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L-3 Communications Sales Rise 40.5% to $2.5-B in 3Q |
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NEW YORK, Oct. 28, 2005/Satnews Daily/ — L-3 Communications (NYSE:LLL) reported on Wednesday sales of $2,506.4 million, operating income of $266.5 million, diluted earnings per share of $1.11, net cash from operating activities of $219.0 million and free cash flow of $193.9 million for third quarter 2005.
L-3 said consolidated sales increased by $722.2 million, or 40.5 percent, to $2,506.4 million from consolidated sales of $1,784.2 million for the 2004 third quarter. Consolidated organic sales growth was 5.5 percent, or $97.5 million, bringing the company's year to date organic sales growth to 12.0 percent, on target to achieve the full year estimate of over 10 percent.
Organic sales growth for the company's defense businesses was 6.4 percent, or $101.8 million, driven primarily by continued strong demand for aircraft modernization and maintenance, government services, simulation devices, secure networked communications and acoustic undersea anti-submarine warfare products.
But organic sales for the company's commercial businesses declined by 2.2%, or $4.3 million, primarily due to volume decreases for commercial aviation products, which were partially offset by increases for security products.
According to L-3, consolidated operating income for the 2005 third quarter increased by 33.7% to $266.5 million from $199.4 million for the 2004 third quarter. Consolidated operating income as a percentage of sales decreased to 10.6% for the 2005 third quarter, compared to 11.2% for the 2004 third quarter.
Interest expense for the 2005 third quarter increased by $25.0 million to $59.9 million, or 71.6%, compared to the 2004 third quarter, primarily due to interest incurred on debt issued to finance the Titan Corp. acquisition.
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