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.
Source: www.l3harris.com
Maya Grinberg is a careers Reporter for Tech News vision make it. Prior to joining Tech News Vision, she worked as a fiction stories and a freelancer for magazine, where she eventually worked her way up to careers editor. During this time, she created daily content for own website and worked with the research team to create content. she developed some own Newswebsite.
