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Earnings Fall At L3Harris On Divestiture, COVID Costs

Cal Biesecker By
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Earnings Fall At L3Harris On Divestiture, COVID Costs
L3Harris Technologies Chairman and CEO William Brown. Photo: L3Harris Technologies

L3Harris Technologies [LHX] last Friday reported a big drop in proforma net income due to the sale of its security detection and automation business, costs related to the ongoing pandemic, and merger costs related to the acquisition of L3 Technologies by Harris Corp. last summer. Pro forma sales were flat at $4.4 billion as growth in three of the company’s four segments was offset by a decline in revenue at the Aviation Systems segment largely due to the sale in…

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