L3Harris 4Q Profit Falls Due to Divestitures, Pandemic Impact
29 January 2021 - 11:14PM
Dow Jones News
By Dave Sebastian
L3Harris Technologies Inc. said its profit and revenue fell for
the fourth quarter due to divestitures and pandemic-related
effects.
The Melbourne, Fla.-based aerospace and defense company on
Friday reported fourth-quarter profit of $184 million, compared
with $399 million in the same quarter last year, while earnings per
share were 92 cents, compared with $1.77.
Adjusted earnings were $3.14 a share. Analysts polled by FactSet
were expecting $3.09 a share.
Revenue fell 3.6% to $4.66 billion, mainly due to the Covid-19
pandemic's effects on commercial-related sales. Analysts were
looking for $4.89 billion.
Aviation systems revenue fell 22% to $845 million. Integrated
mission systems revenue was off 0.1% to $1.47 billion. Space and
airborne systems revenue rose 4.3% to $1.26 billion. Communication
systems revenue rose 2.1% to $1.14 billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
January 29, 2021 06:59 ET (11:59 GMT)
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