L3 announces Q2 2017 results

L3 Technologies, Inc. (NYSE:LLL) has reported diluted EPS from continuing operations of USD 2.54 for the quarter ended June 30, 2017 (2017 second quarter), as compared to diluted EPS from continuing operations for the quarter ended June 24, 2016 (2016 second quarter) of USD 1.88, the company said.

The 2017 second quarter includes a pre-tax gain of USD 42 million (USD 26 million after-tax, or USD 0.33 per share) in connection with the sale of the company´s property in San Carlos, California. This property sale was previously expected to occur by the fourth quarter of 2017. Net sales of USD 2,732 million for the 2017 second quarter increased by 3% compared to the 2016 second quarter.

For the 2017 second quarter, consolidated net sales of USD 2,732 million increased USD 68 million, or 3%, compared to the 2016 second quarter, including organic sales(1) growth of 1%.

Organic sales exclude USD 54 million of sales increases related to business acquisitions and USD 15 million of sales declines related to business divestitures.

For the 2017 second quarter, organic sales to the US Government increased USD 92 million, or 5%, to USD 1,982 million, and organic sales to international and commercial customers decreased USD 63 million, or 8%, to USD 696 million.

Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems and pilot training.