Shares of L3Harris Technologies Inc. LHX, -4.39% dropped 1.2% in premarket trading Monday, after the aerospace and defense company reported fourth-quarter profit that topped expectations but revenue that missed, as supply chain headwinds and budget uncertainty weighed, and provided a downbeat full-year revenue outlook. Net income rose to $484 million, or $2.46 a share, from $184 million, or 92 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $3.30, above the FactSet consensus of $3.26. Revenue fell 6.7% to $4.35 billion, below the FactSet consensus of $4.49 billion. The company attributed the revenue decline to divestitures in its aviation business and supply chain-related constraints in its communication systems business. Cost of sales also fell, but at a slower pace of 6.4% to $3.05 billion. For 2022, the company expects adjusted EPS of $13.35 to $13.65 and revenue of $17.3 billion to $17.7 billion, while the FactSet consensus is for EPS of $13.65 and revenue of $17.99 billion. The stock has lost 5.2% over the past three months through Friday, while the S&P 500 SPX, +0.71% has slipped 3.8%.
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