L-3 Communications Holdings, Inc. (LLL) recently declared a quarterly dividend of 30 cents per share. The company noted that the dividend is payable on December 15 to shareholders of record at the close of business on November 17. LLL’s dividend yield of 1.6% stands out within its industry as most of the company’s peers pay no income.
Company Description
L-3 Communications is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems as well as government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2007 sales of $14 billion. Headquartered in New York City, the company employs over 64,000 people worldwide.
Recent Contract
The company announced today that its Vertex subsidiary has been awarded an indefinite-delivery contract valued at $569 million by the U.S. Navy. Vertex, which has teamed with The Boeing Company for this project, will provide logistics services and maintenance materials in support of T-45A and T-45C trainer aircraft.
"We are proud our team has been selected to continue this mission-critical work, and we remain committed to delivering the highest level of quality and performance excellence", said Ed Boyington, L-3 Vertex president.
Competitive Income
L-3 recently declared a quarterly dividend of 30 cents per share. The company noted that the dividend is payable on December 15 to shareholders of record at the close of business on November 17. LLL’s dividend yield of 1.6% stands out within its industry as most of the company’s peers pay no income.
Solid Growth in the Third Quarter
The company recently posted third-quarter earnings of $1.73 per share, eclipsing the previous year’s $1.56 and exceeding the consensus estimate of $1.71. Net sales jumped 6% to $3.7 billion on a year-over-year basis.
Management said third-quarter results continued the strong momentum that was established during the first half of the year, with gains in sales and operating income. Michael T. Strianese, chairman, president and chief executive officer stated, "we continued to deploy the company's cash flow to increase shareholder value, with share repurchases totaling $688 million.”
Higher Forecasts
Analysts boosted full-year 2008 earnings estimates to $7.47 per share from last month's projection of $7.19.
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