L3Harris 4Q Profit Falls Due to Divestitures, Pandemic Impact

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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