NEW YORK (MarketWatch) -- L-3 Communications said Thursday its first-quarter profit climbed 5.3% on growth in its intelligence, surveillance and reconnaissance businesses to the U.S. government.
L-3 (LLL 74.19, +0.29, +0.4%) also lifted the low end of its full year guidance to a range of $7.17 to $7.32 a share from a prior range of $7.12 to $7.32 a share. The company repurchased $232 million in common stock during the quarter.
For the recent quarter, the New York-based military contractor said its profit rose to $199 million, or $1.66 a share, from $189 million, or $1.51 a share, in the year-ago period. Net sales increased 4% to $3.6 billion.
Analysts surveyed by FactSet Research had expected, on average, profit of $1.63 a share.
Funded orders for the first quarter decreased 8% from the year-ago period, to $3.8 billion, while funded backlog increased to $11.7 billion at March 27 from $11.6 billion at Dec. 31, 2008.
Shares of L-3 closed Wednesday at $73.90, up 1.8%.
During the quarter, the company acquired Chesapeake Sciences Corp. for $87 million.
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