L-3 Trims 2018 Guidance and Continues to Grow Revenue and Improve Margins
Narrow-moat L-3 Technologies reported fourth-quarter and full-year 2017 results ahead of consensus for EPS but a bit below for operating profit. Like other companies, there was a lot of EPS noise this quarter due to tax reform, making comparisons difficult. Management also provided an update to 2018 guidance that was a bit lower than the view it had in early December. Nonetheless, we are planning to increase our $175Â fair value estimate by about 7% because of a lower tax rate (20% versus our for...L3 Technologies is a defense technology company. The company's segments include: Intelligence, Surveillance and Reconnaissance systems, which provides engineering, modernization and sustainment solutions for military and various government aircraft, ground support equipment and other platforms; Communications and Networked Systems, which provides network and communication systems, communications products, radio frequency components, satellite communication terminals and space, microwave and telemetry products; and Electronic Systems, which provides a range of products and services, including components, products, subsystems, systems and related services to military and commercial customers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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