L-3 Communications Reports 1Q Earnings Beat, Oppenheimer Maintains Underperform Rating

Oppenheimer has published a research report on L-3 Communications LLL after the company reported a 1Q earnings beat on its adjusted EPS. In the report, Oppenheimer writes, "LLL reported 1Q adjusted EPS was $1.95 vs. our estimate of $1.88 (consensus $1.82), excluding $0.10/share early debt retirement. GAAP EPS was $1.85 vs. our $1.78. Sales declined ~1% y/y and were slightly below our estimate at $3.60B vs. our $3.64B. The beat was largely on lower o/s shares while upside at AM&M and lower taxes offset higher interest and worse than expected results at ES. Funded orders of $3.4B decreased 8% y/y bringing funded backlog to $10.9B, down from $11.1B. The company raised 2011 EPS guidance $0.05-0.10 to $8.50-8.60 from $8.40-8.55 vs. our $8.53, mostly on lower o/s shares, where they project an additional $300M in repurchases among other changes." Oppenheimer maintains its Underperform rating and $83 price target. L-3 Communications closed Thursday at $77.69.
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