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COVID Dampens L3Harris’ Top And Bottom Lines But Cash Generation Strong

Cal Biesecker By
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COVID Dampens L3Harris’ Top And Bottom Lines But Cash Generation Strong
L3Harris Technologies Chairman and CEO William Brown. Photo: L3Harris Technologies

L3Harris Technologies [LHX] last Friday posted lower sales and a steep drop in earnings in its fourth quarter due to impacts from divestitures and the ongoing COVID-19 pandemic on commercial aviation, but the company generated strong cash flows in the quarter and all of 2020 that will benefit shareholders. Net income in the quarter slid 54 percent to $184 million, 92 cents earnings per share (EPS), from $399 million ($1.77 EPS) a year ago due to impairment charges for commercial…

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