L3 Technologies, Inc (LLL) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $188 million, or $ 2.38 a share in the quarter, against a net loss of $166 million, or $2.11 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $188 million, or $2.38 a share compared with $172 million or $2.16 a share, a year ago. Revenue during the quarter grew 4.11 percent to $2,989 million from $2,871 million in the previous year period. Gross margin for the quarter expanded 95 basis points over the previous year period to 9.84 percent. Operating margin for the quarter period stood at positive 9.84 percent as compared to a negative 3.34 percent for the previous year period.
Operating income for the quarter was $294 million, compared with an operating loss of $96 million in the previous year period.
“We are very pleased with our strong fourth quarter results.” said Michael T. Strianese, L3’s chairman and chief executive officer. "Our solid program execution contributed to increases in orders, sales, operating income and diluted EPS, and a book-to-bill ratio of 1.20x. Throughout the quarter, we won key contracts, and increased organic growth and margins across our businesses. We have positive momentum moving into 2017, as we remain focused on disciplined growth, contract performance and operational efficiencies to deliver value for our customers and our shareholders.”
L3 Technologies, Inc forecasts revenue to be in the range of $10,625 million to $10,825 million for fiscal year 2017. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $8.40 to $8.60.
Operating cash flow declines
L3 Technologies, Inc has generated cash of $1,041 million from operating activities during the year, down 7.47 percent or $84 million, when compared with the last year. The company has spent $16 million cash to meet investing activities during the year as against cash outgo of $197 million in the last year. It has incurred net capital expenditure of $195 million on net basis during the year, up 0.52 percent or $1 million from year ago.
The company has spent $856 million cash to carry out financing activities during the year as against cash outgo of $1,205 million in the last year period.
Cash and cash equivalents stood at $363 million as on Dec. 31, 2016, up 75.36 percent or $156 million from $207 million on Dec. 31, 2015.
Working capital increases
L3 Technologies, Inc has recorded an increase in the working capital over the last year. It stood at $1,569 million as at Dec. 31, 2016, up 15.96 percent or $216 million from $1,353 million on Dec. 31, 2015. Current ratio was at 1.74 as on Dec. 31, 2016, up from 1.47 on Dec. 31, 2015.
Debt comes down
L3 Technologies, Inc has recorded a decline in total debt over the last one year. It stood at $3,320 million as on Dec. 31, 2016, down 8.39 percent or $304 million from $3,624 million on Dec. 31, 2015. Total debt was 27.95 percent of total assets as on Dec. 31, 2016, compared with 29.99 percent on Dec. 31, 2015. Debt to equity ratio was at 0.72 as on Dec. 31, 2016, down from 0.82 as on Dec. 31, 2015.
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