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L3Harris Posts Lower Income, Higher Sales In First Quarter; Kubasik Defends AJRD Bid

Cal Biesecker By
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L3Harris Posts Lower Income, Higher Sales In First Quarter; Kubasik Defends AJRD Bid
Christopher “Chris” Kubasik, chairman and CEO of L3Harris Technologies. Photo: L3Harris

L3Harris Technologies [LHX] last Thursday reported a sharp drop in first quarter earnings driven by higher interest and pension expenses and a combination of costs related to acquisitions and divestitures despite strong sales. Net income slid 29 percent to $339 million, $1.76 earnings per share (EPS), from $475 million ($2.44 EPS) a year ago. Excluding costs related to acquisitions, divestitures and integrations, L3Harris generated per share earnings of $2.86, a penny above analysts’ estimates. Sales increased 9 percent to $4.5…

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