Channels: Air Combat | Air & Missile Defense | Armor & Survivability | Defense Electronics & C4ISR | Electro-Optics & Night Vision | Fire Support | Future Combat Systems | Homeland Security | Infantry & Special Operations | Logistics & Support | Missiles & Precision Strike | Naval Warfare | Training & Simulation | Unmanned Systems & Robotics | Defense Exhibitions
L-3 Communications Reports a Strong First Quarter
L-3 had a good start to the year,” said Michael T. Strianese, chairman, president and chief executive officer. L-3 Communications (NYSE: LLL) reported today its net revenues for the first quarter of 2009 amounted to $3.6 billion, 4% increase over the first quarter of 2008. Net cash from operating activities was $152 million, compared to $93 million for the 2008 first quarter. The company's funded backlog has increased to $11.7 billion by the end of March 2009
Sales of C4ISR segment increased 28%, attributed to continued demand and new contracts from the U.S. Department of Defense (DoD) for airborne ISR and networked communication systems for manned and unmanned platforms. Operating margin has slightly decreased but the effect was partially offset more profitable international airborne ISR and communications system deliveries.
Specialized products segment L-3 increased sales by 7% compared to the 2008, attributed to power and control systems, as well as tactical remote sensor systems for the U.S. Marines, mobile and ground based satellite communications systems, and tactical signal intelligence systems for the U.S. military, Electro-Optic/Infrared (EO/IR) products primarily due to demand and deliveries on new and existing contracts, combat propulsion systems and security and detection systems.
Two of the company's egments decreased in sales - Government sales business decreased by 9% compared to the 2008 first quarter, primarily due to reduction in linguist services. Logistics support has also decreased slightly.
