L-3 Beats Expectations; Aerospace Systems Wins Key for Growth and Margins
Narrow-moat L-3 Technologies reported fourth-quarter and full-year 2016 results ahead of consensus. We think headwinds in aerospace systems, which accounts for nearly 40% of L-3’s sales, will continue throughout 2017. However, the company’s other businesses are growing at a healthy 3% to 4% rate. Management still faces ongoing restructuring and organizational optimization issues, as evidenced by its announcement on the call to split electronic systems into two separate units. We are increasing o...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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