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L3 Technologies fiscal Q2 profit falls YOY

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L3 Technologies fiscal Q2 profit falls YOY

L-3 Communications Holdings Inc. said its normalized net income for the fiscal second quarter ended June 26 was 89 cents per share, a decrease of 39.3% from $1.47 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $74.1 million, a decline of 43.4% from $131.0 million in the prior-year period.

The normalized profit margin declined to 2.7% from 4.3% in the year-earlier period.

Total revenue fell 7.5% on an annual basis to $2.79 billion from $3.02 billion, and total operating expenses fell 5.2% from the prior-year period to $2.63 billion from $2.77 billion.

Reported net income declined 12.3% from the prior-year period to $119.8 million, or $1.44 per share, from $136.6 million, or $1.53 per share.