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L3 Technologies fiscal Q3 profit climbs 13.1% YOY

L-3 Communications Holdings Inc. said its normalized net income for the fiscal third quarter ended Sept. 25 amounted to $1.88 per share, an increase of 22.5% from $1.54 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $150.8 million, a gain of 13.1% from $133.3 million in the year-earlier period.

The normalized profit margin climbed to 5.7% from 4.5% in the year-earlier period.

Total revenue decreased year over year to $2.82 billion from $2.94 billion, and total operating expenses declined 5.7% from the prior-year period to $2.53 billion from $2.68 billion.

Reported net income came to a loss of $299.2 million, or a loss of $3.74 per share, compared with income of $154.1 million, or $1.78 per share, in the prior-year period.