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L3Harris Reports Strong Sales, Lower Earnings In Second Quarter

Cal Biesecker By
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L3Harris Reports Strong Sales, Lower Earnings In Second Quarter
Michelle Turner, chief financial officer of L3Harris Technologies. Photo: L3Harris

L3Harris Technologies [LHX] on Wednesday said its net income fell in the second quarter largely due to asset impairment charges despite strong sales growth. Net income tumbled 25 percent to $351 million, $1.83 earnings per share (EPS), from $470 million ($2.42 EPS) a year ago. In addition to the charges, higher interest, pension, and other expenses took a bite from the bottom-line. Excluding the asset impairments, adjusted earnings per share were $2.97 EPS versus $3.23 EPS a year ago, edging…

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