US defence communications and electronics supplier L3 Technologies reported results from its third financial quarter on 26 October. The company achieved net sales of USD2,646 million in the three months to 29 September, a rise of 5.6% compared to the figures for the same period in 2016.
Although operating income was markedly lower year- on- year at USD63 million, this was due to a USD187 million goodwill impairment related to L3 subsidiary Vertex Aerospace’s loss of a significant aircraft maintenance contract. On an adjusted basis, income was 5.4% higher in the third quarter of 2017.
Michael Strianese, L3’s Chairman and Chief Executive Officer said, “Our third quarter results demonstrated that we are on a disciplined growth trajectory, with increased orders, sales, book-to-bill ratio and segment operating margins.
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