L3Harris Technologies, Inc. (NYSE: LHX) reported fourth-quarter 2020 revenue of $4.7 billion, down 3.6% versus the prior year, and flat on an organic basis. GAAP net income was $184 million, down 54% versus the prior year. Adjusted EBIT was $864 million, up 3.5% versus the prior year, and adjusted EBIT margin expanded 120 basis points (bps) to 18.5%. GAAP EPS was $0.92, down 48%, and non-GAAP EPS was $3.14, up 10% versus prior year.
In the fourth quarter of fiscal 2020, L3Harris generated $642 million in adjusted free cash flow and returned $619 million to shareholders through $440 million in share repurchases and $179 million in dividends. For the full year, the company generated $2,686 million in adjusted free cash flow and returned $3,015 million to shareholders through $2,290 million in share repurchases and $725 million in dividends.
The L3Harris Board of Directors approved a 20 percent increase in the company’s quarterly cash dividend rate from 85 cents per share to $1.02 per share, commencing with the dividend to be declared for the first quarter of 2021. The L3Harris Board also approved a new $6 billion share repurchase authorization.
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