L-3 Earnings Beat Targets

The big defense contractor continues to post strong growth.
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L-3

(LLL) - Get Report

posted second-quarter earnings that matched Wall Street estimates Tuesday and guided toward solid second-half results.

The New York defense contractor earned $119 million, or 99 cents a share, up from the year-ago $88 million, or 78 cents a share. Sales rose 24% from a year ago to $2.08 billion.

The company also guided toward stand-alone 2005 sales growth of 20%, putting year-end sales at $4 to $4.05 a share on sales of around $8.2 billion. Wall Street was looking for $4.05 a share on $8.38 billion. L-3 also said that assuming it closes its buy of defense rival

Titan

(TTN)

on Friday, the combined company should earn around $4.10 a share on sales of $9.3 billion.

"I am pleased to report very good results for the second quarter of 2005," said CEO Frank C. Lanza. "The company had strong performance across all of its segments."

Early Tuesday, L-3 rose 25 cents to $78.58.