L3Harris reports 2020 fourth-quarter, full-year results

Source: L3Harris

L3Harris Technologies reported fourth-quarter 2020 revenue of $4.7 billion, down 3.6% versus the prior year, and flat on an organic basis. Generally accepted accounting principles (GAAP) net income was $184 million, down 54% versus the prior year.

Adjusted earnings before taxes and interest (EBIT) was $864 million, up 3.5% versus the prior year, and adjusted EBIT margin expanded 120 basis points (bps) to 18.5%. GAAP earnings per share (EPS) was $0.92, down 48%, and non-GAAP EPS was $3.14, up 10% versus the prior year.

"Thanks to the hard work of our employees, we continued to deliver the benefits of the merger and ended the year with solid performance, exceeding our initial 2020 guidance for margins, EPS and free cash flow as we overcame headwinds due to the global pandemic," said L3Harris Chairman and CEO William M. Brown. "We’re clearly making progress in building a high-performance, technology-focused operating company and positioning L3Harris as a full end-to-end mission solutions prime. In 2021, we'll build on our momentum as we remain focused on meeting employee, customer and shareholder commitments."