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L3 Technologies fiscal Q1 profit falls YOY

L-3 Communications Holdings Inc. said its normalized net income for the fiscal first quarter ended March 27 came to $1.32 per share, a decrease of 25.5% from $1.77 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $110.4 million, a decrease of 30.1% from $158.0 million in the prior-year period.

The normalized profit margin declined to 4.2% from 5.3% in the year-earlier period.

Total revenue declined 8.3% on an annual basis to $2.71 billion from $2.96 billion, and total operating expenses decreased 6.5% from the prior-year period to $2.49 billion from $2.66 billion.

Reported net income decreased 38.3% year over year to $104.8 million, or $1.25 per share, from $169.9 million, or $1.90 per share.