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L3Harris Posts Lower Earnings On Impairment Charge, Higher Interest; Acquisitions Lift Sales In Fourth Quarter

Cal Biesecker By
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L3Harris Posts Lower Earnings On Impairment Charge, Higher Interest; Acquisitions Lift Sales In Fourth Quarter
Ken Bedingfield, chief financial officer of L3Harris Technologies. Photo: L3Harris

L3Harris Technologies [LHX] last Thursday reported lower net income in the fourth quarter due to an asset impairment charge related to the pending sale of a commercial aviation business and higher interest expense stemming from borrowing costs for two major acquisitions last year, which in turn were the primary drivers of higher sales during the quarter. Net income tumbled 62 percent to $158 million, 83 cents earnings per share (EPS), from $417 million ($2.17 EPS) a year ago. Excluding the…

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