from $2.9 billion a year ago.

Analysts polled by Thomson Financial forecast earnings of $1.27 a share on $3.2 billion in sales.

By segment, sales in L-3's command, control and intelligence segment jumped 19%, reflecting demand for secure network communications products from the Defense Department. Revenue from government services rose 14% on new business for linguist, intelligence, training and other services to support the U.S. military in Iraq, Afghanistan and elsewhere.

Aircraft modernization and maintenance sales grew 13%, while sales of specialized products were up 11 percent in the quarter.

Stripping out results from acquisitions, overall sales climbed 9%.

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