L3Harris 2Q Adjusted Profit Beats Forecasts
July 31 2020 - 7:43AM
Dow Jones News
By Matt Grossman
L3Harris Technologies Inc. on Friday reported higher revenue in
the latest quarter compared with last year's equivalent period,
which pre-dated the merger of Harris Corp. and L3 Technologies that
closed on June 29, 2019.
The Melbourne, Fla.-based aerospace and defence company said
that during the coronavirus pandemic, revenue from its U.S.
government sales have been relatively consistent, but added that
the pandemic's effects on revenue for its commercial products, such
as flight-training systems, might be less predictable.
L3Harris's profit in the quarter was $278 million, or $1.30 a
share.
On an adjusted basis, the company's second-quarter profit was
$2.83 a share. Analysts were expecting second-quarter adjusted
earnings per share of $2.61, according to FactSet.
The company's second-quarter revenue was $4.45 billion. Analysts
had forecast revenue of $4.46 billion.
In the second quarter of 2019, before the merger, the company
had a profit of $268 million, or $2.21 a share, on revenue of $1.87
billion.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 31, 2020 07:28 ET (11:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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