said its third-quarter earnings rose 45% and beat analysts' consensus estimate by a penny. The company said a 19% increase in U.S. defense spending led to strong sales growth.
The defense electronics supplier earned $61.8 million, or 62 cents a share, compared with $33.4 million, or 41 cents a share, in the year-ago period. Analysts were expecting the company to earn 61 cents a share.
New York-based L-3 said higher government spending led to strong results in its intelligence, surveillance, reconnaissance and communications businesses, data links and secure communications operations.
Revenue was up 70% to $1.05 billion, compared with $618.2 million in 2001. Acquisitions helped increase revenue, the company said.
Shares of L-3 were recently up 2.3% to $50.50.