L3Harris Technologies Q4 Profit Increases

(RTTNews) - L3Harris Technologies Inc. (LHX) reported that its fourth-quarter net income increased 77% to $399 million, from last year. GAAP earnings per share from continuing operations decreased 6% to $1.77, and non-GAAP earnings per share increased 28% versus prior-year combined earnings per share to $2.85.

The company reported fourth quarter 2019 revenue of $4.8 billion, up 10% compared with prior-year combined revenue.

Analysts polled by Thomson Reuters expected the company to report earnings of $2.78 per share and revenues of $4.81 billion for the quarter. Analysts' estimates typically exclude special items.

For 2020, the company expects GAAP earnings per share to be in a range of $8.35 - $8.75 and non-GAAP earnings per share in a range of $11.35 - $11.75. It expects organic revenue to be up 5% - 7% from combined full-year calendar 2019 revenue. Analysts expect annual earnings of $11.45 per share.