By Dave Sebastian

 

L3Harris Technologies Inc. said its profit fell for the latest quarter as its aviation-systems business declined due to the Covid-19 pandemic, though sales ticked up.

The Melbourne, Fla.-based aerospace and defense company on Friday reported third-quarter profit of $430 million compared with $435 million in the same quarter last year, while earnings per share were $1.99 compared with $1.90.

Adjusted earnings were $2.84 a share, ahead of the $2.74 a share analysts polled by FactSet had expected.

Sales rose 0.7% to $4.46 billion from $4.43 billion, offset by the divestiture of the airport security and automation business and pandemic-related effects. Analysts were looking for $4.48 billion.

Aviation systems sales fell 16% to $792 million. Integration mission systems sales rose 6.2% to $1.37 billion. Space and airborne systems sales grew 6.5% to $1.25 billion. Communications systems sales rose 6% to $1.09 billion.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

October 30, 2020 07:10 ET (11:10 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
L3Harris Technologies (NYSE:LHX)
Historical Stock Chart
From Oct 2020 to Nov 2020 Click Here for more L3Harris Technologies Charts.
L3Harris Technologies (NYSE:LHX)
Historical Stock Chart
From Nov 2019 to Nov 2020 Click Here for more L3Harris Technologies Charts.